In terms of revenue, the Global LED Driver Market is expected to reach USD 17.74 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 22.90% from 2023 to 2030.
Energy efficiency and enhanced performance have been made possible by technological advancement in lighting components like LED Drivers, amplified market growth throughout the projection period. Demand has increased as the use of light-emitting diodes for illumination in commercial and industrial sectors has spread. Applications requiring high-brightness lighting employ these components. Additionally, businesses like Signify Holdings and Microchip Technology, Inc. are investing more money into R&D to increase the effectiveness of the current lighting solutions. For instance, Signify Holdings announced in January 2022 a new range of Philips Hue intelligent lighting products and features to assist consumers in creating the ideal indoor and outside atmosphere. The brand-new items included:
- The Resonate wall light.
- The Inara wall light.
- The Calla stainless steel bollard.
- The Philips Hue Lucca wall light.
Key Highlights from the Report:
- Among Driving Methods, the Constant Current segment is anticipated to dominate the LED Driver market with the highest market share during the forecast period. The potential to provide a more prominent and sharper display and factors, including improved use across various end-use verticals, will boost segmental growth.
- By Luminaire Types, the Type-A Lamps segment accounted for the highest CAGR in the forecast period. They outperform their competitors in terms of brightness and cost-effectiveness.
- Geographically, Asia Pacific held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. The favorable government support in subsidies and grants is to blame for this. This element should lead to more LED items being sold.
The market for LED Drivers worldwide is anticipated to develop at the highest rate during the anticipated period. In terms of size and dependability, LED Drivers have become the industry barrier for LED lighting. They offer essential advantages for LED lighting over the dimming curve, including lower form factors, more robust reliability, and improved efficiency. The federal and local governments' growing energy-efficient policies have encouraged investments in energy-efficient practices and technologies. Due to its low power consumption and ability to be packed into small, thin spaces, LED backlighting systems are widely used in display devices, including smartphones, tablets, laptops, and televisions. To improve the user experience, manufacturers continue investing in backlighting systems despite widespread usage.
The increasing use of LEDs is impacting the market's growth due to their energy-efficient and cost-saving characteristics. LEDs are highly adjustable when connected to a driver, and the intensity may change depending on the situation. Recent trends in population increase and industrial expansion have also caused a rise in the world's energy demand. The globe is experiencing an energy crisis due to dwindling resources and rising power demand. To address the energy crisis, several nations have established laws requiring consumer gadgets with low energy usage.
The need for external drivers is also anticipated to rise dramatically globally due to different smart city programs, which governments are undertaking worldwide to cut costs and reduce energy usage. This suggests that there will be a rise in the need for external LED Drivers for outdoor lighting systems like street lights. Numerous well-known suppliers in the market concentrate on providing cutting-edge solutions geared toward the residential sector.
The largest LED market will be in Asia Pacific, which is predicted to expand. The market is anticipated to experience the highest growth during the forecast period due to the increased adoption of LED lighting in the building, construction, and automotive industries. In addition, under the Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY), the Indian government has started electrifying BPL families for those who live below the poverty line, which is projected to raise demand for LED replacement lamps in BPL households. China is the world's top manufacturer of LEDs and LED Drivers due to its expected enormous LED user base.
The Global LED Driver Market is Segmented as follows
- Driving Methods
- Constant Current LED Driver
- Constant Voltage LED Driver
- Luminaire Types
- Type A-Lamps
- Decorative Lamps
- Integral LED Modules
- End-User Applications
- Commercial Lighting
- Industrial Lighting
- Residential Lighting
- Outlook & Traffic Lighting
- Other End-Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global LED Driver Market is
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)
The Global LED Driver Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis