LED Driver for Lighting Market
Light emitting diodes, abbreviated and commonly known as LEDs, have gained much popularity in recent years. It was discovered in 29161, and in the current era, it has taken over the lighting industry due to its energy-efficiency. However, the specialized devices that facilitate the use of LED are, like transformers for low-voltage bulbs or ballasts for fluorescent lamps, are the LED drivers. These devices are responsible for providing LEDs with the correct amount of power supply for functioning. Thus, the LED drivers market has gained much traction with the rising adoption of LED lighting technologies.
According to Market Research Future, the market for the global LED drivers has been segmented on the basis of type, component, luminaires type, application, and region.
LED drivers are electrical components that delivers power to an LED or an array of LEDs in a regulated waymanner. LED drivers are gaining popularity among the masses owing to the benefits theyits offers which include premature failure, low voltage consumption, and increased LED life span. Growing adoption of LED lighting, in general lighting applications and increase in smart street lighting projects across the globe are the key factors driving the LED drivers market.
Based on type, the market has been categorized as constant voltage and constant current. The constant current segment is projected to account for the larger share during the review period owing to its benefits such as a high consistent brightness and burnout/thermal runaway avoidance. However, the constant voltage segment is expected to register the a significant CAGR during the forecast period. In 2017, Hatch Lighting had launched a new product line of constant voltage LED drivers for use with MLV (TRIAC) dimmers.
How is LED’s popularity Set to Impact LED Drivers Market?
It is important to understand the benefits of LED to understand the lucrativeness of the future trajectory of the LED drivers market. The product has gained multiple applications across different industry verticals which are supposed to prompt market growth in the coming years. Led s have mainly gained traction as it proven to be around 80% more efficient than the conventional incandescent and fluorescent lights. Thus, the rising awareness about this is further expected to augment the demand for the product. In turn, this is projected to lead the growth trajectory of the LED drivers market. Moreover, 95% of the energy in LEDs is converted to light, which means that the energy wasted as heat accounts for only 5%. This is another factor that has helped the LED technology to raise awareness to boost demand for itself.
Regional Analysis
The global LED drivers market has been segmented by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific, followed by Europe, is expected to be the largest market in the forecast period. Within Asia-Pacific, China is expected to hold the highest market share. The growing market for the increase ing number of government initiatives to promote energy-saving lighting drives the demand for LED drivers in the Asia-Pacific.
Key Players
The prominent players in the global LED drivers industry 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. (US), ROHM Semiconductors (Japan), ON Semiconductor (US), AC Electronics (US), Signify Holding (Netherlands), Lutron Electronics Co., Inc. (US), NXP Semiconductors N.V. (Netherlands), and STMicroelectronics N.V. (Switzerland).
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MRFR also says that the market can expand at a notable rate of 31.58% during the review period, which is between 2019 and 2025.Growth Boosters and Main Restraints The exponential proliferation of COVID-19 globally has severely impacted the semiconductor industry, with the temporary shutting down of manufacturing facilities and subsequent slowdown in production.
The pandemic has led to disruption in the ecosystem with various supply chain vendors striving to curb their dependency on China.
The current lockdowns situation has not only affected the manufacturing sector but has also restrained the demand for semiconductor devices among consumers.
There are chances of the LED drivers market taking a hit in the face of COVID-19 in the coming years.More Information@ https://www.marketresearchfuture.com/reports/led-drivers-market-8665On a brighter note, the escalating demand for IOT-based connected lighting systems and solutions in line with the mounting number of smart homes across developed regions can mean favorable prospects for the LED driver industry.
The rising adoption of LED lighting, lighting applications and the surge in the number of smart street lighting projects around the world are also inducing the growth of the LED drivers market.LEDs are known as the ideal energy-efficient substitute for conventional light sources; which is the reason for their extensive use in lighting and display application across industries.
LED lighting has successfully replaced traditional lighting products, given the broad range of benefits they offer, including miniaturization, higher energy-efficiency, longer life, directionality as well as lower heat output.
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What is a led driver, High power led manufacturer, philips led driverLED lighting is a type of lighting which uses light emitting diodes as a source of illumination.
LED light bulbs are more efficient than fluorescent or incandescent bulbs.
