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The global LED driver market size is expected to reach at $11.31 billion by 2025, according to a new report by Grand View Research, Inc. The light-emitting diode driver market is projected to expand at a CAGR of 16.3% over the forecast period. LEDs have emerged as an energy-efficient alternative to traditional light sources in the last decade; thus, they have extensive demand in lighting and display segments across several industries. LED lighting is replacing the traditional lighting products due to their benefits, such as longer life, higher energy-efficiency, miniaturization, lower heat output, and directionality.
Moreover, rising demand for IOT-based connected lighting solutions due to the rising number of smart homes in developed countries will contribute to the LEDdrivermarket growth. Furthermore, governments of various countries have launched Smart City initiatives to improve the energy-efficiency of populated cities, which is anticipated to boost the market further. Demand for the constant current LED driver has witnessed exponential growth from 2015 to 2018; these drivers are widely used in high brightness and outdoor lighting applications.
The consumer electronics segment is the largest application segment in the market as LEDs have extensive demand in television and display panels applications. Many leading manufacturers are collaborating with other companies to deliver public lighting systems to cities around the world connected with remote management for energy saving and efficient maintenance. For instance, Philips Lighting N.V. has collaborated with Vodafone Limited to deploy IoT-based wireless Smart Street lighting across the globe.
There is a high demand for energy-efficient and highly reliable products with a smaller system package and lower cost for applications in the low- to mid-power range. To meet these requirements, manufacturers are incorporating Primary-Side Regulation (PSR) to lower the costs by eliminating secondary feedback circuitry and Power-Factor Correction (PFC) circuitry for higher power quality.
Further key findings from the study suggest:
- The constant current segment is anticipated to expand at the highest CAGR of 16.7% from 2019 to 2025. These type of drivers provide greater system reliability for general lighting applications
- The application lighting segment is anticipated to witness the maximum CAGR of 18.6% over the forecast period
- On the other hand, consumer electronics application segment is estimated to account for the largest market share by 2025
- Asia Pacific led the market in 2018 and is projected to maintain the dominance throughout the forecast years due to stringent regulations across region, which fuel the demand for efficient lighting solutions
- Key industry participants include AC Electronics; Atmel Corp.; Cree, Inc.; General Electric Company; Koninklijke Philips N.V.; Lutron Electronics Co.; On Semiconductor Corp.; and Osram GmbH