"LED driver market for lighting expected to grow at a high CAGR of 26.3% between 2016 and 2022”
The LED driver market for lighting is expected to reach USD 24.98 billion by 2022, at a CAGR of 26.3% between 2016 and 2022. High penetration of LED in lighting applications such as office complexes, retail outlets, street lights, and rapidly growing usage within the residential lighting applications for households due to increased focus on energy-efficient lighting are the major drivers for growth of the market.
Outdoor & traffic lighting applications such as roadway lighting, street lighting, highway & tunnel lighting are the major adopters of the LED lighting. As local authorities all over the world are trying to reduce the energy consumption for economic and environmental purposes, LED lighting is slowly becoming their real choice.
“Asia-Pacific expected to hold the largest market share during the forecast period”
Asia-Pacific is also estimated to grow at the highest rate in the overall market till 2022. Combination of multiple factors make Asia-Pacific the most dynamic region in LED driver market for lighting. Asia-Pacific has some of the fastest-growing emerging economies in the form of India and China; it also has technologically and economically advanced economies of Japan and South Korea. Furthermore, there are many countries within Asia-Pacific which are still seeing rapid urbanization; hence, the overall growth and demand for infrastructure is higher compared to Europe and North America. Since the global initiatives for carbon reductions depend largely on the regions, countries in the Asia-Pacific region have started bringing in regulations to increase the usage of LED lighting which is giving a major flip to growth of the market for LED lighting and consequently of the LED driver market for lighting.
In the process of determining and verifying the market size for several segments and subsegments of the LED driver market for lighting gathered through the secondary research, extensive primary interviews have been conducted with key people. Breakup of the profiles of primary participants is shown below:
- By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level – 35%, Director Level – 25%, and Others – 40%
- By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 5%
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