NEWARK, Del, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insight, the global LED driver for lighting market is projected to reach a value of US$ 150.8 billion by 2033, exhibiting a CAGR of 19.4%. The market is likely to be worth US$ 25.7 billion in 2023.
The global market is experiencing substantial growth given the surging popularity of smart homes. LED technology is increasingly replacing traditional lighting options. The adoption of LED lights is increasing in various applications, such as outdoor, automotive, industrial, and horticultural lighting.
LED technology offers numerous benefits like extended lifespan, compact size, and reduced heat emission. It also offers superior energy efficiency compared to conventional products. The advantages of LED technology are anticipated to fuel the market expansion. The automotive industry is actively replacing damaged lights and focusing on substituting halogen lights with LEDs.
There is a misconception about the high installation cost of LED drivers. This misconception could result in negative trends in the market. Furthermore, the lack of standardized practices among manufacturers can create challenges for LED driver development. These challenges further hinder the expansion of the LED driver market.
Several governments across the world have initiated several smart city projects. These projects aim to create technologically advanced and environmentally friendly living spaces. Sustainable lighting plays a crucial role in these initiatives. This leads to a high demand for smart lighting solutions in these countries.
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Consumers become more conscious of the advantages of creating a comfortable and healthy lighting environment. Thus, the popularity of LED drivers that provide human-centric lighting functionality is increasing
Many cities have implemented smart street lights that use daylight sensors for automatic on/off functionality. This implementation is projected to be a prominent trend contributing to market growth. Technological improvements have driven the advancement and adoption of organic LEDs. This has increased the preference for advanced forward lighting system technologies.
Key Takeaways from the LED Driver for Lighting Market:
- The LED driver for lighting industry size was US$ 21 billion in 2022.
- The United States market is predicted to reach US$ 28.3 billion by 2033.
- The LED driver for lighting industry in the United Kingdom is estimated to expand at a CAGR of 19.0% between 2023 and 2033.
- The market in China is expected to reach a market valuation of US$ 37.9 billion.
- Japan is predicted to boom at a 19.2% CAGR through 2033.
- South Korea's LED driver for lighting industry is predicted to reach US$ 7.1 billion by 2033.
- With a CAGR of 19.2% from 2023 to 2033, Type A-Lamps are expected to dominate the industry.
- Constant current LED driver sales are likely to expand at a CAGR of 18.9% through 2033.
“The automotive industry is rapidly adopting LED drivers as it shifts away from traditional HID and halogen lighting technologies towards more advanced and energy-efficient LED lighting systems,” says a Future Market Insights analyst.
Competitive Landscape
Key players in the LED driver for lighting market focus on research and development activities to introduce innovative LED driver solutions. They intend to satisfy the expanding demand for energy-efficient lighting options.
These market players are also actively seeking strategic partnerships and collaborations. They also engage in mergers and acquisitions. Their primary objective is to expand their global presence and broaden their product offerings in the market.
Top Players in LED Driver for Lighting Industry
- Infineon Technologies AG
- Analog Devices Inc.
- Delta Electronics Inc.
- Infineon Technologies AG
- Cypress Semiconductor Corporation
- Analog Devices Inc.
- Cree Inc.
- Delta Electronics Inc.
Key Developments of Key Market Players
- In June 2017, Infineon introduced LITIX, an LED driver IC specifically designed for automotive lighting applications. Infineon's LITIX leverages the company's extensive experience in developing systems for automotive lighting. It meets the high-quality standards demanded by the automotive industry for lighting applications.
- In July 2016, Cypress Semiconductor Corp. unveiled an automotive LED driver called S6BL112A. This LED driver enables the creation of compact and cost-effective headlight systems. S6BL112A is the first of its kind in the industry to incorporate synchronous control. This feature allows the LED driver to achieve exceptional conversion efficiency.
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LED Driver for Lighting Market Segmentation
By Luminaire Type
- Type A-Lamps
- T-Lamps
- Integral LED Modules
- Others
By Driving Method
- Constant Current LED Driver
- Constant Voltage LED Driver
By End Use
- Commercial Lighting
- Industrial Lighting
- Residential Lighting
- Outdoor & Traffic Lighting
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa(MEA)
About the Author
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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