LED Driver Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3629
LED Driver Market size will witness a rising growth trend in the coming years driven by its extensive adoption in industries such as automotive, commercial & consumer electronics, etc. Higher energy efficiency, low power consumption, compact design, and durability of these lights have increased their utility, augmenting the market. In addition, the use of these devices is increasing in automotive applications due to their small design and low power consumption. LED driver market growth has also propelled globally and is adopted by several industries owing to environmental and economic purposes due to its low energy consumption. Government initiatives in building smart cities around the world have contributed to the use of lighting technology applications. Owing to these factors, the LED driver market will anticipate high demand in future.
With the emerging trend for backlight application in various electronic devices, such as notebook television, mobile phones, etc., the LED driver market has experienced tremendous growth in recent years. With the emergence of urbanization and adoption of IoT, new technologies are being used by manufacturers to cater to the rising demand in the electronics industry. One such technology trend anticipating the LED market growth is the increasing use of LED sensor technology in commercial and residential spaces. Also, it has been widely used due to its integration with miniature equipment. This technology has been used by manufacturers in automobiles, smartphones, and industrial equipment. IR technology has also helped in boosting the LED driver market. IR light is usually used in security cameras and remote-control devices where it can capture images in both day and night. Owing to its ability to capture images even in dark, it has been majorly used by the defense and military sectors, propelling the market.
One of the key challenges in the LED driver market is the cost of LEDs. These are currently expensive due to the initial capital cost involved compared to other lighting technologies. The initial cost is increased due to the increase in the price of each lumen used in LEDs. In addition, lumen gives relatively low output, which consequently adds to the cost of LEDs. Temperature is another factor, which hinders the LED driver market. The performance of LED mainly depends on the environment it is operating. In Industries, such as medical, military, and automotive, the devices are required to operate under different temperatures. Using it in a high-temperature environment might overheat the LEDs, thus causing device failure. Thus, many companies are developing LEDs, which can operate in different temperature environments for outdoor and indoor applications.
The consumer electronics sector is the significant sector creating demand in the market. Smartphone manufacturers can use this technology in sleeker & compact devices while the increasing trend of backlights in laptops & tablets is further contributing to industry growth. The LED driver market is also driven by one of the factors in lighting technology, which is the soothing effect. For this reason, it has been extensively used in general lighting in hospitals, residential, outdoor lighting, and shops. This factor has become one of the major drivers in creating demand in the commercial lighting sector.
The LED driver market is also driven by the automotive industry, assessing the need for increased safety. Due to the ease of control, LEDs are proving to be an important driver of this industry. The use of Intelligent lighting system is high by manufacturers due to its self-adjusting properties in different environments. This has proved beneficial for car manufacturers to adopt this technology so that it can adjust to the car’s environment. The automotive industry is making use of lighting technology in applications such as opening & closing of doors, parking lights, backlighting, and interior lighting.
With the increasing use of lighting technology in industrial, residential, commercial, and consumer electronics, the Asia Pacific region is projected to hold the largest market share owing to the increasing use of lighting technology products, thereby creating a demand in the LED driver market. Devices, such as smartphones, laptops, TVs, are majorly using this technology due to increased efficiency and less power consumption, which eventually require less cost. China has a large market owing to the increasing population and urbanization where the adoption of IoT is increasing day by day, augmenting the demand in the r market. The European region is expected to grow over the forecast time owing to the increasing development of smart cities along with sustainable development.
The prominent players in the LED industry, such as Osram GmbH, Cree Inc., Honeywell, Philips, and General Electric, are focusing on new innovations and product development strategies owing to the growing competition in the LED driver market. These companies are investing heavily in research & development to develop new technologies for various industries such as consumer, industrial & commercial electronics, automotive, medical, and military sectors. Strategic mergers & collaborations in the industry and expanding market presence are also augmenting the demand in the market. For instance, Osram ventured with Continental, an automotive manufacturing company. This venture aimed at increasing the revenue by producing intelligent lighting functions for vehicles assessing the demand for LED technology in the automotive industry, thus propelling the LED driver market. With this strategic merger, Osram is trying to penetrate the lighting technology in every vehicle segment, which will further fuel the growth in the market. These players are constantly trying to upgrade the lighting technology to meet the requirements of upcoming applications.
The LED driver market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2015 to 2025 for the following segments:
By Supply type
- Constant Voltage
- Constant Current
- Consumer Electronics
- Outdoor Display
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
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