Pune, Aug. 09, 2023 (GLOBE NEWSWIRE) -- As per the SNS Insider report, “The LED Drivers Market had a valuation of approximately $6.18 billion in 2022. Forecasts indicate a projected surge to about $28.78 billion by 2030, with a remarkable compound annual growth rate (CAGR) of 21.2% during the forecast span from 2023 to 2030”.
Market Report Scope
In the realm of modern lighting technology, LED drivers stand as the unsung heroes, silently orchestrating the symphony of illumination. As we navigate through the intricacies of these tiny yet pivotal devices, we uncover their role in driving the revolution toward energy-efficient lighting solutions. LED drivers enable dimming and control systems, empowering users to fine-tune lighting as per their requirements. From cozy residential settings to expansive commercial installations, this precision is a game-changer. The evolution of LED drivers is intrinsically tied to the advancement of LED technology. Dimming capabilities, compatibility with smart home systems, and integration with Internet of Things (IoT) networks are some avenues being explored.
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Market Analysis
The global LED drivers market has witnessed remarkable growth over the past decade, driven by advancements in lighting technology, energy efficiency mandates, and the rapid adoption of LED lighting solutions across various industries. One of the most significant driving forces behind the market is the global push for energy efficiency and reduced carbon emissions. LED lighting solutions, known for their energy-saving capabilities, have garnered attention from governments, organizations, and individuals alike. LED drivers play a crucial role in regulating the power supply to LEDs, ensuring optimal performance and energy conservation. As environmental concerns grow, the demand for LED drivers as an integral part of energy-efficient lighting systems is set to surge.
LED Drivers Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 6.18 billion |
| Market Size by 2030 | USD 28.78 billion |
| CAGR | CAGR of 21.2% From 2023-2030 |
| Key Segments | By Supply Type (Constant Current, Constant Voltage) By Luminaire Type (Type A-Lamps, Reflectors, Integral LED Modules, T-Lamps, Decorative Lamps) By Component (Discrete Component, Driver IC, Others) By Application (Automotive, Lighting Outdoor Display, Consumer Electronics) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico) Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe) Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific) The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa) Latin America (Brazil, Argentina, Rest of Latin America) |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Impact of Recession
In the ever-evolving world of LED lighting, economic recessions present both challenges and opportunities for the LED drivers market. While initial demand might experience a dip due to reduced consumer spending, the overarching emphasis on energy efficiency and cost savings can ultimately drive renewed interest in LED lighting solutions. Through innovation, adaptation, and strategic marketing, players in the market can weather the storm of recession and emerge stronger, catering to the evolving needs of consumers and businesses alike.
Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced a range of challenges and opportunities for the LED drivers market. Supply chain disruptions, rising costs, demand fluctuations, regional market shifts, and a renewed focus on innovation and collaboration are all potential outcomes of this global event. As the situation evolves, businesses in the market will need to remain adaptive and proactive to effectively navigate the changing landscape and continue to meet the lighting needs of industries and consumers around the world.
Key Regional Development
In North America, the LED drivers market is driven by the widespread adoption of energy-efficient lighting solutions and the increasing focus on sustainability. The region's robust infrastructure development, especially in the commercial and industrial sectors, has fueled the demand for LED drivers. Europe's market is characterized by stringent energy efficiency regulations and a strong commitment to reducing carbon emissions. The European Union's ambitious targets for energy savings have prompted rapid adoption of LED lighting, driving the demand for high-quality LED drivers that meet stringent performance standards. The Asia-Pacific region dominates the market due to its extensive manufacturing capabilities and the presence of numerous LED lighting manufacturers.
Key Takeaway from LED Drivers Market Study
- The market is on the cusp of a revolution led by the Automotive Segment and the Driver IC Segment. The automotive industry's transformation towards electric and autonomous vehicles, coupled with the demand for sophisticated lighting experiences in various sectors, is driving the growth of these segments.
- As the world embraces the era of smart lighting and intelligent transportation, the prominence of these segments within the market is set to reshape the way we illuminate our surroundings and interact with technology.
Recent Developments Related to LED Drivers Market
- In a significant strategic move, AMS Osram, a prominent player in the lighting and optical solutions industry, has recently announced the sale of its LED driver business to Inventronics, a leading Chinese electronics company specializing in LED driver solutions.
- Acuity Brands, a leading provider of innovative lighting and building management solutions, has recently announced its strategic move to acquire ams OSRAM's Digital Systems Business in North America.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. LED Drivers Market Segmentation, by supply type
8.1Introduction
8.2 Constant Current
8.3 Constant Voltage
9. LED Drivers Market Segmentation, by luminaire type
9.1Introduction
9.2 Type A-Lamps
9.3 Reflectors
9.4 Integral LED Modules
9.5 T-Lamps
9.6 Decorative Lamps
10. LED Drivers Market Segmentation, by component
10.1 Introduction
10.2 Discrete Component
10.3 Driver IC
10.4 Others
11. LED Drivers Market Segmentation, by application
11.1 Introduction
11.2 Automotive
11.3 Lighting Outdoor Display
11.4 Consumer electronics
12. Regional Analysis
12.1 Introduction
12.2 North America
12.3 Europe
12.4 Asia-Pacific
12.5 The Middle East & Africa
12.6 Latin America
13.Company Profiles
13.1 Hubbell Incorporated
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Hatch Lighting
13.3 AC Electronics
13.4 NXP Semiconductors
13.5 Signify Holding
13.6 Eaton Corporation
13.7 Autec Power Systems
13.8 MEAN WELL Enterprises
13.9 Crestron Electronics
13.10 Lutron Electronics
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. USE Cases and Best Practices
16. Conclusion
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