Tax Exemptions for LED Technology Encourage Use of LED Drivers and Chipsets
The prime concern about rising energy consumption and increasing carbon footprint at a global scale has prompted governments to motivate users to opt for LED technology, observes Transparency Market Research. LED technology is currently being used in a wide range of applications within displays and lighting solutions. These factors are collectively creating a positive impact on the growth of the global LED driver and chipset market, as LED drivers are crucial components for improving the performance of LED lights. Tax exemptions offered by governments on LED devices have also prompted several consumers to replace traditional lighting solutions with modern LED technology.
All of these factors put together are expected to create an opportunity worth US$11.99 bn in the global LED driver and chipset market by the end of 2021, rising from US$2.80 bn in 2014 at a CAGR of 23.2% between 2015 and 2015 in terms of revenue. The growing demand for prominent and large displays such as billboards and screens in sports stadiums, increased lifespan of LED lighting solutions, and reduced carbon footprint are some of the key factors augmenting the revenues of this market. However, the initial high cost of investment in LED drivers and chipsets is dissuading consumers. The lack of awareness about benefits of this technology as compared to conventional lighting solutions is also hampering the market growth.
LED Displays to Occupy Highest Share in the Revenue Pie
LED drivers and chipsets are used in lighting solutions and for in displays integrated in various electronic devices. The extensive demand for devices with displays is increasing the adoption of LED drivers and chipsets in the LED displays segment. Today, displays are in huge demand due to exponential consumption of mobile phones, television devices, sports arenas, medical devices, and billboards, amongst others.
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The displays segment is expected to expand at a whopping CAGR of 23.0% between 2015 and 2021 due to the aforementioned factors. Display makers are proactively opting for LEDs as they drastically reduce the maintenance costs and replacement costs, thereby allowing users to use the devices without any hassles or additional costs.
Asia Pacific to Contribute Nearly Half of All Revenue to Global Market by 2021
The research report states that the opportunity in the global LED driver and chipset market was worth US$2.80 bn in 2014 and is expected to reach US$11.99 bn by the end of 2021, as the market is poised to exhibit a remarkable CAGR of 23.2% between 2015 and 2021. This global LED drivers and chipset market will be led by the display segment, which is anticipated to rise at a CAGR of 23.0% over the forecast period in terms of revenue. The applications of displays in a variety of electronic products such as smartphones, televisions, and billboards amongst others are expected to keep this segment at the forefront of this market. In terms of geography, Asia Pacific is the largest market for LED driver and chipset, expected to account for nearly 50% of the total market revenue by 2021.
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Some of the important players operating in the global LED driver and chipset market are Diodes Inc., Advanced Analogic Technologies Inc., and Ixys Corp. Continuous product innovation to differentiate from other products available in the market is one of the key strategies adopted by manufacturers. Furthermore, players are also focusing on developing LED products that are in tandem with technological developments and unique demands of the consumers to stay ahead of the competition.
Asia Pacific to contribute 50% to the total market revenue by 2021
Global LED driver and chipset market to reach a valuation of US$11.99 bn by the end of 2021
Displays remain the leading application segment of the global market