Albany, NY -- (SBWIRE) -- 10/12/2016 -- Aligning developments with evolving technological advancements and needs of the future will be imperative for LED driver and chipset manufacturers to remain relevant in the market," reports the lead author of the report. Furthermore, ensuring superior quality of products that not just meet quality standards but also exceed them will help players build goodwill and a positive brand image.

Product innovation and product differentiation are the two important cornerstones of growth for leading players in the global LED driver and chipset market, states Transparency Market Research in a new report. The continued research and development activities to manufacture LED drivers that can control the generated heat and current fluctuations will be the next big move for companies operating in the market. Currently, the players leading the LED driver and chipset market are Diodes Inc, Advanced Analogic Technologies Inc, and Ixys Corp.

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Benefits of LED Technology to Stimulate Demand for LED Drivers and Chipsets

Initiatives taken by governments across the globe to reduce their carbon footprint by deploying energy efficient solutions is the primary growth driver for the LED technology. LED drivers are being increasingly used as LED installations increase to improve the performance of the various electronic devices. The growing awareness about benefits of LEDs over LCDs and CCFLs with regards to mechanical ruggedness, reliability, size, and energy efficiency amongst end users will propel the demand for LED drivers and chipsets in the near future.

The fact that LEDs last for over 50,000 hours and still consume only about a fraction of the energy than conventional lighting solutions do, is the trump card of this technology. Thus, the combination of extended lifespan and energy efficiency are both working in favor of LEDs and thereby increasing the uptake of LED drivers and chipsets in several applications.

Initial High Cost Deters Consumers from Investing in LEDs, Adversely Impacting Sales of LED Drivers and Chipsets

The general lack of awareness amongst users about benefits of LED systems as compared to traditional lighting and display techniques is the biggest hurdle for the global LED driver and chipset market. Furthermore, consumers are also being deterred by the initial high cost of LEDs, which is creating a negative impact on the sale of LED drivers and chipsets as well. The growth of this market is also being limited by glitches in LED technology that reduces light output and causes slight inefficiency under varying circumstances such as high temperature or incorrect polarity.

Asia Pacific to Contribute Nearly Half of All Revenue to Global Market by 2021

The research report states that the opportunity in the global LED driver and chipset market was worth US$2.80 bn in 2014 and is expected to reach US$11.99 bn by the end of 2021, as the market is poised to exhibit a remarkable CAGR of 23.2% between 2015 and 2021. This global LED drivers and chipset market will be led by the display segment, which is anticipated to rise at a CAGR of 23.0% over the forecast period in terms of revenue. The applications of displays in a variety of electronic products such as smartphones, televisions, and billboards amongst others are expected to keep this segment at the forefront of this market. In terms of geography, Asia Pacific is the largest market for LED driver and chipset, expected to account for nearly 50% of the total market revenue by 2021.

This review is based on Transparency Market Research's report, titled "LED Driver and Chipset Market - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2021." http://www.transparencymarketresearch.com/led-driver-chipset-market.html

Key Takeaways:

Asia Pacific to contribute 50% to the total market revenue by 2021
Global LED driver and chipset market to reach a valuation of US$11.99 bn by the end of 2021
Displays remain the leading application segment of the global market