Zion Market Research has published a new report titled “LED Driver Market by Driving Method (Constant Current and Constant Voltage), Luminaire Type (A-Type Lamps, T-Lamps, and Others) for Residential, Industrial, Commercial, and Other End-Users: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015-2021”. According to the report, global LED driver market was valued at around $4.75 billion in 2015 and is expected to generate revenue of approximately $19.03 billion by end of 2021, growing at a CAGR of slightly above 26% between 2016 and 2021.
Global LED driver market is anticipated to witness significant growth over the forecast period due to increasing demand for LED lighting by households. The transition from UV lamp to UV LED is the latest trend in the LED driver market.
Growing demand of LED in lighting applications such as retail outlets, office complexes, street lights, and rapidly growing usage within the residential lighting applications for households are the major drivers for the growth of the LED driver market. However, the biggest challenge for LED technology is to understand the gap between cost and benefit by the user. Residential and commercial application of LED lighting is fuelling the demand for LED drivers in the market. Residential segment accounted for around 40% of the market share in 2011.
Outdoor applications such as roadway lighting, street lighting, highway and tunnel lighting are some of the major adopters of LED drivers. India has biggest consumers base for LED lighting products and a number of users are predicted to increase substantially in the near future. The Strong presence of LED manufacturers in China those are constantly improving consumption, conductivity, and voltage aspect of LEDs would surge the usage of LED drivers in the coming years.
Asia-Pacific is anticipated to grow at the highest rate in till 2021. Combination of multiple factors makes Asia-Pacific the most dynamic region in the LED driver market. Asia-Pacific has some of the fastest-growing emerging economies like India and China. It also has technologically and economically advanced economies of Japan and South Korea. Furthermore, the countries within the Asia Pacific which are still seeing rapid urbanization hence, the overall growth and demand for infrastructure are higher as compared to Europe and North America.
For Europe, North America and China, 2013 and 2014 were a breakthrough year. The Middle East and Africa are expected to be one of the fastest growing regional markets for LED drivers in the coming years. Saudi Arabia is expected to be the most lucrative market for LED driver in the Middle East. The recent push by emerging economies such as China and India toward energy efficiency is also a key factor for the growth of the LED driver for outdoor & traffic lighting.
Tagged with LED Drivers