The rising demand for large and prominent displays such as billboards and screens at commercial complexes and sports stadia is driving the demand for LED devices. The fact that these devices last for nearly 50,000 hours and consume considerably less energy than traditional lighting solutions is working in favor of the widespread adoption of LED technology in displays and lighting solutions. Owing to these factors, Transparency Market Research (TMR) analysts predict that the global LED driver and chipset market is expected to tread along a growth path, as LED drivers are vital components for enhancing the performance of LED lights.
However, the high initial investment cost of LED drivers and chipsets along with the low awareness about the benefits of this technology is impeding the growth of the market. According to a report by TMR, the global LED driver and chipset market is anticipated to expand at an impressive CAGR of 23.2% from 2015 to 2021, rising from US$2.80 bn in 2014 to US$11.99 bn by 2021.
Q. How are governments playing a positive role in the growth of the global LED driver and chipset market?
The primary concern regarding increasing energy consumption and rising hazardous emissions has prompted governments worldwide to promote the use of LED-based products. Government initiatives are boosting the awareness regarding benefits of LEDs over CCFLs and LCDs in terms of lifespan, reliability, energy efficiency, mechanical ruggedness, and size amongst the end-users. Moreover, tax exemptions provided by governments on LED lights and other devices are prompting consumers to replace conventional lighting solutions with modern LED technology. These factors, in turn, are positively impacting the dynamics of the global LED driver and chipset market.
Q. Which region is leading the revenue generation in the global LED driver and chipset market?
Asia Pacific will continue to be the leading regional market for LED driver and chipsets until 2021, representing nearly 50% of the overall market. The growth of this region can be attributed to the declining prices of LED owing to increasing investments by companies in expanding production facilities. Furthermore, the presence of a large number of LED manufacturers in developing economies such as China, who are continuously improving voltage ratings, consumption, and conductivity of LEDs, is propelling the demand for LED drivers and chipsets.
Q. What are the strategies used by manufacturers to remain relevant in the global LED driver and chipset market?
For product differentiation, continuous product innovation is one of the key strategies adopted by players in the market. Manufacturers are increasingly focusing on ensuring superior quality of products that are in line with advanced technology and cater to unique demands of consumers. For instance, in October 2016, MediaTek announced the availability of two new chipsets - MT2511 and MT2523 - specifically targeted towards the health and wearables market in India.
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The increasing research and development activities to manufacture LED drives and chipsets that can control the current fluctuations and generated heat are likely to shape the future of the market. Other prominent players in the market are Advanced Analogic Technologies Inc, Diodes Inc, and Ixys Corp.