LED Driver Market to be worth USD 19.03 Billion by 2021, Globally
According to the report, global demand for LED driver market was valued at around USD 4.75 billion in 2015 and is expected to generate revenue of approximately USD 19.03 billion by end of 2021, growing at a CAGR of slightly above 26% between 2016 and 2021.
Global LED driver market is anticipated to witness significant growth over the forecast period due to increasing demand for LED lighting by households. The transition from UV lamp to UV LED is the latest trend in LED driver market.
Growing demand of LED in lighting applications such as retail outlets, office complexes, street lights, and rapidly growing usage within the residential lighting applications for households are the major drivers for the growth of the LED driver market. However, the biggest challenge for LED technology is to understand the gap between cost and benefit by the user. Residential and commercial application of LED lighting is fuelling the demand of LED drivers in the market. Residential segment accounted for around 40% of the market share in 2011.
Outdoor applications such as roadway lighting, street lighting, highway and tunnel lighting are some of the major adopters of LED drivers. India has biggest consumers base for LED lighting products and a number of users are predicted to increase substantially in the near future. The Strong presence of LED manufacturers in China those are constantly improving consumption, conductivity, and voltage aspect of LEDs would surge the usage of LED drivers in the coming years.
Asia-Pacific is anticipated to grow at the highest growth rate till 2021. Economic development in emerging economies such as India and China lead high usage of LED lighting. Thus, increasing demand of LED lighting, in turn, propels the LED driver market. To reduce the greenhouse emissions and also reduce overall energy bills government and regulatory bodies of these countries are encouraging the usage of LEDs for lighting.
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Recently, Fulham Company Group which is a leading supplier of lighting components and electronics acquired some assets of the LED Driver business of Lumotech in order to LED drivers to distributors and OEMs in Europe. The key players in the market are Osram GmbH, Texas Instruments, Inc., Maxim Integrated, Inc., Harvard Engineering, Macroblock, Inc., General Electric, Cree, Inc., and Rohm Semiconductors and Atmel Corp., among others.
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