LED Driver Market

The Global LED Driver Market was valued at USD 6.14 Billion in 2022 and is projected to reach a value of USD 31.99 Billion by 2030 at a CAGR of 22.90% over the forecast period.

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LED Driver are electrical devices that allow power delivery for a string of LEDs in a controlled manner. LED Driver prevent the LEDs from permanent damage or premature failure as they control the thermal runaway these LEDs operate. The primary driver for the significant growth in the global LED Driver market is technological advancement allowing for energy efficiency and improved performance along with rising penetration of light-emitting diodes used within the commercial and industrial segments. Increasing investment by prominent companies, including Signify Holdings and Microchip Technology Inc., will further boost the sales of LED Driver during the forecast period.

Studies have indicated that these light-emitting diodes have significantly decreased power consumption levels. For instance, a high-voltage driver can supply 17 LEDs connected in series, with constant currents between 350mA and 1,200mA. These advancements in power distribution will surge sales for the global LED Driver market. The rising demand for sustainable lighting is on the rise. Various government agencies worldwide are launching smart city projects to sustain their population. This will give rise to IoT-based smart lighting solutions from emerging economies. Additionally, many developed cities globally have begun installing smart street lights that turn on and off using daylight sensors.

Advancements by prominent leaders are pivotal to incremental growth in the global LED Driver market. For instance, in April 2021, Osram Gmbh launched the OTi DALI DT6/DT8 indoor LED Driver family. This new generation of DALI-2-certified constant-voltage LED Driver has the advantage of four channels with the integration of state-of-the-art Tunable White functionality. Osram combined the previous 1-4CH and TW LED Driver with each of the three new OTi DALI DT6/DT8 LED Driver, which provide the power, efficiency, and versatility of these new drivers.

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The rising adoption of energy-sufficient lighting, the rising development of programmable LED Driver, and a surge in smart infrastructure in the form of smart homes and smart cities are expected to increase the footprint of the global LED Driver market during the forecast period. Additionally, increasing competition among the dominant players will lead to a wider consumer product portfolio. However, these drivers' higher costs can pose a major barrier to sustained market growth. Additionally, a lower awareness among the small-scale and local manufacturers can cause hindrances for the global LED Driver market to flourish during the forecast period.

Top Market Trends

1. Increased Adoption of LED Products: Federal governments worldwide aim to provide energy-efficient solutions and technologies. Rising sales of smartphones, laptops, televisions, and tablets will prompt an increasing demand for the global LED Driver market during the forecast period.

2. Rising Penetration to Propel Market Growth: The current generation of consumer electronics uses a LED backlit system as they consume less power and are compact. Their compact form further provides a thin packing ability. Risen adoption of LED backlighting systems is expected to enable the growth of the global LED Driver market during the forecast period.

3. Rising Penetration to Propel Market Growth: Rising population often leads to increased infrastructure requirements. Increasing residential and commercial infrastructure projects will greatly impact the growth of LED Driver during the forecast period. Smart cities will further widen the scope of LED Driver.

4. LED Backlighting Systems: The current generation of consumer electronics use a LED backlit system as they consume less power and are compact. Their compact form further provides a thin packing ability. Risen adoption of LED backlighting systems is expected to enable the growth of the global LED Driver’ market during the forecast period.

5. Population Boom: Rising population often leads to increasing infrastructure requirements. Increasing amount of residential and commercial infrastructure projects will greatly impact the growth of LED Driver during the forecast period. Smart cities will further widen the scope of LED Driver.

6. Constant Product Innovations: The LED Driver market is expected to boom during the forecast period due to the inclusion of prominent manufacturers constantly updating their offerings. Intense investments within their R&D departments will be led to constant product innovations. For instance, in August 2020, ERP Power LLC, announced one of the world's smallest programmable output drivers with industry-leading power efficiency and wider dimmer compatibility.

7. Wider Scope of Market: A study conducted by the International Energy Agency stated that by November 2021, more than 50% of the building sector lighting market on a global scale would be covered by LEDs. LED vendors and manufacturers are expected to focus on capturing the rising market acceptancy towards the residential sector.

Market Segmentation

The global LED Driver market can be categorized on the following: Driving Methods, Luminaire Types, Applications, and Region. Based on the Driving Methods, the market can be categorized into Constant Current LED Driver and Constant Voltage LED Driver. Furthermore, based on the Luminaire Types, the market can be segmented across Type A-Lamps, T-Lamps, Reflectors, Decorative Lamps, and Integral Led Modules. In terms of Applications, the market can be fragmented across Commercial Lighting, Industrial Lighting, Residential Lighting, Outlook Lighting, & Traffic Lighting, and Other End-Users. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Driving Methods

Constant Current LED Driver to Occupy Largest Market Share Owing to Heavy Utilization

The segment leading to a constant current LED Driver is expected to witness the largest market share during the forecast period. Factors such as increased utilization across various end-use verticals and the ability to provide a wider and crisper display will increase segmental growth. Also, a high energy efficiency constant and low input frequency fluctuations during operation will increase the footprint of these drivers. However, the constant voltage LED Driver will grow with the fastest growing CAGR during the forecast period owing to rising applications that require LEDs to be connected in series. Additionally, these drivers distribute the voltage even, which results in all LEDs being illuminated consistently.

Based on Luminaire Types

Type-A Lamps to Witness the Largest Market Share while T-Lamps to Grow with the Fastest Growing CAGR

Type-A lamps are expected to witness the largest market growth during the forecast period in revenue and sales. Type-A lamps are the most common type of illumination used within most households. They provide a clear lighting solution and are available in many shapes and colors. Additionally, they are extremely cost-effective and provide brighter illumination than their counterparts. T-Lamps will grow with the fastest growing CAGR during the forecast period owing to the rising urban population and the ability to throw a wider light than normal A-Lamps.

Based on Applications

Commercial Lighting to Cover the Widest Market Scope Owing to Rising Applications

Commercial lighting applications are expected to grab the largest market during the forecast period. Many businesses across the world are shifting towards efficient-lighting solutions. Studies have revealed that LED bulbs are becoming the norm as they provide sufficient power at a nominal power supply. The prospect of solid-state lighting (SSL) has a compelling argument and a reliable ROI due to its lower maintenance cost. Residential lighting is expected to occupy the largest market share during the forecast period owing to the rising number of residential projects being unveiled during the forecast period.

Based on Region

Asia Pacific to Register Largest Revenue Share due to Rising Government Policies & Increased Penetration

The LED Driver market in Asia Pacific is expected to occupy the largest market share during the forecast period owing to favorable government support in the form of subsidies and grants. This factor is expected to increase the penetration of LED products. For instance, the Government of India announced the GRAM UJALA program for rural families in March 2021 for providing LED bulbs at a lower cost of Rs. 10. Improving manufacturing capabilities in emerging economies such as India, South Korea, Australia, and Japan will further boost the sales for LED Driver during the forecast period.

North America is expected to grow with the fastest-growing CAGR during the forecast period. Factors such as the rising adoption of outdoor lighting technologies within prominent countries such as the U.S. and Canada will lead to an increased stake in the region. Additionally, supportive policies such as banning less efficient halogen and incandescent bulbs will further propel the market's growth towards moderate growth.

Competitive Landscape

The prominent leaders in the global LED Driver market are focusing on adapting a wide range of strategies to stay at the top. These strategies include mergers & acquisitions and spending most of their investments in their research and development departments. Constant innovations lead to better products, opening the pathway to a larger consumer base.

The key players in the global LED Driver market are ACE LEDS (U.S.), Microchip Technology Inc. (U.S.), Cree LED (China), GE Current - a Daintree Company (U.S.), Signify Holdings (India), SAMSUNG (Korea), Lutron Electronics Co. Ltd. (U.S.), Macroblock Inc. (Taiwan), Maxim Integrated (U.S.), NXP Semiconductors (Netherlands), Semiconductor Components Industries LLC (U.S.), AMS OSRAM (Austria), ROHM Co. Ltd. (Japan), STMicroelectronics N. V. (Switzerland), Texas Instruments Incorporated (U.S.), Eaglerise Electric & Electronic (China) Co. Ltd. (China), Lifud Technology Co. Ltd. (China), BOKE Drivers Co. Ltd (China), Shenzhen Xiezhen Electronics Co. Ltd. (China), MEAN WELL Enterprises Co. Ltd. (Taiwan), Inventronics Inc (China), Tridonic (Austria), TCI Telecomunicazioni Italia SRL (Italy), to note a few.

Recent Market Developments

· May 2022: Signify Holdings announced that they acquired Fluence from AMS-OSRAM. This acquisition is expected to help the company upgrade its global agricultural lighting platform and expand its presence in the North American horticulture lighting market.

· June 2019: ERP Power, which provides connected LED Driver for the lighting industry, announced that they acquired Lumenetix. Lumenetix is a developer of tunable color light engines and digital controls. ERP aims to combine its power control and Lumenetix's tunable lighting to reduce OEM manufacturing complexity. This is expected to accelerate the LED lighting fixture time product launch time to market.

Segmentation of the Global LED Driver Market