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The global LED driver and chipset market is projected to expand at a remarkable CAGR of 23.2% from 2015 to 2021, according to a new report by Transparency Market Research.
The report states that the outstanding growth of the overall LED market in recent times will push the value of the LED driver and chipset market from $2.8 billion in 2014 to $11.9 billion in 2021. The rising awareness among consumers about reducing the overall carbon footprint and the replacement of conventional fluorescent lamps with LED lamps is also likely to boost the LED driver and chipset market in the coming years.
On the basis of application, the LED driver and chipset market is bifurcated into lighting and display. The display segment presently dominates the overall market and is forecast to register a 23% CAGR from 2015 to 2021. This segment is fueled by the rising demand for superior picture quality. The lighting segment is projected to develop at a 24.1% CAGR during the forecast period, emerging as the most rapidly growing application segment.
From a regional perspective, Asia Pacific dominates the overall market and is projected to expand at an impressive 23.4% CAGR from 2015 to 2021, emerging as the fastest growing regional market for LED drivers and chipsets. One of the most significant factors fueling the APAC market is the rapid growth of the overall LED market.
