LED Driver Market Size, Share, Demand, Growth and Forecast Report to 2027

Posted December 21, 2020 by pankajrathi

Global LED Driver Market was valued at USD 10.2 billion in 2019 which is expected to reach USD 59.82 billion by 2027 at a CAGR 24.8 %.
Global LED Driver Market was valued at USD 10.2 billion in 2019 which is expected to reach USD 59.82 billion by 2027 at a CAGR 24.8 %.

LED driver is the power supply that modulates the power required to energize the LEDs or arrays of LEDs. These drivers are used to rectify the AC to DC (alternating current into direct current), as it works on direct current (DC). LED drivers are able to prevent the circuitry from overfeeding as it is a current driven component. These are widely used in various industries such as automotive, general, and back lighting.

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Market Drivers
Continuous technological advancement in lighting components has enabled energy-efficiency and improved performance which is expected to increase the demand for LED driver during this forecast period. Furthermore, increase in penetration of LED lightings in several applications like outdoor, automotive, industrial, and horticulture will positively contribute the market growth. Also, increase in research and development activities by key competitors for improvement of existing lighting solutions expected to drive the market. Governments of many countries are investing on smart city developments and technologically advanced and sustainable living spaces which expected to fuel the market growth. In addition to that, rise in demand for IOT based smart lighting solutions is growing will significantly led the market growth.

Market Restraints
However, high cost of installation for LED drivers is the major challenging factor which is expected to hinder the global LED Driver market growth. Also, lack of common standards among various manufacturers will affect the global LED driver market growth during this forecast period.

Market Key Players
Various key players are discussed in this report such as Koninklijke Philips N.V., Texas Instruments, Inc, Osram GmbH, Maxim Integrated, Inc., Harvard Engineering, Atmel Corporation, Macroblock, Inc., General Electric, and Cree, Inc.

Market Taxonomy
By Driver Method
• Constant Voltage LED Driver
• Constant Current LED Driver
By Luminaire Type
• Decorative Lamps
• Integral LED Modules
• Reflectors
• T-Lamps
• Type A-Lamps
By End User
• Residential Lighting
• Outdoor & Traffic Lighting
• Industrial Lighting
• Commercial Lighting
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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Issued By qualiket research
Country India
Categories Business
Tags led driver market
Last Updated December 21, 2020