-- The global LED lighting driver market size reached USD 7.62 Billion in 2020 and is expected to register a revenue CAGR of 15.2%, during the forecast period, according to latest analysis by Emergen Research.
Over the years, the market for Light Emitting Diode (LED) Lighting Drivers has grown significantly. A type of lighting technology called LED lighting makes use of light-emitting diodes as the main source of illumination. LED drivers are crucial parts that give LED lighting systems the necessary electrical power. A number of reasons, such as rising consumer demand for energy-efficient lighting options and government programmes supporting the use of LED lighting, have contributed to the growth of the LED Lighting Driver market. The market for LED lighting drivers has expanded dramatically as a result of the rising demand for energy-efficient lighting options. Since LEDs use substantially less energy than conventional lighting options like incandescent bulbs, demand for LED lighting goods has increased. Additionally, LEDs are a desirable alternative for both commercial and residential lighting because of their extended lifespan, reduced maintenance needs, and low heat output. The market for LED Lighting Drivers has grown tremendously as a result of these causes.
The usage of energy-efficient lighting solutions has been encouraged by governments all over the world, which has helped the market for LED Lighting Drivers grow even more. The demand for LED Lighting Drivers has increased as a result of government programmes to gradually phase out incandescent lighting and replace it with energy-efficient LED lighting. Additionally, a number of governments throughout the world provide subsidies and tax breaks to producers, further promoting the expansion of the LED Lighting Driver industry. However, there are significant limitations on the market for LED lighting drivers. The high initial cost of LED lighting in comparison to conventional lighting solutions is one of the major limitations. The greater initial cost of LED lighting products may dissuade some customers from switching to LED lighting. The development of the LED Lighting Driver market may also be hampered by the lack of knowledge about LED lighting and its advantages.
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Despite these obstacles, there are a number of growth drivers for the LED Lighting Driver market. Some of the reasons anticipated to propel the growth of the LED Lighting Driver market are the increased need for smart lighting solutions, improvements in lighting technology, and the expanding acceptance of LED lighting in the automotive sector.
A number of reasons, such as the rising need for energy-efficient lighting solutions, government programmes pushing the use of LED lighting, and the growing uptake of LED lighting in the automotive industry, have all contributed to the considerable rise of the LED Lighting Driver market. In spite of several market limitations, growth drivers are anticipated to propel the LED Lighting Driver market in the years to come.
Light Emitting Diode Lighting Driver Market Segmentation:
The Integrated Circuit (IC) market is expected to experience substantial growth over the forecast period, with a revenue projected to reach USD Billion, and volume in tons expected to increase from 2018 to 2028. The market is segmented into DC/DC ICs, RGB ICs, linear regulator ICs, and others. DC/DC ICs are projected to experience the most rapid growth, driven by the increasing demand for energy-efficient electronics and the rise in portable electronic devices. The dimming method outlook for the lighting industry is segmented into dimmable, DALI, Traic, 1-10V, trailing-edge, and non-dimmable (standard). The dimmable segment is expected to lead in terms of revenue due to the growing popularity of dimmable LED lighting systems. The increasing demand for energy-efficient lighting solutions is another factor driving the growth of the dimmable segment.
The type outlook for the lighting industry is segmented into conventional and smart. The smart segment is expected to lead in terms of revenue over the forecast period due to the growing adoption of Internet of Things (IoT) technologies in lighting systems. Smart lighting systems offer several benefits, including energy savings, enhanced user comfort, and convenience. The end-use outlook for the lighting industry is segmented into indoor lighting, industrial lighting, commercial lighting, residential lighting, entertainment lighting, office lighting, indoor sports facilities lighting, outdoor lighting, street lights, tunnel lighting, highway lighting, city lighting, outdoor sports facilities lighting, and automotive lighting. The commercial lighting segment is expected to dominate the market, driven by the increasing demand for energy-efficient lighting solutions in commercial buildings, such as offices, hotels, and retail spaces. The automotive lighting segment is also expected to experience significant growth due to the increasing demand for advanced lighting systems in automobiles.
The Integrated Circuit market is expected to experience significant growth over the forecast period, with the DC/DC ICs segment projected to experience the most rapid growth. The lighting industry outlook is segmented into dimming method, type, and end-use, with the dimmable and smart segments expected to lead in terms of revenue. The commercial lighting segment is expected to dominate the market, while the automotive lighting segment is also expected to experience significant growth.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights from the Report
· DC/DC ICs segment revenue is expected to expand at a significantly rapid CAGR during the forecast period due to several factors. DC/DC ICs, or DC/DC converters, are electronic devices that convert a direct current (DC) input voltage to a different DC output voltage. These devices are widely used in various applications, including consumer electronics, telecommunications, automotive, industrial, and medical.
· Dimmable segment is expected to lead in terms of revenue over the forecast period owing to the growing popularity of dimmable LED lighting systems. A dimmable LED lighting system allows users to adjust the brightness level of the lighting, providing flexibility and control over the lighting environment. This feature has made dimmable LED lighting systems a popular choice for both residential and commercial applications.
· Smart segment is expected to lead in terms of revenue over the forecast period owing to the growing adoption of smart lighting systems. A smart lighting system utilizes various technologies, such as sensors, wireless communication, and smart controllers, to provide intelligent lighting solutions. These systems offer several benefits, including energy savings, enhanced user comfort, and convenience.
· Some major companies included in the global market report are Delta Electronics, Inc., Signify Holding B.V., TCI Telecomunicazioni Italia S.R.L., Lifud Technology Co., Ltd., ERP Power LLC, Mean Well Enterprises Co., Ltd., Tridonic GmbH & Co KG, Inventronics Inc., SELF Electronics Co., Ltd., and Eaglerise Electric & Electronic Ltd.
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