LED Driver Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3629
LED Driver Market size is poised to undergo significant growth and transformation from 2021 to 2027. The increased adoption of LED lighting in general lighting applications will be a key factor augmenting the product demand. In recent years, numerous government initiatives have been launched to promote the use of energy-efficient lighting. As a result, the acceptance of high-performance LED lighting is increasing. These trends will be further accelerated by the surge in smart infrastructure development in emerging economies and the integration of IoT and lighting.
Continuous demand across automotive and consumer electronics applications will work in favor of the LED driver market expansion. Benefits such as longer lifespan, greater efficiency, improved environmental performance, design flexibility, and the ability to operate in harsh conditions makes LEDs the right fit for consumer devices as well as automotive lighting. These factors are leading to increasing development of advanced programmable LED drivers.
LED drives are self-contained power supplies that regulate the power required by a single LED or an array of LEDs. As the temperature of LEDs fluctuates during its operating cycles, the power levels required change as well. Without the right driver, LEDs can become too hot and unstable, resulting in poor performance and failure. As the range of applications for LEDs expands, manufacturers are focusing on designing advanced drivers that ensure proper functioning of the devices and deliver an energy-efficient and optimized performance.
On the basis of applications, the LED driver market is segmented into lighting, consumer electronics, automotive, and outdoor display. Outdoor display applications will create a substantial demand for LED drivers between 2021 and 2027. Outdoor LED displays have become an integral part of the modern-day marketing and advertising strategy. Digital signage is extensively implemented in street-facing business windows, storefronts, billboards, and a range of other areas to attract the attention of people passing by. LED drivers will experience strong demand due to the rising use of LED displays for advertising of products, services, sports events, entertainment shows, and others.
North America LED driver market size is expected to swell significantly in the next few years. This can be attributed to the ongoing innovations in the automotive and consumer electronics sectors. The regional automakers are increasingly investing in energy-efficient lighting systems to increase vehicle performance. Moreover, the implementation of LED screens for in-vehicle navigation, ADAS, and infotainment systems is increasing. In September 2021, Apple reportedly announced that its Apple Car will use LED screens as an Exterior Lighting and Warning System to display vehicle speed, braking information, and other information in the form of graphics and video to inform other drivers. Such efforts by carmakers indicate a lucrative opportunity for LED driver manufacturers.
Some of the prominent players in the market include General Electric, Signify (previously Philips Lighting), Honeywell Corporation, Cree Inc., and Osram GmbH, among others. In March 2020, Signify had updated its line of compact LED drivers, Philips Xitanium Sensor Ready Xtreme that are designed for outdoor applications, with the D4i certification.
Impact of COVID-19 on LED driver market forecast
The emergence of COVID-19 has affected the growth of market in 2020 to some extent due to the implementation of partial and complete lockdowns across numerous countries. The product has experienced a decline in demand across automotive, consumer electronics, and other areas owing to the decrease in manufacturing activity. For instance, in the U.S., over 93% of automotive production was shut down between March and April 2020, according to the U.S. Alliance for Automotive Innovation. Also, reduced use of digital signage due to lockdown measures affected the product demand significantly.
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:
Market, By Supply type
- Constant Voltage
- Constant Current
Market, By Application
- 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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