https://cdn.gophotonics.com/news/article_638539578451088845.jpg712370
Market Research Future, one of the leading market analysis companies, published a report on, “LED Driver IC Market Research Report Information by Type, By Application, and By Region - Industry Size, Share and Forecast till 2032". According to the report, the LED Driver IC Market Size was valued at USD 3,785.89 million in 2022. The LED Driver IC Market is projected to grow from USD 4,762.58 million in 2023 to USD 26,576.23 million by 2032, exhibiting a CAGR of 21.0% during the forecast period (2023-2032).
Key Companies in the LED Driver IC Market include
In the past 20 years, electronic technology has improved significantly. Today's electronic displays use a variety of active display drivers (a driver is essentially a semiconductor integrated circuit). The LED driver IC industry is one of the fastest expanding markets as a result of the rising demand for LED lights, low power electronic products, and touch-enabled screens in consumer electronics and devices. Additionally, the market for LED driver IC is being driven ahead by the rise in household energy-efficient lighting systems as well as outdoor and traffic lighting. Energy-efficient lighting options and the global need for electronic gadgets serve as key growth factors for the LED driver IC industry. Over the course of the system, they are less expensive and provide more powerful, brighter light. If driver technology is implemented, LED lighting will drastically reduce energy usage, significantly reduce greenhouse gas emissions, and provide lighting designers more alternatives.
Segment Insights
The LED Driver IC Market has been divided into Buck-Boost Led Driver IC, Current Sink Led Driver IC, Inductorless (Charge Pump) Led Driver IC, Step-Down (Buck) Led Driver IC, and Others based on product type. When the input voltage is either above or below the LED voltage, buck-boost LED IC drivers permit LED bias.
The LED Driver IC Market has been divided into several categories based on the number of applications: consumer electronics, healthcare, IT & ITES, automotive, telecommunication, government, and others. Due to the rising demand for consumer electronics that use less energy, the consumer electronics sub-segment in the LED Driver IC Market is anticipated to rise rapidly.
North America, Europe, Asia-Pacific, and the Rest of the World are the regions into which the study divides the market. One of the major markets for LED driver ICs is North America. The rising use of LED lighting in a variety of applications, including home, business, industrial, and automotive lighting, is responsible for the region's LED driver IC market's expansion. Due to the presence of major LED lighting producers like Cree, Inc. and General Electric Company, the US is the largest market for LED driver ICs in North America. The expansion of the LED driver IC market in the United States is anticipated to be fueled by the rising need for energy-efficient lighting solutions and the expanding use of smart lighting systems. One of the markets for LED driver ICs that is expanding the quickest is the Asia Pacific region.
With major LED lighting producers like Cree, Inc., Nichia Corporation, and Osram Opto Semiconductors GmbH present, China is the region's largest market for LED driver ICs. The market for LED driver ICs in China is anticipated to increase as a result of the rising demand for energy-efficient lighting options and the expanding use of smart lighting systems. The government's programmes to support energy-efficient lighting options and the rising demand for LED lighting in a variety of applications are anticipated to fuel the LED driver IC market's expansion in India.
Click here to read the report titled, 'LED Driver IC Market Research Report Information by Type, By Application, and By Region - Industry Size, Share and Forecast till 2032'.
