According to a new market research report published by Transparency Market Research, titled ‘LED Lighting Drivers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027,’ the global LED lighting drivers market was valued at US$ 6,775.3 Mn in 2018 and is expected to expand at a CAGR of 18.0 % from 2019 to 2027, to reach value of US$ 29,313.6 Mn by the end of the forecast period.?
Rising adoption of LED lighting products across the globe to fuel the market
In order to reduce energy consumption, LED lights are increasingly being adopted across the world. LED lights are rapidly penetrating the global general lighting industry. They hold a large share of the global electricity consumption. LED lighting drivers are expected to witness significant increase in the demand in the next few years, owing to advantages offered by this green, energy-saving, emerging technology. Currently, most industrial premises and buildings worldwide are using conventional lighting bulbs; however, advancements and innovations in the field of applied LED lighting technology in the next few years are likely to revolutionize the energy consumption pattern of these premises and buildings in the near future. Also, the rising level of digitization in industries is expected to propel the global LED lighting drivers market during the forecast period.
Increasing focus on improving the energy efficiency to fuel the market
Traffic & outdoor lighting has been one of the early adopters of the LED lighting technology. Use of LED lighting helps in reducing the energy consumption, resulting in decrease in expenses. Traffic & outdoor lighting includes street lights, roadway lighting, and tunnel lighting. Additionally, increasing demand for LED lighting for residential purposes led by high electricity saving is a key factor responsible for growth of the residential segment of the LED lighting drivers market. Thus, increasing focus on improving the energy efficiency across the world is anticipated to have a positive impact on the global LED lighting drivers market in the next few years.