LED Lighting Drivers Market – Snapshot
A light-emitting diode (LED) is a low-energy lighting device with a longer lifespan. It consumes less power than an incandescent light. An LED requires a specialized power supply, which is provided to it with the help of LED lighting drivers. An LED lighting driver is an electronic device employed to provide regulated power supply to the LED or an array of LEDs under operation. The driver protects the LED from premature failure by regulating the current/voltage provided to it. Thus, LED drivers ensure smooth functioning of LEDs by supplying a constant amount of power to them. The global LED lighting drivers market is projected to expand at a CAGR of 18.0% during the forecast period and reach value of US$ 29,313.6 Mn by 2027.
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The LED lighting drivers market is driven by increased penetration of LED lighting products. LED lighting systems are gaining popularity due to their energy efficiency and cost saving. Moreover, government initiatives for increasing awareness about using energy-efficient and cost-saving lighting systems are anticipated to boost the LED lighting drivers market during the forecast period. However, one of the key factors hampering the LED lighting drivers market is high initial setup cost. It is likely to be a restraint of the market in several developing countries in the short run. On the other hand, increasing use of miniaturized LED lighting drivers is one of the major opportunities for the LED lighting drivers market. Driver miniaturization is projected to create new opportunities for manufacturers operating in the market in the near future.
High initial setup costs is a major restraint of the market for LED lighting drivers, as the current pricing of these drivers is largely dependent on volume of the product, maturity of the market, and penetration of the product into the market. Also, in emerging markets, such as Asia Pacific, the cost of installation of LED lighting drivers is high. This is a time-bound restraint, as the market in the region is currently undergoing a developing phase. This is because, currently, the cost of LED drivers is on a higher side and it is expected to decline with advancements in the technology of LED drivers. These factors are hindering the rate of adoption of LED lighting drivers across various industries. However, certain standardization in the pricing of LED drivers is likely to occur in the long term. Localization of manufacturing facilities is also expected to contribute to standardizing of the product price in the near future.
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Key players operating in the global LED lighting drivers market include Mean Well Enterprises Co. Ltd., Cree, Inc., Inventronics Inc., Tridonic GmbH & Co KG, Signify Holding, Delta Electronics, Inc., Osram GmbH, and Harvard Technology Ltd. These established players are engaged in the development of innovative LED lighting drivers and their introduction in the market. For instance, in March 2018, Philips Lighting announced the launch of a new IoT platform called ‘Interact’. This platform would enable customers to unlock the potential of connected lighting for the IoT. The move would help the company better position itself in the global LED lighting drivers market.
