February 2024
08 Sep 2024
The global LED driver market size surpassed USD 5.68 billion in 2022 and it is projected to attain around USD 51.02 billion by 2032, poised to grow at a CAGR of 24.6% from 2023 to 2032.
A self-contained electrical component used in an LED circuit to deliver steady current or voltage is called an LED driver. The resistor, polarized capacitors, & Zener diode are typically its constituent parts. It is small, light, efficient in terms of energy, minimal maintenance, and simple to install. As a consequence, it is frequently utilized for lighting and ornamental purposes in commercial and residential buildings. Around the world, it is also used as an indicator in bikes, cars, and several other vehicles. Constant current supply types contributed to more than 60 percent of the overall market revenue.
It is anticipated that they will continue to dominate the market during the projection period. This can be attributed to the increasing use of constant power LED drivers, which deliver steady forward current regardless of input voltage variations. Furthermore, since it maintains consistent illumination across all LEDs connected in series, a constant power driver is a great way to drive high-power LEDs. The need to monitor the drive current grows as these devices' output power rises, especially when lengthy strings are included. This encourages the usage of steady current drivers.
Report Highlights:
LED Driver Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | USD 7.05 Billion |
Projected Forecast Revenue in 2032 | USD 51.02 Billion |
Growth Rate from 2023 to 2032 | CAGR of 24.6% |
Largest Market | Asia Pacific |
Base Year | 2022 |
Forecast Period | 2023 To 2032 |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Regional Snapshots:
APAC accounted for more than forty percent of the market's sales for LED drivers in 2021, and it is expected to keep dominating the sector over the long term. The main drivers of the market's expansion are the supportive government programs to encourage energy-efficient lighting, the intensifying player competition that leads to product innovation, and the rising number of infrastructure projects.
Additionally, in 2021, Europe and North America were the market's 2nd and 3rd biggest revenue contributors, respectively. This might be attributed to the increasing integration of LED lighting in business and industry, particularly in the automotive industry. Additionally, the deployment of these technologies in these areas is aided by the rising levels of owner-occupied dwellings and personal disposable money.
Market Dynamics:
Due to the widespread adoption of LEDs as a replacement for conventional lighting, the development of the worldwide LED driver industry is accelerating dramatically. Additionally, the market is expanding as a result of an increase in the need for IoT-based interconnected lighting solutions brought on by the rise in the number of smart homes. Numerous projects have been started by governments all over the world to increase energy efficiency. One of the key reasons cited to drive the expansion of the worldwide LED Driver Market is the government's endeavors to implement energy-saving measures. Demand has increased as the usage of light-emitting diodes for illumination in the commercial and industrial sectors has spread.
The main factors limiting market growth, among others, are the rise in the lack of standards that govern the production of these goods, lack of knowledge about the advantages and the product's availability in various emerging economies, and increase in major concerns about the high costs that come with the substitute of the commodity if any malfunction or complications occur in its operations. There is a misconception that installing LED drivers is expensive, and as a result, the industry may see some unfavorable trends. Additionally, the absence of universal standards among manufacturers may make it difficult for the market to expand.
The industry for LED drivers is expanding as a result of the expanding use of Led bulbs in a variety of applications, including automotive, outdoor, and industrial lighting. Several governments have started "smart city" initiatives to create urban areas that are both technically advanced and environmentally friendly. Sustainable lighting is a crucial component of these projects.
As a result, there is a huge rise in the demand for Internet-of-things smart lighting solutions in these nations. Artificial streetlights which turn off & on using daylight sensors have also been deployed in many places. The auto sector is concentrating on replacing halogen bulbs with LEDs as new car sales are booming and damaged lights need to be replaced. In industrialized nations, there is a sizable demand for halogen light replacement, which supports the LED driver industry.
Key Developments:
Major Key Players:
Market Segmentation:
By Product
By Luminaire Type
By Component
By Control Feature
By Application
By End-User
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