Light emitting diodes, abbreviated and commonly known as LEDs, have gained much popularity in recent years. It was discovered in 29161, and in the current era, it has taken over the lighting industry due to its energy-efficiency. However, the specialized devices that facilitate the use of LED are, like transformers for low-voltage bulbs or ballasts for fluorescent lamps, are the LED drivers. These devices are responsible for providing LEDs with the correct amount of power supply for functioning. Thus, the LED drivers market has gained much traction with the rising adoption of LED lighting technologies.
How is LED’s popularity Set to Impact LED Drivers Market?
It is important to understand the benefits of LED to understand the lucrativeness of the future trajectory of the LED drivers market. The product has gained multiple applications across different industry verticals which are supposed to prompt market growth in the coming years. Led s have mainly gained traction as it proven to be around 80% more efficient than the conventional incandescent and fluorescent lights. Thus, the rising awareness about this is further expected to augment the demand for the product. In turn, this is projected to lead the growth trajectory of the LED drivers market. Moreover, 95% of the energy in LEDs is converted to light, which means that the energy wasted as heat accounts for only 5%. This is another factor that has helped the LED technology to raise awareness to boost demand for itself.
What Role will the Governments Play in Market Growth?
The governments are supporting the adoption of LED, which is projected to drive the augmentation of the LED drivers market. Organization is coming forward in support of this lighting technology as it aligns with the environmental protection laws promoting curbed emissions. The technology helps in reducing greenhouse effect as it requires lower for consumption. Thus, it is extensively supported across the world. In fact, governments in both developed and developing nations, are investing in the replacement of conventional technologies with LED technology. They are coming with schemes and plans to accelerate and smoothen the transition to LED. This, in turn, is sure to have a major positive impact on the growth of the LED driver for lighting market.
Applications of LED Drivers in Different Industries
LED lights are being adopted across the automotive industry. The installation of this lighting technology is not only limited to OEM but also has expanded to aftermarket. It has an aesthetic appeal and is extensively used for automobile modifications. All these factors point to the demand growth for LED drivers in the automotive industry due to rising dependency on LED lighting technology. In fact, developed economies are shifting to LED entirely to increase green footprints. It is expected to increase applications in the coming years. This technology can also be seen in consumer electronics. Lighting technologies being used in electrical & electronics industry have shifted to LED in past few years. It is in excess demand across the industry, which ensures the continuance of the LED drivers market trends pointing at revenue growth.
Geographical Footprint Assessment
Asia Pacific is a key region as it is likely to witness rapid adoption of the technology. It is because of the industrialization and urbanization that the market is poised to augment. Europe and North America are also exhibiting accelerated adoption due to energy efficiency.
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