Global LED Drivers Market to Hit USD 91.53 BN by 2032, with 27.20% CAGR from 2023 to 2032
Research Reports
Sep 28, 2023
LED Drivers Market Insights
The global LED drivers market is likely to witness rapid revenue growth. The extensive uptake of LEDs in various small and large devices across the electronics industry is a major growth driver for the substantial market demand. Market Research Future (MRFR) confirms that the global LED drivers market value is poised to escalate from USD 10.5 BN in 2022 to USD 91.53 BN by 2032, growing at a 27.20% CAGR throughout the review period (2023-2032).
LEDs are widely being employed as an alternative to traditional light. LEDs outperform traditional lighting products in terms of efficiency. These benefits include LED longevity, more energy efficiency than traditional goods, downsizing, and decreased heat output. Furthermore, the growing number of smart homes has increased demand for IoT-based linked lighting solutions, driving market expansion.
The government’s attempts to establish energy-saving measures are one of the primary variables identified to fuel the market’s growth. The light-emitting diode driver has become vital to industrial and commercial lighting, significantly lowering electricity costs. Governments of several countries have undertaken smart city programs to provide technologically advanced and ecological living environments.
Sustainable lighting is a critical component of such initiatives. Thus, the need for IoT-based smart lighting systems is becoming significant in such countries. Many cities have also installed smart streetlights that turn on and off using daylight sensors. The government encourages lighting technologies to minimize energy and maintenance expenses for roadway, railway, and highway applications.
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Major Players
Leading LED drivers market players are
- Autec Power Systems,
- Hatch Lighting,
- ERP Power LLC,
- LumaStream Inc.,
- Enedo Plc,
- Cree Inc.,
- MEAN WELL Enterprises Co. Ltd.,
- AC Electronics (ACE),
- Crestron Electronics Inc.,
- Acuity Brands Lighting Inc.,
- Signify Holding,
- Eaton Corporation Plc., and
- Lutron Electronics Co. Inc., among others.
LED Drivers Market – Segmentations
The market report is segmented into types, components, and regions. The type segment comprises constant voltage and constant current. The component segment comprises driver ICs, discrete components, and others. By region, the LED driver market is segmented into the Asia-Pacific, Americas, MEA, Europe, and the rest of the world.
LED Drivers Market – Geographical Analysis
APAC dominates the LED drivers market, with increased LED lighting usage, government incentives, and improved production facilities. Besides, factors such as rapidly dropping LED lighting prices, rapid urbanization, and changing lifestyles bolster the LED drivers market growth. Increasing government initiatives to promote energy-saving lighting and rapid developments in the automotive lighting industry accelerate the region’s LED drivers market share.
Increased adoption of LED lighting throughout high and low-end automobile segments leads North America and Europe to rise at the highest CAGR in the forecast period. Countries such as the US and Canada have seen an increase in the use of technology for outdoor applications. The European Union’s prohibition on less efficient halogen and incandescent lights, combined with attractive LED incentive programs, is driving up demand for LED components in Europe.
Global LED Drivers Market – Competitive Landscape
The market appears fiercely competitive and fragmented, with the presence of various notable players. These players increasingly focus on product development and incorporate strategic approaches, such as collaboration, mergers & acquisitions, expansions, and product launches, to gain a larger competitive share.
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Industry/ Innovation/ Related News:
Sept.06, 2023 – Delta, a leading global power & thermal management solutions provider, launched the newest models of its EUCO Arena Sport Series with DMX/RDM and DALI 2/D4i versions. The new EUCO arena sport LED driver with D4i protocol for IoT connectivity integration can efficiently meet the demands of LED sports lighting and other industrial & commercial lighting applications.
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