June 12, 2017: Global demand for LED driver market was valued at around US$ 4.75 billion in 2015, and is expected to generate revenue of approximately US$ 19.03 billion by end of 2021, growing at a CAGR of 26% between 2016 and 2021, says a Zion Market Research report.
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, streetlights, 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 rate till 2021. The combination of multiple factors makes Asia-Pacific the most dynamic region in LED driver market. Asia-Pacific has some of the fastest-growing emerging economies like India and China. It also has technologically and economically advanced economies of Japan and South Korea.
Furthermore, the countries within Asia Pacific, which are still seeing rapid urbanization hence, the overall growth and demand for infrastructure are higher as compared to Europe and North America. The countries in the Asia-Pacific region have started bringing regulations to increase the usage of LED lighting which is increasing the demand of LED lighting and consequently LED drivers for lighting.
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.
The considerable economic growth of countries such Belgium, the UK, the Netherlands, Germany, and Finland drives LED market in Europe and is likely to remain a determinant factor for the LED markets growth in the next few years.
For Europe, North America, and China, 2013 and 2014 were the breakthrough year. The Middle East and Africa is expected to be one of the fastest growing regional markets for LED drivers in the coming years. Saudi Arabia is expected to be the most lucrative market for LED driver in the Middle East. The recent push by emerging economies such as China and India toward energy efficiency is also a key factor for the growth of the LED driver for outdoor & traffic lighting.
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.