Light emitting diodes, abbreviated and commonly known as LEDs, have gained much popularity in recent years. It was discovered in 29161, and in the current era, it has taken over the lighting industry due to its energy-efficiency. However, the specialized devices that facilitate the use of LED are, like transformers for low-voltage bulbs or ballasts for fluorescent lamps, are the LED drivers. These devices are responsible for providing LEDs with the correct amount of power supply for functioning. Thus, the LED drivers market has gained much traction with the rising adoption of LED lighting technologies.
How is LED’s popularity Set to Impact LED Drivers Market?
It is important to understand the benefits of LED to understand the lucrativeness of the future trajectory of the LED drivers market. The product has gained multiple applications across different industry verticals which are supposed to prompt market growth in the coming years. Led s have mainly gained traction as it proven to be around 80% more efficient than the conventional incandescent and fluorescent lights. Thus, the rising awareness about this is further expected to augment the demand for the product. In turn, this is projected to lead the growth trajectory of the LED drivers market. Moreover, 95% of the energy in LEDs is converted to light, which means that the energy wasted as heat accounts for only 5%. This is another factor that has helped the LED technology to raise awareness to boost demand for itself.
What Role will the Governments Play in Market Growth?
The governments are supporting the adoption of LED, which is projected to drive the augmentation of the LED drivers market. Organization is coming forward in support of this lighting technology as it aligns with the environmental protection laws promoting curbed emissions. The technology helps in reducing greenhouse effect as it requires lower for consumption. Thus, it is extensively supported across the world. In fact, governments in both developed and developing nations, are investing in the replacement of conventional technologies with LED technology. They are coming with schemes and plans to accelerate and smoothen the transition to LED. This, in turn, is sure to have a major positive impact on the growth of the LED driver for lighting market.
The geographic analysis of the global LED drivers market has been done for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to account for a significant share of the global LED drivers market during the review period. The growth of the market in North America can be attributed to the high concentration of market players and the easy availability of proficient technical expertise in the region. Furthermore, the rise in smart street lighting and smart building projects in the region is expected to drive the demand for LED drivers in the region.
In terms of market size, Europe is expected to hold the second-largest share in the LED drivers market. The European market has been divided into the UK, the Netherlands, Germany, France, and the rest of Europe. Germany generates the highest demand for LED drivers in Europe, whereas the market in France is expected to register the highest growth rate during the forecast period.
The market in Asia-Pacific is expected to hold the largest market share and register the highest CAGR during the review period of 2019 to 2025. The regional market has been classified as China, Japan, India, South Korea, and the rest of Asia-Pacific. China is among the leading revenue generators in the Asia-Pacific LED drivers market. Reduction in prices of LED lighting, rapid urbanization and changing lifestyles of people, and increase in the number of government initiatives to promote energy-saving lighting is expected to drive the demand for LED drivers in Asia-Pacific
The rest of the world includes South America, and the Middle East, and Africa. Among these, the market in the Middle East and Africa is expected to register the highest CAGR during the forecast.
LED Drivers Market Share Expected to Grow at a CAGR of 31.58% 2019 to 2025, Emerging Global…
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