LED Driver Market Size Worth $11.31 Billion By 2025A Chapter by Markets InsightsThe global LED driver market size was valued at USD 4.07 billion in 2018 and is anticipated to witness a CAGR of 16.3% from 2019 to 2025.The
global LED Driver Market size is expected to reach at USD
11.31 billion by 2025, according to a new report by Grand View Research, Inc.
The light-emitting diode driver market is projected to expand at a CAGR of
16.3% over the forecast period. LEDs have emerged as an energy-efficient
alternative to traditional light sources in the last decade; thus, they have
extensive demand in lighting and display segments across several industries.
LED lighting is replacing the traditional lighting products due to their
benefits, such as longer life, higher energy-efficiency, miniaturization, lower
heat output, and directionality. Moreover,
rising demand for IOT-based connected lighting solutions due to the rising
number of smart homes in developed countries will contribute to the
LEDdrivermarket growth. Furthermore, governments of various countries have
launched Smart City initiatives to improve the energy-efficiency of populated
cities, which is anticipated to boost the market further. Demand for the
constant current LED driver has witnessed exponential growth from 2015 to 2018;
these drivers are widely used in high brightness and outdoor lighting
applications. The
consumer electronics segment is the largest application segment in the market
as LEDs have extensive demand in television and display panels applications.
Many leading manufacturers are collaborating with other companies to deliver
public lighting systems to cities around the world connected with remote
management for energy saving and efficient maintenance. For instance, Philips
Lighting N.V. has collaborated with Vodafone Limited to deploy IoT-based
wireless Smart Street lighting across the globe. There
is a high demand for energy-efficient and highly reliable products with a
smaller system package and lower cost for applications in the low- to mid-power
range. To meet these requirements, manufacturers are incorporating Primary-Side
Regulation (PSR) to lower the costs by eliminating secondary feedback circuitry
and Power-Factor Correction (PFC) circuitry for higher power quality. Request
a sample copy or view summary of this report@ Further key findings from the study suggest:
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