SAN FRANCISCO , April 18, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “LED Driver for Lighting – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: February 2022
Executive Pool: 4772
Companies: 64 – Players covered include AC Electronics; Atmel Corporation; Cree, Inc.; General Electric Company; Koninklijke Philips NV; Macroblock, Inc; Maxim Integrated Products, Inc.; ON Semiconductor Corporation; OSRAM GmbH; Rohm Semiconductors; Texas Instruments, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Luminaire Type (Type A-Lamps, T-Lamps, Integral LED Modules, and Other Luminaire Types); Driving Method (Constant Current LED Driver, and Constant Voltage LED Driver); End-Use (Commercial Lighting, Industrial Lighting, Residential Lighting, Outdoor & Traffic Lighting, and Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global LED Driver for Lighting Market to Reach $44.4 Billion by 2026
LED lighting drivers are electronic devices that play an important role in delivering regulated, constant and reliable power supply to LED lights for ensuring smooth functioning and preventing premature failure of LEDs. LED lighting drivers control LEDs and allow users to vary their intensity according to the requirement. These devices offer various advantages for LEDs with compact footprint, reliable operation and enhanced efficiency over the dimming curve. Amid the COVID-19 crisis, the global market for LED Driver for Lighting estimated at US$20.9 Billion in the year 2022, is projected to reach a revised size of US$44.4 Billion by 2026, registering a compounded annual growth rate (CAGR) of 21.6% over the analysis period. Europe represents the largest regional market for LED Driver for Lighting, and is projected to reach US$12.2 Billion by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 25.7% over the analysis period.
Growth in the global is set to be fueled by increasing adoption of LED lighting for their high energy efficiency and associated cost saving. Global demand for LED lighting drivers is fueled by replacement of traditional light sources like incandescent and CFLs by LEDs coupled with government initiatives to increase awareness regarding the use of energy-efficient as well as cost-saving lighting systems. Product innovations and technological advancements to improve efficiency of lighting systems along with increasing use of LED lightings in various applications like automotive, outdoor, horticulture and industrial are poised to further drive the market. In addition, increasing demand for LED lighting in general lighting application, integration of lighting systems and IoT, and implementation of standard protocols related to lighting control are propelling the LED driver market. Increasing investment in advertisement is expected to considerably drive the adoption of digital signage and create the need for LED drivers. Another factor that holds positive implications for the LED driver market is smart city projects across various countries for developing sustainable and technologically advanced spaces. These initiatives are anticipated to drive the requirement of IoT-based smart LED lighting solutions. Rapid penetration is projected for intelligent LED lighting in residential indoor lighting, security lighting, commercial lighting, lighting of public spaces, energy efficiency lighting in commercial and residential spaces, human-centric lighting at offices, homes and healthcare facilities, and horticulture lighting, among others, in the coming years.
Europe and the US are expected to witness increasing LED Lighting adoption as the regions embark on the much needed energy efficiency drive helped by a multitude of energy saving regulations. Furthermore, tax incentives, clean energy alternatives and energy subsidies are the few other factors that are drawing these countries towards LED lighting uptake, in turn driving the demand for LED drivers for lighting. Growth in the Asia-Pacific region is attributed to technological advancements, declining prices of LEDs, economic development, government policies, and rapid urbanization across developing countries like China, India and Japan. The market for constant current type is forecast to dominate market share over the analysis period, driven by features such as increased control, clear display, and uniform brightness. Constant current LED drivers are designed for LEDs that require a fixed output current and a range of output voltages. Applications that require several LED lights to be connected in series make use of constant current LED drivers. With the ability to maintain a more consistent level of brightness across all LED series, constant current driver is the most ideal method to drive high power LEDs. The precise control of the current enables more accurate projection of failure rates. More
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