Albany, NY -- (SBWIRE) -- 05/17/2018 -- The leading players in the global LED driver and chipset market, such as Advanced Analogic Technologies Inc., Diodes Inc., and Ixys Corp. are focusing aggressively on product differentiation, as well as innovation and technological advancements, states a new report by Transparency Market Research (TMR). Over the coming years, these players are expected to shift their focus towards research and development activities in this field in order to produce technologically advanced LED drivers that are able to control the fluctuation in current and the heat generated, notes the market report.

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As per TMR's estimations, the worldwide market for LED driver and chipset, which stood at US$2.80 bn in 2014, is anticipated to progress at a CAGR of 23.2% over the period from 2015 to 2021 and reach US$11.99 bn by the end of the period of the forecast. The demand for LED display is much greater than LED lighting across the world. Rising at a CAGR of 23.0% during the period of 2015 – 2021, the LED display segment is anticipated to remain leading over the next few years. Regionally, the worldwide LED driver and chipset market is spread across Europe, Asia Pacific, North America, and the Rest of the World, including Latin America and the Middle East and Africa. Asia Pacific, among these, has been dominating the global market and the scenario is anticipated to remain so over the forthcoming years, states the research report.

"The alarming rise in the energy consumption and the increase in carbon footprint, across the world have influenced the uptake of LED technology, thereby increasing the demand for LED driver and chipset," says the author of the study. LED technology finds a wide array of applications in lighting and displays solutions. Since LED drivers are essential components for the enhancement of the performance of LED lights, these factors are creating a positive impact on the growth of this market.

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The subsidy offered by many governments, globally, on LED devices, prompting consumers to replace conventional lighting solutions with LED lighting, is also propelling the market substantially.

High Initial Cost to Hamper Market

On the flip side, the high initial investment in LED drivers and chipsets may limit their uptake in the near future, hampering the growth of this market. The dearth of awareness about the advantages, the LED technology offers, when compared to traditional lighting solutions, is also expected to slow down the market over the next few years. However, the increasing demand for large and prominent LED displays, such as billboards and screens in sports arena, will support this market to register a steady rise in the years to come, reports the study.