WASHINGTON, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Global LED Driver Market is valued at USD 5.1 Billion in 2021 and is projected to reach a value of USD 17.74 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 23.1% over the forecast period 2022-2028.
Market Overview
The surge in demand for energy-efficient lighting systems is one of the primary factors propelling the market growth. Other significant factors include the integration of IoT and lighting, the adoption of uniform protocols for lighting control, the evolution of LED lighting due to the development of IoT technology, and the existence of government-proposed reforms to encourage energy-efficient technologies.
We forecast that the constant current LED Driver category in LED Driver market sales will account for more than 66% of total sales by 2028. The ability of constant current LED Driver segments to avoid exceeding the maximum current specified for the LEDs and preventing thermal runaway is credited with their supremacy in the LED Driver market.
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Market Dynamics
Increased Use of Energy-Efficient Lighting will Support Market Expansion
Efficiency in lighting is being adopted more frequently because of its advantages over other types of lighting, which make it possible for people to work in offices, industries, and households. Due to its advantages, such as extended shelf life and greater energy savings, efficient lighting is increasing. Additionally, the choice with the lowest life-cycle cost is typically energy-efficient lighting. In addition to lowering customer costs and mercury emissions, it minimizes peak loading and material volume. As a result, light-emitting diodes are being adopted at a higher rate for greater efficiency.
Technology Improvements in LED Driver Design will Fuel Industry Expansion
The market for LED will expand as demand for programmable LED Drivers and energy-efficient lighting technologies rises. The demand for LED Drivers will be supported by the expansion of smart systems in emerging regions. Due to supporting energy-efficient rules created by the federal government and councils that promote funding for the manufacturing of energy-efficient equipment, the market for LED Drivers will grow in new directions. As a result of their ability to enable reduced power consumption and have a smaller influence on electricity costs, reports state that many individuals are employing LED systems in their cellphones, computers, televisions, and tablets. The market for LED Drivers will grow dramatically as a result of this.
Top Players in the Global LED Driver Market
- ACE LEDS (China)
- Microchip Technology Inc. (United States)
- Cree LED (United States)
- GE Current - a Daintree Company (United States)
- Signify Holdings (Netherlands)
- SAMSUNG (South Korea)
- Lutron Electronics Co. Ltd. (United States)
- Macroblock Inc. (China)
- Maxim Integrated California (United States)
- NXP Semiconductors (Netherlands)
- Semiconductor Driving Methods Industries LLC (India)
- AMS OSRAM (Germany)
- By ROHM Co. Ltd. (Japan)
- STMicroelectronics N.V. (Switzerland)
- Texas Instruments Incorporated (United States)
- 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. (China)
- Inventronics Inc. (United States)
- Tridonic (Austria)
- TCI Telecomunicazioni Italia SRL (Italy)
For Additional Information on LED Driver Market Players and Detail List, Download a Report PDF Brochure
Top Trends in the Global LED Driver Market
- One trend that Vantage Market Research (VMR) expects to see in the LED Driver industry is increased industry usage. It has become a crucial component of commercial and industrial lighting and has significantly lowered electricity costs. The market for LED Drivers is expanding due to the use of LED lights in various outdoor, automotive, industrial, and horticulture lighting applications.
- Another trend that VMR predicts will continue in the LED Driver industry is its growing adoption in smart city projects. Several governments have started "smart city" initiatives to create urban areas that are both technologically advanced and environmentally friendly. Sustainable lighting is a crucial component of these projects. As a result, there is a huge demand for IoT-based smart lighting solutions in these nations. Smart streetlights that turn on and off using daylight sensors have also been deployed in many places. This is anticipated to be a key trend in expanding the global LED Driver market.
Top Report Findings
- Based on the Driving Methods, most of the LED Driver market's revenue is controlled by the constant current LED Driver category. Constant power LED Driver segments' dominance in the LED Driver market is attributed to their capacity to avoid exceeding the current rating given for the LEDs and preventing thermal runaway.
- Based on Luminaire Types, most of the LED Driver market's revenue is controlled by the integral LED modules category due to the end user's preference for fully integrated modules inside an LED system over traditionally constructed LED systems; this can assist in reducing costs.
- Based on end-user Applications, most of the LED Driver market's revenue is controlled by the outlook & traffic lighting category. The streets, major thoroughfares, and highways need various control systems, and many projects call for multiple solutions to benefit from energy savings fully.
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Recent Developments in the Global LED Driver Market
- 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 Drivers 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.
Constant Current LED Driver Category in LED Driver Market to Generate Over 66% Revenue
Vantage Market Research has analyzed the market for LED Drivers to understand its current state and potential future growth factors. For better understanding, based on the driving method, the LED Driver market is divided into constant current LED Drivers and constant voltage LED Drivers.
During the forecast period, the market for LED Drivers is anticipated to experience the highest CAGR for the Constant Current LED Driver category due to the industry's widespread use. Constant Current drivers are preferred for several applications since they give greater control and enable the creation of uniformly bright and clean displays. These devices have great energy efficiency because they utilize a constant current driver.
On the other hand, the Constant Voltage LED Driver category is anticipated to grow significantly over the forecast period. The Constant Voltage driver distributes the voltage uniformly, producing consistent lighting across the lights. Constant voltage LED Drivers over variable voltage ones improve versatility.
Asia Pacific Region in LED Driver Market to Generate a Substantial Revenue in the Forecast Period
The Asia Pacific dominates the market throughout the projection period. The region has grown due to government subsidies, growth in the usage of LED lighting, and enhanced manufacturing facilities in the area.
Browse Market Data Tables and Figures spread through 141 Pages and in-depth TOC on LED Driver Market Forecast Report (2022-2028).
Global LED Driver Market Segmentation
By Driving Methods
- Constant Current LED Driver
- Constant Voltage LED Driver
By Luminaire Types
- Type A-Lamps
- T-Lamps
- Reflectors
- Decorative Lamps
- Integral LED Modules
By End-Use Applications
- Commercial Lighting
- Industrial Lighting
- Residential Lighting
- Outlook & Traffic Lighting
- Other End Uses
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 5.1 Billion |
| Revenue Forecast by 2028 | USD 17.74 Billion |
| CAGR | 23.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | ACE LEDS, Microchip Technology Inc., Cree LED, GE Current- a Daintree Company, Signify Holdings, SAMSUNG, Lutron Electronics Co. Ltd., Macroblock Inc., Maxim Integrated, NXP Semiconductors, Semiconductor Components Industries LLC, AMS OSRAM, ROHM Co. Ltd., STMicroelectronics N. V., Texas Instruments Incorporated, Eaglerise Electric & Electronic (China) Co. Ltd., Lifud Technology Co. Ltd., BOKE Drivers Co. Ltd, Shenzhen Xiezhen Electronics Co. Ltd., MEAN WELL Enterprises Co. Ltd., Inventronics Inc, Tridonic, TCI Telecomunicazioni Italia SRL |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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