The global LED driver market size is projected to reach USD 11.31 billion by 2025 and projected to grow with a CAGR of 16.3% from 2019 to 2025, according to Million Insights. In the last decade, LED technology emerged as an energy-efficient substitute to conventional light sources which is driving their demand extensively in display and lighting segments across various industries. Traditional lighting products are replaced by LED lighting owing to their several benefits such as higher energy-efficiency, lower heat output, longer life, directionality and miniaturization.
Growing demand for IoT-based connected lighting solutions owing to the increasing number of smart homes in developed countries is expected to witness positive impact on market growth. In addition, governments of various countries are investing in smart city projects to improve energy-efficiency which is expected to fuel the demand for LED drivers. Constant LED driver has seen high growth from 2015 to 2018 due to its wide application for outdoor lighting along with high brightness.
The consumer electronics application segment is expected to dominate the market due to high demand for LED drivers in display panels and televisions. Several leading industry players are focusing to collaborate with other companies to offer public lighting systems across the globe with remote management for efficient maintenance and energy saving. For example, Philips Lighting N.V. collaborated with Vodafone Limited to install smart street lighting integrated with IoT based technology globally.
The demand for highly reliable and energy-efficient with lower cost and smaller system package for application in low to the mid-power range is increasing. Thus, to meet this demand, light-emitting diode driver market players are Power-Factor Correction (PFC) circuitry for higher power quality and Primary-Side Regulation (PSR) to minimize the costs.
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Further key findings from the report suggest:
• The constant current segment is projected to grow with the higher CAGR of more than 16% over the forecast period. For general lighting application, constant current offers better reliability.
• The lighting application segment is projected to exhibit with maximum CAGR of more than 18% from 2019 to 2025.
• Consumer electronics segment is projected to hold largest market share by 2025.
• In 2019, Asia Pacific dominated the market and expected to retain its position throughout the forecast period due to strict regulations for efficient lighting solutions.
• Key industry participants include AC Electronics; Atmel Corp.; Cree, Inc.; General Electric Company; Lutron Electronics Co.; Koninklijke Philips N.V.; Osram GmbH and On Semiconductor Corp.
Million Insights segmented the global LED driver market on the basis of supply type, application type and region:
LED Driver Supply Type Outlook (USD Billion, 2015 - 2025)
• Constant Voltage
• Constant Current
LED Driver Application Type Outlook (USD Billion, 2015 - 2025)
• Consumer Electronics
• Outdoor Display
LED Driver Regional Outlook (USD Billion, 2015 - 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Latin America
• Middle East & Africa