LED Drivers Market Worth USD 17,522.74 Million by 2026, at a 25.25% CAGR - Report by Market Research Future (MRFR)

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New York, US, July 07, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global LED Drivers Market information by Type, by Components, by Luminaires Type and Application – Forecast to 2027” the market is expected to grow from USD 4,996.05 Million in 2019 to USD 17,522.74 Million by 2026, at a CAGR of 25.25%

Dominant Key Players on LED Drivers Market Covered Are:

  • Osram GmbH (Germany)
  • Harvard Technology Ltd. (UK)
  • Texas Instruments (US)
  • Maxim Integrated (US)
  • Macroblock Inc. (Taiwan)
  • Atmel Corporation (US)
  • General Electric Company (US)
  • Cree Inc. (the US)
  • ROHM Semiconductors (Japan)
  • ON Semiconductor (US)
  • AC Electronics (US)
  • Signify Holding (Netherlands)
  • Lutron Electronics Co. Inc. (US)
  • NXP Semiconductors N.V. (Netherlands)
  • STMicroelectronics N.V. (Switzerland)

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Market USP exclusively encompassed:
LED Drivers Market Drivers
Smart City Initiatives to Boost Market Growth
Governments of different countries have launched various smart city initiatives for developing technologically advanced & sustainable living spaces which is likely to boost market growth. The sustainable lighting forms a vital part of these projects. IoT-based connected lighting solutions are in great demand for the rising number of smart homes in developed countries. The smart city initiatives help in improving the energy-efficiency of populated cities.

Opportunities
Development of Wireless Technologies to offer Robust Opportunities
The development of programmable LED and development of wireless technologies may act as robust opportunities for the market in the forecast period.

Restraints
Lack of Awareness to act as Market Restraint
The lack of awareness regarding the installation of LED drivers may act as a market restraint over the forecast period.

Challenges
Lack of Common Standards to act as Market Challenge
The lack of common standards among various manufacturers may act as a market challenge over the forecast period.

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Segmentation of Market covered in the research:
LED Drivers Market By type, the constant current segment will lead the market over the forecast period for the benefits that it offers like avoidance of burnout/thermal runaway and more consistent brightness.

LED Drivers Market By component, the driver IC segment will dominate the market over the forecast period at a high CAGR.

LED Drivers Market By luminaries type, the type-A lamps will spearhead the market over the forecast period.

LED Drivers Market By application, the commercial lighting segment will have the lions share in the market for the increase in smart street lighting projects.

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Regional Analysis
APAC to Reign LED Drivers Market
The Asia Pacific region is predicted to reign the market over the forecast period. The declining prices of LED lighting, rapid urbanization, changing lifestyles of people, rise in the number of government initiatives for promoting energy-saving lighting, and the rapid development of the automotive lighting industry are adding to the global LED drivers market growth in the region. Besides, the increasing need for energy-saving lighting systems, increase in the regional population, government subsidies, increasing penetration of LED lighting, improving manufacturing facilities, rapid economic expansion, increasing number of households, growing access to electricity in rural areas, fall in the average selling price of the drivers, technological advances, China having a global base for consumer as well as industrial electronics manufacturing, increasing use of lighting technology products, devices like TVs, laptops, and smartphones majorly using LED technology for less power consumption and increased efficiency, increasing population, and urbanization where the adoption of IoT is increasing daily are also adding market growth.

Europe to Hold Second-Largest Share in LED Drivers Market
In Europe, the LED drivers market is predicted to hold the second-largest share over the forecast period. High concentration of market players, easy availability of proficient technical expertise, and the convergence of lighting and IoT are adding to the global LED drivers market growth in the region.

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COVID-19 Impact on the Global LED Drivers Market
COVID-19 has spread rapidly across the world. It had adversely impacted the semiconductor industry on account of partial shutdown of manufacturing facilities that has led to a significant downturn in production. This outbreak has also disrupted supply chain activities and resulted in a shortage of shipping capacity. China is the home for the production of raw materials yet the spread of the crisis has affected export activities. Further, different manufacturing companies are shifting their production facilities to other countries from China. The government imposed lockdowns of most countries have adversely impacted manufacturing activities and the demand for semiconductor devices that has impacted the market growth. The slowdown in operational activities in these industries may affect market growth. The spread of the outbreak is likely to raise the prices of LED lights and lamps owing to increasing costs in the logistics chains.

Industry News
Cuvee Systems has recently announced its EZI-Set series of ultra-compact LED drivers that are non-dimmable which offer superior performance with four form factors. The constant current output is configurable through dip switches for maximizing application flexibility, simplified inventory management for installers and manufacturers, and ease of use. Such drivers are perfect for small form factor directional lighting applications using COBs, which includes track lights, spotlights, and downlights.

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