The global LED drivers market is witnessing rapid sales due to the pressing demand for energy-efficient lights. Additionally, the booming automotive sector drives considerable market demand. Moreover, the rising demand for energy-efficient lights and increasing use in the digital advertising consumer electronics sector accelerate the LED drivers market growth.
According to Market Research Future (MRFR), the LED Drivers Market valuation is expected to reach USD 17,522.74 Million by 2026, growing at 25.25% CAGR throughout the assessment period (2020-2026). Extensive uptake of LEDs in various small and large devices across the electronics industry is a major growth driver for the substantial market demand.
Recent COVID-19 pandemic increased the importance of sanitizing more than ever. This further has pushed applications of UV-C LED disinfection technology. LED drivers would play a causal role and the features needed for UV-C applications. Rising developments of compact, efficient, and effective UV-C LED lights to kill germs are expected to boost the market size, requiring accurate drivers to ensure safe and optimal operation.
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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 LED drivers 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 LED drivers 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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Market Research Future (MRFR) is a reliable firm that undertakes an extensive analysis of markets in various domains. Our teams of research analysts gather relevant data through painstaking primary and secondary research that aims to give clients a complete outlook on markets of their interest. The data is compared against third-party agencies and reputed organizations for estimating valuations and revenue projections.
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