Transparency Market Research

LED Lighting Driver Market Is Expected to Reach US $23,522.3 Mn by 2026

 

Albany, NY -- (SBWIRE) -- 10/04/2018 -- 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.

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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.

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