The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on LED Drivers Market. The growth sectors of the LED Drivers Market are identified with precision for a better growth perspective.
LED drivers market 2020 can possibly attain a valuation of USD 18,522.74 Million by 2025-end, presumes Market Research Future (MRFR). 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.
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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.
On 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. Also, governments everywhere are implementing Smart City initiatives with the aim of boosting energy-efficiency of cities, which can lead to further market expansion. 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. Basically, the LED drivers market size is estimated to expand relentlessly in the approaching years, anticipates MRFR.
Market Segmentation
The top LED drivers market segments outlined the report are type, component, luminaires type and application.
Type-wise market segmentation covers constant voltage as well as constant current. The largest share in the market will belong to the constant current segment, as this type offers various benefits, including no risk of burnout or thermal runaway and consistent brightness.
The main components studied in the market study are discrete component, driver IC, and others. 2018, the market was led by the driver IC segment, and the estimations confirm that it can be also record the highest growth rate during the appraisal period.
The various luminaires types described in the report are decorative lamps, type A lamps, reflectors, T lamps, and others. The type-A lamps segment heads the global market, but it is projected that the T lamps segment can achieve the fastest CAGR in the ensuing period. T lamps are much more cost effective than the traditional LED lamps, which boosts its demand among the cost-sensitive end-users.
With respect to the application, the key segments are industrial lighting, commercial lighting, residential lighting, automotive lighting, and others. Globally, the demand for commercial lighting is the highest, giving a substantial boost to the segment in the market. The surge in smart street lighting pushes the demand for LED drivers. On the other hand, the rate at which the automotive lighting segment can advance during the review timeline is believed to be higher than its counterparts.
Top Companies
Signify Holding (Netherlands), Osram GmbH (Germany), Texas Instruments (US), STMicroelectronics N.V. (Switzerland), Maxim Integrated (US), Harvard Technology Ltd. (UK), General Electric Company (US), Atmel Corporation (US), NXP Semiconductors N.V. (Netherlands), AC Electronics (US), Lutron Electronics Co., Inc. (US), ON Semiconductor (US), Cree, Inc. (the US), Macroblock Inc. (Taiwan), ROHM Semiconductors (Japan), have been identified as the top-performing companies in the market for LED drivers.
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LED Drivers Market TrendsLight 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.
Led s have mainly gained traction as it proven to be around 80% more efficient than the conventional incandescent and fluorescent lights.
Moreover, 95% of the energy in LEDs is converted to light, which means that the energy wasted as heat accounts for only 5%.
Thus, it is extensively supported across the world.
