Programmable LED Drivers Market Trends

Growth Drivers

• Upsurge in the demand for LED lightning products – owing to its affordability as well as wider choice of prices and innovative products available for consumers, the demand for programmable LED drivers is escalating. For instance, as per 2021 statistics, more than 40 billion cumulative sales of LED lighting product wererecorded in the past five years generating economies of scale.

• Increasing Demand from Automotive Industry–it was found that, in the year 2020, in the United States, ~42,000deaths were registered on the road, out of which almost 50% of all accidents occurred at night despite 25% less traffic on the road due to limited visibility. The demand for programmable LED driver is propelled owing to the features offered by programmable headlights,assisting drivers to improve driver visibility during evening and night storms.

• Upsurge in the Number of Digital Signage – creating the demand for programmable LED drivers attributed to the rise in the number of LED displays for advertising of products, business and services to attract consumers. For instance,in the year 2020, digital signage aided in increasing the average purchase amount by 29%, and alsoresulted in 45% customer satisfaction creating 32% growth in repeat buyers, in the United States.

• Adhering to the new regulations mandating the use of high-efficacy LED lamps—to remain in line with the Net Zero Emissions by 2050 Scenario, which ensures that by 2025 all countries sell only LEDs—the use of programmable LED drivers is increased. For instance, LEDs accounted for ~51% of global lighting sales in 2020, with integrated LED luminaires making up an increasing share.

Challenges

• Possibility of Premature Failures ofLED Drivers Owing to High Internal Operating Temperatures
• Thickness of Device Display and High Number of Tracks in Comparison to other Types of Modules
• Lack of Awareness about the Applications ofProgrammable LED Drivers

Theglobal programmable LED driversmarket is segmented and analyzed for demand and supplyby driver type into constant current LED drivers and constant voltage LED drivers. Out of these segments, constant voltage LED drivers segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing number of hotels using LEDs and curb the carbon emission level worldwide. For instance, the hotel industry is expected to reduce carbon emissions by 66% and 90% by 2030 and 2050, respectively, in order to keep global warming below the 2°C threshold agreed upon in the 2016 Paris Agreement. To produce the same amount of light, LED lighting consumes ~40% less power than fluorescents, and 80% less power than incandescent bulbs.