Lighting LED Driver Market to Hit 26% CAGR During 2016-22

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The market for LEDs seems to be growing at a brisk pace in India. As the Indian government increases its focus on adoption of LEDs, the commercial use of LEDs also seems to be heading north. According to a report on ReportsnReports, the LED driver market for lighting is expected to reach $24.98 billion by 2022, at a CAGR of 26.3 per cent between 2016 and 2022. The report says, “high penetration of LED in lighting applications such as office complexes, retail outlets, street lights, and rapidly growing usage within the residential lighting applications for households due to increased focus on energy-efficient lighting are the major drivers for growth of the market.”

The report also says that outdoor and traffic lighting applications such as roadway lighting, street lighting, highway and tunnel lighting are the major adopters of the LED lighting. As local authorities all over the world are trying to reduce the energy consumption for economic and environmental purposes, LED lighting is slowly becoming their real choice.

Moreover, India is now one of the biggest consumers of LEDs and the numbers are only going to increase in the coming years.

By Atanu Kumar Das

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