from Energy Manager Today
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, according to a new report from Research and Markets. The report states that 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.
According to the report, 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.
Comments by Ralph: For many reasons and in markets of all sorts, the LED market is strong and will continue for several years. Pricing is favorable and there are many good products for most any task. There will be winners and losers though and my money is on the quality companies who will be here to back up the long warranties, charge a fair price, and do the vetting they need to assure long lasting, safe, reliable products. Consider contacting me for assistance with any LED upgrade and projects. You can reach me 267-370-1442 or firstname.lastname@example.org