iCrowdNewswire Jan 25, 2021 2:00 PM ET
Global LED Driver Market was valued at USD 10.2 billion in 2019 which is expected to reach USD 59.82 billion by 2027 at a CAGR 24.8 %.
LED driver is the power supply that modulates the power required to energize the LEDs or arrays of LEDs. These drivers are used to rectify the AC to DC (alternating current into direct current), as it works on direct current (DC). LED drivers are able to prevent the circuitry from overfeeding as it is a current driven component. These are widely used in various industries such as automotive, general, and back lighting.
Continuous technological advancement in lighting components has enabled energy-efficiency and improved performance which is expected to increase the demand for LED driver during this forecast period. Furthermore, increase in penetration of LED lightings in several applications like outdoor, automotive, industrial, and horticulture will positively contribute the market growth. Also, increase in research and development activities by key competitors for improvement of existing lighting solutions expected to drive the market. Governments of many countries are investing on smart city developments and technologically advanced and sustainable living spaces which expected to fuel the market growth. In addition to that, rise in demand for IOT based smart lighting solutions is growing will significantly led the market growth.
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However, high cost of installation for LED drivers is the major challenging factor which is expected to hinder the global LED Driver market growth. Also, lack of common standards among various manufacturers will affect the global LED driver market growth during this forecast period.
The market report has been accumulated with the assistance of many primary (interviews, surveys observations,) and secondary (journals, industrial databases,) sources to distinguish and gather proper information for this broad commercial, market-oriented, and technical estimation. Porter’s Five Force Model has been implemented to determine the market assessment precisely and to verify the several strengths, and weaknesses, along with opportunities, and threats (SWOT analysis), and multiple quantitative and qualitative study related with the market.
Market Key Players
Various key players are discussed in this report such as Koninklijke Philips N.V., Texas Instruments, Inc, Osram GmbH, Maxim Integrated, Inc., Harvard Engineering, Atmel Corporation, Macroblock, Inc., General Electric, and Cree, Inc.
By Driver Method
- Constant Voltage LED Driver
- Constant Current LED Driver
By Luminaire Type
- Decorative Lamps
- Integral LED Modules
- Type A-Lamps
By End User
- Residential Lighting
- Outdoor & Traffic Lighting
- Industrial Lighting
- Commercial Lighting
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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