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Global LED Driver Market Expected to Reach $16B by 2023
June 6, 2018 | Business WireEstimated reading time: 1 minute
The global LED driver market is expected to reach an estimated $16.1 billion by 2023 with a CAGR of 15.5% from 2018 to 2023. The major growth drivers for this market are increasing building and construction activities, favorable government regulations for energy efficiency, and increasing adoption of LED lighting in emerging countries.
The future of the LED driver market looks attractive with opportunities in the residential, commercial, industrial, and automotive lighting sectors.
Emerging trends, which have a direct impact on the dynamics of the LED driver industry, include the development of visible light communication (VLC) LED drivers, and the development of color tunable LED drivers.
Research forecasts that the constant current LED driver will remain the largest product type; it is also expected to witness the highest growth due to ability to provide consistent brightness with lower power consumption and increasing demand in LED backlighting and general lighting applications.
Within the LED driver market, the general lighting segment will remain the largest application. It is also expected to witness the highest growth rate due to increasing demand for energy-efficient products in residential and commercial lighting, increasing usage of LED drivers for building and lighting management systems, and the decreasing price of LEDs.
Asia Pacific is expected to remain the largest region, and it is also expected to witness the highest growth over the forecast period due to increasing penetration of LED lighting in the automotive and building & construction industries. Production and consumption of LED lighting in China is highest, and modernization of infrastructure is expected to propel the demand for lighting products in China.
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