Top companies in the global LED driver and chipset market, namely Advanced Analogic Technologies Inc., Ixys Corp., and Diodes Inc. are focusing aggressively on product differentiation for competitive edge, finds Transparency Market Research (TMR). These companies are vying to offer technologically advanced products by means of extensive research and development initiatives. For example, introduction of differentiator products such as LED drivers that are able to control fluctuations in heat and current are adding value to the product portfolio of its manufacturer.
As per a market and business intelligence study by TMR, the global LED driver and chipset market is projected to clock a phenomenal 23.2% CAGR over the forecast period between 2015 and 2021. Rising at this rate, the market’s valuation of US$2.80 bn in 2014 is poised to become US$11.99 bn by the end of 2021. By application, LED display witnesses higher demand over LED lighting; the LED display segment is anticipated to rise at 23.0% CAGR between 2015 and 2021 and continue to remain at the fore. In terms of geography, Asia Pacific currently leads the LED driver and chipset market and the scenario is anticipated to continue over the forthcoming years.
Uptake of LED Technology for Economic Advantages Fuels Growth
Across the world, incessantly increasing demand for energy leading to increasing carbon footprint is promoting the uptake of energy-saving LED technology. This, in turn, is fuelling the demand for LED driver and chipset. LED technology finds widespread applications in lighting and display solutions. LED drivers are essential components for enhancing the performance of LED lights. These factors are collectively fuelling the LED driver and chipset market.
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In addition, subsidy offered on LED devices by several governments is prompting consumers to replace conventional lighting with LED lighting solutions. This is boosting the LED driver nd chipset market considerably.
Rising investments by companies manufacturing LED devices and technological advancements have led to sharp drop in prices of LED devices. This is positively impacting the LED driver and chipset market. Strong presence of LED manufacturers in emerging economies such as China, who are making investments to improve technological expertise and production capacity is having a positive impact on the LED driver and chipset market.