LED Lighting Driver Market is expected to grow in terms of volume sales at a CAGR of 16.9%

LED lighting driver is an electrical device which regulates the power to an LED or to multiple LEDs. It responds to the changing needs of LED, or LED circuit by providing continuous power to the LED as its electrical properties change with temperature. The LED driver is a self-contained power supply which has outputs that are matched to the electrical characteristics of the LED or LEDs. Without the application of LED driver, the LED may become too hot and unstable which may result in poor performance or failure. Transparency Market Research analyses the global LED lighting driver market in terms of value in US Mn and volume sales in terms of million units.

The global LED lighting driver market is expected to reach around US$ 23,522.3 Mn by 2026. The market is expected to grow in terms of volume sales at a CAGR of 16.9% during the period 2016-2026.The Asia Pacific LED lighting driver market incurred the highest market share, accounting for US$ 2,243.1 Mn in 2016. The global LED lighting driver market is anticipated to grow mainly due to increase in penetration of LED lighting products in the general lighting industry. They hold a large share of the global electricity consumption. LED lighting drivers are expected to witness significant increase in demand in the next few years due to advantages such as green initiatives and energy-saving technologies.

Moreover, increase in number of infrastructure projects coupled with installation of clean and energy efficient lighting systems is anticipated to be a growth factor for the LED lighting driver market. Growing urbanization and modernization initiatives in both developed and developing countries is an important factor fueling the LED lighting drivers market. For example, the Government of India has introduced the Rural Electrification Scheme to achieve 100% electrification of all villages, thereby propelling the LED lighting drivers market in the country.

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One of the main challenging factors impacting the growth of the LED lighting driver market is high initial setup cost. Price of the LED lighting drivers largely depends on volume of the product, maturity of the market, and penetration of the product in the market. Additionally, in emerging markets such as APAC, the installation cost of LED lighting drivers is high. This is a time-bound obstacle, as the market in the region is currently undergoing a developing phase. Moreover, shorter lifespan of unsubstantial components is acting as a restraint for the growth of the LED lighting driver market. Unsubstantial reactive components which include electrolytic capacitor and oscillation coil have a very short life span and are sensitive to working temperature. Moreover, LED sources release heat through conduction.

In order to prevent performance system failure or degradation, additional mechanism to efficiently carry waste heat out of LEDs is required, which adds to its cost. The global LED lighting driver market is expected to witness decline in growth rate during the forecast period due to these factors. However, miniaturized LED lighting drivers are opening new avenues for solid state lighting. Driver technologies have not kept pace due to the particular issue of size, while LEDs have significantly improved over the last decade. Driver miniaturization is projected to create new opportunities for manufacturers operating in the market in the near future. Additionally, higher integration of SoCs (System-on-Chips) would continue to slash the size of the end-product. Use of SoCs technology would make the future of LED drivers significantly bright.

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Some of the key players profiled in the global LED lighting driver market are MEAN WELL Enterprises Co. Ltd., Cree, Inc., Inventronics Inc., Tridonic GmbH & Co KG, Moso Power Supply Technology Co., Ltd., Eaglerise Electric and Electronic (China) Co., Ltd., TCI Telecomunicazioni Italia, Delta Electronics, Inc., Osram GmbH, Lifud Technology Co., Ltd., SELF Electronics Co., Ltd., ERP Power LLC., Harvard Technology Ltd., Moons’ Electric Co., Ltd., and Signify Holding.

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