LED Lighting Driver Market Survey on Emerging Opportunities 2026 | Top Keyplayers: MEAN WELL Enterprises Co. Ltd., Cree, Inc., Inventronics Inc., Tridonic GmbH & Co KG
According to a new market report published by Transparency Market Research titled “LED Lighting Driver Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global LED lighting market is expected to reach a value of US$ 23,522.3 Mn by 2026. In terms of value, the market is estimated to expand at a CAGR of 16.9% during the forecast period from 2018 to 2026. In terms of volume, the market stood at around 252.5 million units in 2017. The Asia Pacific LED lighting market is projected to have the highest growth during the forecast period. The market witnessed considerable growth due to increased urbanization and modernization initiatives coupled with installation of energy efficient lighting systems.
The LED lighting driver market is influenced by increased penetration of LED lighting products. LED lighting systems are gaining popularity because of its energy efficiency and cost saving properties. Moreover, government initiatives in increasing awareness about using energy efficient and cost saving lighting systems is anticipated to be a growth factor for the LED lighting driver market. However, one of the main challenges impacting the growth of the LED lighting driver market is high initial setup cost which may prove to be a restraint in many developing countries in the short run. On the other hand, increasing use of miniaturized LED lighting drivers is one of the key opportunities for the growth of the LED lighting driver market. Driver miniaturization is projected to create new opportunities for manufacturers operating in the market in the near future.
In 2017, based on driving method, constant current accounted for market value of U$ 3805.3 Mn in the global LED lighting market. Constant current LED drivers accounted for larger share because it is widely used to maintain constant current with variable voltage. According to diming method, in 2017, dimmable LED lighting drivers accounted for the major share in terms of value at US$ 4373.8 Mn. According to driver type, internal LED lighting drivers were valued at 137.9 Mn units in 2017. This is because residential consumption of LED lighting systems is more.
However, in terms of value, external LED lighting drivers occupied the bigger share at US$ 3,226.7 Mn in 2017 as the price of commercial LED lighting drivers is more compared to lighting drivers used for residential purposes. Under the technology segment, conventional LED lighting drivers acquired the major chunk in terms of value accounting for US$ 4,568.1 Mn in 2017, due to the fact that technological advancement is low in major regions of the world. In terms of application, residential segment acquired the largest share in terms of value at US$ 1913.1Mn in 2017 owing to increased installation of LED lamps and luminaires in home space. In terms of geography, Asia Pacific accounted for the largest share accounting for US$ 2614 Mn, followed by Europe in 2017. Asia Pacific region accounted for the largest share due to increased development in real estate industry, increased research and development spending, infrastructure spending etc.