LED Lighting Drivers Market Industry Trends by Key Players, Manufacturing Proces

Posted by Fred Williams on April 2nd, 2021

A light-emitting diode (LED) is a low-energy lighting device with a longer lifespan. It consumes less power than an incandescent light. An LED requires a specialized power supply, which is provided to it with the help of LED lighting drivers. An LED lighting driver is an electronic device employed to provide regulated power supply to the LED or an array of LEDs under operation. The driver protects the LED from premature failure by regulating the current/voltage provided to it. Thus, LED drivers ensure smooth functioning of LEDs by supplying a constant amount of power to them. The global LED lighting drivers market is projected to expand at a CAGR of 18.0% during the forecast period and reach value of US$ 29,313.6 Mn by 2027.

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 The LED lighting drivers market is driven by increased penetration of LED lighting products. LED lighting systems are gaining popularity due to their energy efficiency and cost saving. Moreover, government initiatives for increasing awareness about using energy-efficient and cost-saving lighting systems are anticipated to boost the LED lighting drivers market during the forecast period. However, one of the key factors hampering the LED lighting drivers market is high initial setup cost. It is likely to be a restraint of the market in several developing countries in the short run. On the other hand, increasing use of miniaturized LED lighting drivers is one of the major opportunities for the LED lighting drivers market. Driver miniaturization is projected to create new opportunities for manufacturers operating in the market in the near future.

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Fred Williams

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Fred Williams
Joined: May 7th, 2020
Articles Posted: 371

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