Global Programmable LED Drivers Market: Market Outlook
Due to the recent adoption of technology in the electronic products the electronic devices are becoming more user-friendly regarding operations and getting smarter than the old one. Most of LED lighting designers are improving their focus on maximizing performance of their lighting fixtures designs using programmable LED drivers for enhancing the features and quality of the lights offered by them. To thrive through this situation, the lighting designers are demanding for more sophisticated technology such as programmable LED drivers from the power sources they choose.
In addition, evolution in the lightening technology is resulting in increased adoption of LED lighting in different areas including industrial as well as household and for this programmable LED drivers are in continuous demand these days. Programmable LED drivers are getting increasing popularity since last few years as efficient lightening solutions can be established using these drivers. Designers are personalizing the output characteristics with the help of programmable LED drivers as it allows the modifications using programming. Applications of Programmable LED drivers are anticipated to increase in different verticals as these drivers helps in efficiency improvement offered with more advanced features and hence fuelling the growth of the programmable LED drivers market simultaneously.
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What are the Key Trends Impacting Growth of the Programmable LED Drivers Market?
The fact that programmable LED drivers allows user to control the output/input voltage as well as current and their availability in the wireless as well as wired forms is fuelling the demand for the programmable LED drivers market. In addition to this, programmable LED drivers introduce the flexibility in the platform for new luminaire designs and users can also manage the dimming curve for matching the output of existing luminaires. Programmable LED drivers market is anticipated to grow significantly in the coming years due to availability of the advanced features such as step dimming, auto grouping, programming, DMX address, dim-to-off, and others. Manufacturers of the programmable LED drivers are increasing their focus on development of programmable LED drivers as per the industry standards to increase its sale, and this factor is expected to drive the demand for programmable LED drivers during the forecast period.
Few more benefits of using the programmable LED drivers includes reduced design time, lead time and inventory, which are some of the factors responsible for increasing popularity of programmable LED drivers during the forecast period.
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Penetration of LED displays and lightings
One of the drivers for the programmable LED drivers market is the increasing penetration of LED lightings globally which boost demands for the use of programmable LED drivers for efficient lighting. This increase in the usage of LED lightings at locations like stadiums, amusement parks and such other application has increased in the recent times and is increasing the demand for the programmable LED drivers as these applications require efficient lightings. The other driver for the programmable LED drivers market is the penetration of smartphone all round the world. The LED flash which are now a mandatory hardware of a mobile phone calls for the demand of programmable LED drivers and hence leads to the growth of the programmable LED drivers market. Another factor responsible for growth of the market is the easy availability of these programmable LED drivers due to presence of many local players in developed and developing countries and the LED being energy efficient, saves the cost of the electricity consumption which require these programmable LED drivers.
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What are the Key Challenges that may Restrain Growth of the Programmable LED Drivers Market?
Major challenges of programmable LED Driver market are higher cost and thickness of device display in comparison to other modules. Programmable LED Driver market is expected to show a shrink and fluctuation in growth rate because of the higher number of tracks that is required in case of LED Driver in comparison to other types of module. In addition, worldwide financial uncertainty and macroeconomic situations such as economic difficulties and currency exchange rates are some of the major factors which are restricting the growth of programmable LED Driver Market. Moreover, lack of awareness about the programmable LED driver’s applications in the developing and underdeveloped countries is another factor hindering the growth of the market.
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Key Segments of Programmable LED Drivers Market Covered in the Report
Based on power level, the programmable LED drivers market has been segmented as
- 10-99 W LED Driver
- 100-999 W LED Driver
- More than 1000 W LED Driver
Based on sales channel, the programmable LED drivers market has been segmented as
- OEM (Original Equipment Manufacturer)
Based on application, the programmable LED drivers market has been segmented as
- Shop/Retail Lighting
- Office Lighting
- Hotel Decoration Lighting
- Industrial Lighting
Key players such as
- Koninklijke Philips N.V.
- Inventronics Inc.
- Efore Group
- Hatch Lighting
- Ningbo Luxdator Electrical Co. Ltd.
- Hangzhou Moonlight Box Technology Co. Ltd.
are actively involved in offering programmable LED drivers for different applications.
What strategies are the Key Players adopting for Increasing their Market Share in the Programmable LED Drivers Market?
- In January 2021, Inventronics Inc., provider of programmable LED drivers announced the opening of a new manufacturing facility in Mexico. Through the opening of this facility Inventronics is developing a global operations footprint as a part of its on-going efforts to provide enhanced security of supply, increased flexibility and better regional support.
- In October 2020, TRC Electronics, a North American power supply distributor, partnered with power supply manufacturer, XP Power. Through this partnership TRC Electronics will distribute power supply solutions from XP Power to organizations in the semiconductor manufacturing equipment, healthcare, industrial electronics, and technology industries.
What are the Key Opportunities for Programmable LED Drivers Manufacturers?
There is a rise in demand of programmable LED driver for energy-efficient electronic products. In addition, adoption of programmable LED driver is also anticipated to increase for high power density, and increase in various industrial applications. Furthermore, increasing demand for energy efficient lighting & high-quality picture images, coupled with several energy-saving government initiatives taken to ban conventional halogen bulbs are expected to propel the growth of global programmable LED driver market during the forecast period. Thus above mentioned are some of the major factors, providing opportunities for programmable LED drivers in the coming period.
Furthermore, the global programmable LED driver market is expected to benefit from the rising sale of LED TVs and LED lighting systems in developing and developed economies. The programmable LED driver is an essential component of the electronic devices and lightning systems. Thus electronics segment will provide ample of opportunities for the growth of programmable LED drivers market over the forecast period.
Significant Growth Rate in Asia Pacific Region
Considering the demand for the programmable LED drivers the Asia Pacific region is expected to grow at significant CAGR over the forecast period due to increasing government initiatives such as smart cities which is parallel fuelling the demand for smart lights and hence programmable LED drivers. European and North American countries are expected to hold major market share in terms of revenue generation from the sale of programmable LED drivers as its application in the hospitality and decorative lighting are increasing rapidly in developed countries present in these regions such as U.S., U.K., Germany, and others. The demand for programmable LED drivers in Japan and CIS & Russia are expected to increase over the forecast period due to its use in industrial lighting. On the other hand, the Middle East & Africa programmable LED drivers market is expected to grow at moderate CAGR over the forecast period due to less adoption rate for the more technologically advanced products.
What Is Impact Of Pandemic Outbreak On Programmable LED Drivers Market?
The COVID-19 pandemic has set the economy of the most of the countries back by many years, and has affected almost every sector, especially hospitality. It has hugely affected the electronic components market because China, is a major supplier of finished electronic products as well as raw materials. The entire industrial sector is now suffering supply disruptions, price fluctuations, and production losses. Though these challenges could motivate local manufacturers to evolve their operations and business further, the lack of key raw materials poses a major impediment. According to various electronics associations and experts, amidst this pandemic outbreak, the sales of electronics companies will be crippled for next few quarters. Due to COVID-19, the LED industry has experienced a drop in its growth rate. COVID-19 has not only affected the growth of the LED industry but also other industries globally.
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