LED Driver Market by Power Type (Constant Current, Constant Voltage), Application Type (Lighting, Consumer Electronics, Automotive, Outdoor Display), Region, Global Industry Analysis, Market Size, Share, growth, trends and forecasts 2021 to 2028

Newark, NJ, October 21, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global LED driver market is expected to grow from $ 6.25 billion in 2020 to $ 37.73 billion by 2028, with a CAGR of 25.2% during the forecast period 2021-2028.

The LED driver market is experiencing significant growth compared to recent years. This growth is due to the fact that they offer key advantages for LED lighting with smaller form factors, higher reliability and higher efficiency on the dimming curve. The increase in energy efficiency policies by the federal government and councils of all countries has deliberately motivated investments in energy efficient practices and technologies. Display devices, such as smartphones, tablets, laptops and TVs, have widely adopted LED backlight systems due to their low power consumption and small and thin packaging capacity. Despite their wide adoption, manufacturers continue to invest in backlighting systems to improve the user experience.

The LED driver is called an electrical device that helps power a string of LEDs in a regulated manner is an LED driver. The LED driver is used to prevent premature LED failure by controlling thermal runaway. Thermal runaway is a phenomenon in which the temperature of the LED increases, forward voltage VF, and light decreases as the current increases. When designing the LED driver, various factors such as the need to have a constant current or voltage driver, and another factor are the type of LED to be used, space constraints, commercial viability, application device and other factors.

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The global LED driver market is expected to experience significant growth owing to factors such as increasing technological advancements in lighting components and initiatives to develop technologically advanced and sustainable living spaces, increasing penetration of LED lighting in various applications, such as outdoor, automotive, industry and horticulture across the world, the growing demand for intelligent lighting solutions based on IOT. Factors holding back the growth of the market are solid-state lighting (SSL) and driver manufacturers around the world are following their standards in manufacturing an essential component of lighting systems resulting in a lack of ‘interoperability between end-use applications in developing regions. Investing more in research and development to improve the efficiency of existing lighting solutions will provide opportunities for market growth.

The major players operating in the global LED driver market are Atmel Corp., Cree, Inc., General Electric Company, Koninklijke Philips NV, Macroblock, Inc., Lutron Electronics Co., Inc., Maxim Integrated Products, Inc., Harvard Technology Ltd. , On Semiconductor Corp., Osram GmbH, STMicroelectronics, NXP Semiconductors NV, Texas Instruments, Inc., and ROHM Semiconductors, AC Electronics. To gain significant market share in the global LED Driver market, major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships. AC Electronics and Atmel Corp. are some of the leading manufacturers operating in the LED driver market.

  • For example, in June 2016, Fulham Company Group acquired the LED pilot business from Lumotech to strengthen its European distribution channels and develop sustainable energy solutions. This launch strengthened the company’s position around the world.

Constant current segment dominated the market and held the largest market share of 57% in 2020

Based on the type of power supply, the global LED driver market is segmented into constant current and constant voltage. The constant current segment dominated the market and held the largest market share of 57% in 2020. This growth is attributed to the increasing usage in developing economies as they offer more control and ability to design a brightness uniform and clear display and more efficient as they are able to stabilize the current flow thus consuming less power than constant voltage drivers.

Consumer electronics segment dominated the market and held the largest market share of 27% in 2020

Based on the type of application, the global LED driver market is segmented into lighting, consumer electronics, automotive, outdoor signage. The consumer electronics segment dominated the market and held the largest market share of 27% in 2020. This growth is attributed to the growing adoption of smartphones and LED TVs.

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Regional Segment of LED Driver Market

  • North America (United States, Canada, Mexico)

  • Europe (Germany, France, United Kingdom, Italy, Spain, rest of Europe)

  • Asia-Pacific (China, Japan India, Rest of APAC)

  • South America (Brazil and rest of South America)

  • Middle East and Africa (UAE, South Africa, rest of MEA)

On the basis of geography, the global LED driver market is categorized as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The Asia-Pacific region held the largest market share of 18.16% in 2020. This growth is seen by the Asia-Pacific region due to government subsidies, improved manufacturing facilities and greater penetration of lighting. LED in the region and rapid economic expansion and an increasing number of households as well as better access to electricity in rural areas of the country. The market in North America is expected to experience significant growth, owing to the increasing adoption of LED lighting in the high-end and low-end automotive segments of the country. The Europe region is experiencing significant growth, due to the ban on less efficient halogen and incandescent bulbs as well as cost-effective LED incentive programs.

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About the report:

Global LED Driver Market is analyzed on the basis of value (USD Billion). All segments were analyzed on a global, regional and national basis. The study includes analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges to get the key insights of the market. The study includes the model of the five forces of the wearer, the analysis of attractiveness, the analysis of raw materials and the analysis of the position grid of the competitors.

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