Global LED Drivers Market Research Report: By Type , by Component,By Application , by Region - Forecast till 2025

A new market study,“ Global LED Drivers Market Research Report ” has been featured on Market Research Future.

The report on the Global LED Drivers Market Research Report provides a bird’s eye view of the current proceeding within the Global LED Drivers Market. Further, the report also takes into account the impact of the novel COVID-19 pandemic on the Global LED Drivers Market Research Report and offers a clear assessment of the projected market fluctuations during the forecast period.

Market Synopsis

Global LED Drivers Market is expected to grow from USD 4,696.05 Million in 2018 to USD 18,522.74 Million by 2025, at a CAGR of 31.58%, during the forecast period.

LEDs are lighting devices that consume low energy and last longer than their traditional counterparts. They require specialized power supplies such as LED drivers. An LED driver is a source of power supply which is used to regulate the power required for LED. It offers benefits such as provisioning of low voltage and protection of LED bulbs. An increase in the adoption of LED lighting, rising demand for energy-efficient lighting systems, and the growing number of smart buildings are some of the key drivers for the LED drivers market. During the forecast period, the advancement in wireless technologies is expected to boost the market growth. However, the lack of industry-defined standards is expected to hinder the market growth.

The Global LED Drivers Market has been segmented based on Type, Component, Luminaires Type, Application, and Region.

By Type, the market has been segmented into constant voltage and constant current. The constant current segment is projected to hold the larger market owing to the benefits it offers such as a more consistent brightness and avoidance of burnout/thermal runaway. For instance, in 2019, Helvar—an intelligent lighting solutions provider—launched a new product line of small-sized LED drivers—MINI. These compact SELV60 LED drivers are apt for compact spaces and widely used in smaller light fittings and spot downlights.

By component, the market has been segmented into driver IC, discrete component, and others. The driver IC segment dominated the market in 2018 and it is expected to register the highest CAGR during the forecast period.

By luminaires type, the market has been segmented into type A lamps, decorative lamps, T lamps, reflectors, and others. The type-A lamps segment accounted for the largest market share, however, the T lamps segment is expected to register the highest CAGR during the forecast period as these lamps are cost effective as compared to traditional LED lamps.

By application, the market has been segmented into commercial lighting, industrial lighting, automotive lighting, residential lighting, and others. Globally, the commercial lighting segment is expected to hold a larger market. The rise in smart street lighting projects drives the demand for LED drivers. However, the automotive lighting segment is expected to register the highest CAGR during the forecast period.

Segmentation

The Global LED Drivers Market has been segmented based on Type, Component, Luminaires Type, Application, and Region.

Based on the type, the market has been segmented into constant voltage and constant current.

Based on component, the market has been segmented into driver IC, discrete component, and others.

Based on luminaires type, the market has been segmented into type A lamps, decorative lamps, T lamps, reflectors, and others.

Based on application, the market has been segmented into commercial lighting, industrial lighting, automotive lighting, residential lighting, and others.

By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

The global market for LED drivers is estimated to grow at a significant rate during the forecast period from 2019 to 2025. The geographical analysis of the LED drivers market has been done for North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific is expected to hold the largest share in the global LED drivers market from 2019 to 2025. The major market growth factors include declining prices of LED lighting, rapid urbanization and changing lifestyles of people, and increase in the number of government initiatives to promote energy-saving lighting. Furthermore, the rapid development of the automotive lighting industry in the region also drives the demand in the LED drivers market.

Europe is the second-largest market for LED drivers owing to the high concentration of market players and easy availability of proficient technical expertise. Moreover, the convergence of IoT and lighting has promoted its adoption in the smart buildings market in Europe.

Competitive Analysis

The Key Players have adopted product launches, geographic expansion, collaboration, and partnership as a part of their growth strategy to further increase their share in the global LED drivers market. In 2019, Environmental Lights—an LED lighting manufacturer—launched new, UL Listed, full-capacity LED driver—VLB. In 2016, Fulham Company Group—a provider for lighting components and electronics—completed the acquisition of Lumotech's LED driver business to enhance its presence in Europe.

Key Players

The Prominent Players in the Global LED Drivers Market are Osram GmbH (Germany), Harvard Technology Ltd. (UK), Texas Instruments (US), Maxim Integrated (US), Macroblock Inc. (Taiwan), Atmel Corporation (US), General Electric Company (US), Cree, Inc. (the US), ROHM Semiconductors (Japan), ON Semiconductor (US), AC Electronics (US), Signify Holding (Netherlands), Lutron Electronics Co., Inc. (US), NXP Semiconductors N.V. (Netherlands), and STMicroelectronics N.V. (Switzerland).

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