LED drivers market 2020 can possibly attain a valuation of USD 18,522.74 Million by 2025-end, presumes Market Research Future (MRFR). MRFR also says that the market can expand at a notable rate of 31.58% during the review period, which is between 2019 and 2025.
Growth Boosters and Main Restraints
The exponential proliferation of COVID-19 globally has severely impacted the semiconductor industry, with the temporary shutting down of manufacturing facilities and subsequent slowdown in production. The pandemic has led to disruption in the ecosystem with various supply chain vendors striving to curb their dependency on China. The current lockdowns situation has not only affected the manufacturing sector but has also restrained the demand for semiconductor devices among consumers. There are chances of the LED drivers market taking a hit in the face of COVID-19 in the coming years.
On a brighter note, the escalating demand for IOT-based connected lighting systems and solutions in line with the mounting number of smart homes across developed regions can mean favorable prospects for the LED driver industry. Also, governments everywhere are implementing Smart City initiatives with the aim of boosting energy-efficiency of cities, which can lead to further market expansion. The rising adoption of LED lighting, lighting applications and the surge in the number of smart street lighting projects around the world are also inducing the growth of the LED Drivers Market.
LEDs are known as the ideal energy-efficient substitute for conventional light sources; which is the reason for their extensive use in lighting and display application across industries. LED lighting has successfully replaced traditional lighting products, given the broad range of benefits they offer, including miniaturization, higher energy-efficiency, longer life, directionality as well as lower heat output. Basically, the LED drivers market size is estimated to expand relentlessly in the approaching years, anticipates MRFR.
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The top LED drivers market segments outlined the report are type, component, luminaires type and application.
Type-wise market segmentation covers constant voltage as well as constant current. The largest share in the market will belong to the constant current segment, as this type offers various benefits, including no risk of burnout or thermal runaway and consistent brightness.
The main components studied in the market study are discrete component, driver IC, and others. 2018, the market was led by the driver IC segment, and the estimations confirm that it can be also record the highest growth rate during the appraisal period.
The various luminaires types described in the report are decorative lamps, type A lamps, reflectors, T lamps, and others. The type-A lamps segment heads the global market, but it is projected that the T lamps segment can achieve the fastest CAGR in the ensuing period. T lamps are much more cost effective than the traditional LED lamps, which boosts its demand among the cost-sensitive end-users.
With respect to the application, the key segments are industrial lighting, commercial lighting, residential lighting, automotive lighting, and others. Globally, the demand for commercial lighting is the highest, giving a substantial boost to the segment in the market. The surge in smart street lighting pushes the demand for LED drivers. On the other hand, the rate at which the automotive lighting segment can advance during the review timeline is believed to be higher than its counterparts.
The market for LED drivers is all set to progress at varying rates between 2019 and 2025 across the regions of North America, Europe, APAC or Asia Pacific, and RoW or the rest of the world.
Between 2019 and 2025, the largest market for LED drivers is expected to be APAC, thanks to the quick economic growth and the increasing number of government policies encouraging the use of eco-friendly products. The fast-paced urbanization in emerging countries like India, Japan and China has also fostered the demand for LEDs as well as LED drivers. The drop in LED prices backed by the heavy investments being made by leading participants companies to expand production facilities also works in favor of the regional market. The region notes an increase in the penetration of LED lighting in building, construction and automotive industries, which paves the way for attractive opportunities in the market.
Europe has landed the second spot in the market, mainly due to the high concentration of celebrated players paired with the presence of brilliant technical expertise. In addition, the expansion of IoT in the lighting segment boosts the adoption of LED drivers in smart buildings across Europe.
Signify Holding (Netherlands), Osram GmbH (Germany), Texas Instruments (US), STMicroelectronics N.V. (Switzerland), Maxim Integrated (US), Harvard Technology Ltd. (UK), General Electric Company (US), Atmel Corporation (US), NXP Semiconductors N.V. (Netherlands), AC Electronics (US), Lutron Electronics Co., Inc. (US), ON Semiconductor (US), Cree, Inc. (the US), Macroblock Inc. (Taiwan), ROHM Semiconductors (Japan), have been identified as the top-performing companies in the market for LED drivers.
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