LED Driver and Chipset Market Size, Share, Growth, and Industry Analysis, By Type (LED Driver, Chipset and Others), By Application (Display, Lighting and Others), Regional Insights, and Forecast from 2023 to 2030

Updated On: 13 November 2023

LED Driver and Chipset Market REPORT OVERVIEW

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The LED Driver and Chipset Market size is expected to grow USD 4405 Million in 2022 to USD 9246.4 Million by 2028 at a Compound Annual Growth (CAGR) of 10.9% from 2022 to 2028.

A light-emitting diode (LED) is a two-lead semiconductor light source. Backlighting in electronic devices such as LCD TVs, laptops, and phones, as well as street lighting, automotive lighting, and general illumination, are all examples of usage. This is due to the greater picture quality provided by LEDs, which is the result of their higher power efficiency and brightness. LED technologies are being used in a wide range of display and lighting applications. These factors are having a positive impact on the worldwide LED driver and chipset market since LED drivers are key components for boosting the performance of LED lights.

COVID-19 Impact: The Pandemic Dysfunctioned the Market Growth

COVID-19 sickness began to spread in 180+ countries throughout the world in December 2019, and the World Health Organization declared it a health crisis. COVID-19 has had a detrimental influence on the market by interrupting the supply chain for the manufacture of phones and screens and lowering smartphone sales globally due to the shutdown of certain cities. The shutdown, which has slowed economic activity, is expected to have a stronger impact in the near future as governments around the world tighten controls. Because to the prolonged lockdown, industries were forced to temporarily close, causing delays in the manufacture and shipment of goods.

LATEST TRENDS

"The Technological Progression and Product Innovation to Attract the Market Share"

Lighting component technological advancements such as LED drivers have enabled energy efficiency and increased performance, increasing market growth during the projection period.rising penetration of light-emitting diodes used in lighting in commercial and industrial industries has resulted in rising demand. These components are utilised in high-intensity lighting applications. Furthermore, firms such as Signify Holdings and Microchip Technology, Inc are investing more in research and development to improve the efficiency of existing lighting solutions. Signify Holdings, for example, announced in January 2022 a new range of Philips Hue digital lighting products and functions to let consumers create the right ambiance both indoors and out. The new products featured the Philips Hue Lucca wall light, the Inara wall light, the Calla bollard in stainless steel, and the Resonate wall light.

LED Driver and Chipset Market SEGMENTATION

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• By Type Analysis

Based on type, the market is subdivided into LED driver, chipset and others.

• By Application Analysis

Based on the applications, the market is subdivided into display, lighting and others.

DRIVING FACTORS

"Several Government Initiatives to  Amplify the Market Share"

Several countries offer incentives for LED devices, pushing people to switch from traditional to LED lighting. This will have a huge impact on the LED driver and chipset sectors. The Indian government has approved a plan to distribute low-cost LEDs to diverse end users across the country. According to studies, LED adoption saves over 3,350 million kWh per year and reduces over 6,725 MW of peak demand. Furthermore, 148 projects under India's Smart Cities Mission are expected to be finished by January 2022, according to a report given by the country's Minister of Urban and Housing Affairs. In addition, 407 projects have already commenced, with another 237 in the tendering stage.

"Applications in Consumer Electronics Segment and Demand for Energy Efficient Lighting to Uplift the Market "

In 2021, the consumer electronics segment led the market, accounting for 39.8% of total revenue. This is due to the increased usage of cellphones and televisions in developing countries around the world. LED panels are replacing traditional LCD screens in both of these segments because they provide superior visual quality, higher colour accuracy, and lower power consumption. These components are also employed in the display panels of various consumer gadgets such as refrigerators and air conditioners.

Growing need for energy-efficient lighting across all industrial verticals has driven users to adopt LED lighting. Solid-state lighting (SSL) has a compelling value proposition and ROI due to its minimal maintenance costs and ability to efficiently provide consistent brightness. This results in the replacement of traditional light sources such as Compact Fluorescent Lamps (CFLs) and incandescent bulbs with LED lighting. Because these lightings require a sophisticated driver, the market is likely to increase at an exponential rate throughout the forecast period.

RESTRAINING FACTORS

"The User Awareness and Cost factor to Restrain the Market Growth"

The high initial expenditure required to build up a plant to create LED drivers and chipsets may limit their usage in the future, posing a challenge to the market's growth. Lack of public understanding of the benefits of LED lighting over traditional lighting solutions is also likely to limit the growth of the LED driver and chipset industry. Thus, the user awareness and cost factor to hinder the LED driver and chipset market growth.

LED Driver and Chipset Market REGIONAL INSIGHTS

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"Asia Pacific Region to Lead With Presence of Key LED Producers  and Increasing Consumption"

Asia Pacific held the greatest market share, accounting for more than half of the total in 2022, and is predicted to grow at the fastest CAGR in the global LED Driver and Chipset market during the forecast period. The expansion of the LED driver and chipset market in Asia Pacific is linked to a drastic decline in LED prices as a result of increasing company investments on expanding production facilities. Over the projected period, a substantial presence of LED producers in developing economies such as China, which are constantly improving the conductivity, consumption, and voltage aspects of LEDs, will increase the use of LED drivers and chipsets. The demand will therefore fuel the expansion of the LED driver and chipset market share in the area.

KEY INDUSTRY PLAYERS

"The Prominent Players Contributing in the Market Growth"

The report covers the information on the advancement outlooks with new inventions and SWOT analysis.The market elements situation, with the development areas of the market in the upcoming years.

List of Market Players Profiled

• Advanced Analogic Technologies (U.S.A)
• Texas Instruments (U.S.A)
• Diodes (U.S.A)
• Exar (U.S.A)
• Nxp Semiconductors (The Netherlands)
• Stmicroelectronics (Switzerland)
• Fairchild Semiconductor (U.S.A)
• Freescale Semiconductor (U.S.A)
• Infineon Technologies (Germany)
• Maxim Integrated Products (U.S.A).

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.