LED Drivers Market size is Increase at a CAGR of 27.20% by 2030 | Growth Potential, Analysis Report, and Research Methodology
Research Reports
Dec 13, 2022
LED Drivers Market Insights:
Growth in the LED Drivers Market is anticipated to occur at a CAGR of 27.20% between 2022 and 2030.
The LED driver industry is expected to increase at a CAGR of 27.20% between 2022 and 2030. An electrical device called an LED driver distributes power to LED strings. A controlled amount of energy is delivered from the LED string. The majority of LEDs are readily thermally exhausted. The LED drivers are a piece of hardware that prevents the LED from failing too soon. Depending on the temperature, the process’ electrical characteristics can alter.
There are several applications for LED drivers. However, these drivers are mainly necessary for outdoor LED lights. Among the essential places needing LED drivers are streets, highways, tunnels, and road lights. The market for LED drivers is now experiencing high end-user demand.
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LED Drivers Market Key Factors
The key players in the LED drivers market are as follows:
- Hatch Lighting
- Autec Power Systems
- ERP Power LLC
- Enedo Plc
- LumaStream Inc.
- Cree Inc.
- AC Electronics (ACE)
- MEAN WELL Enterprises Co. Ltd
- Acuity Brands Lighting Inc.
- Crestron Electronics Inc.
- Signify Holding
- Lutron Electronics Co. Inc.
- Eaton Corporation Plc
- Hubbell Incorporated
- llanson International
LED Drivers Market Drivers:
The rate of adoption of LED lighting is expected to soar in the next few years. Adoption of these lights is rising due to their low cost, excellent brightness, and long lifespan. All of these elements will increase demand for LED drivers. By 2030, it is anticipated that the market for LED drivers would expand by USD 73.33 billion.
The market for LED drivers is being driven in part by the rising popularity of LED lighting. These intelligent LED lights are becoming more popular across the globe. These lights have a total supply of more than 10 billion units across numerous markets. The market’s adoption rate is anticipated to increase even further during the forecast period. LED sales will account for more than 90% of the lighting market.
These elements together raise the need for LED drivers. The quality and lifespan of LED lighting are improved using these drivers. These lights are more prevalent in emerging economies. These days, the majority of emerging countries favour LED lights as their main lighting option. Cost and energy effectiveness are significant benefits that draw in lots of end consumers.
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LED Drivers Market Segment Overview
The LED drivers market is segmented into product type, component, luminous type, application, and region.
By Product Type
The Led has Constant Voltage, Constant Current and AC LED
By Component
The LED is divided into Discrete components, Driver IC
By Luminous Type
It has Reflectors, Type A lamps, T lamps, Decorative lamps
By Application
It is used as Residential lighting, Commercial lighting, Automotive lighting, Residential lighting, Industrial lighting
By Region
It is spread across Asia pacific Europe & North America
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LED Drivers Market Regional Analysis:
The LED drivers market is divided into North America, Europe, and Asia Pacific. Other regional players will lose ground to Asia Pacific. High growth is being caused in the area through government programmes. High energy use results in high electricity costs. The administration is making many efforts to limit this cost.
The second largest region with the highest growth in North America. More people are aware of LED drivers. In North America, investments are also enormous. New advancements will result from the existence of key players in the LED drivers market. Additionally, Europe has a significant potential for LED drivers. The market forecast for LED drivers indicates significant room for future innovation and research.
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