The global LED Driver Market size is estimated to reach USD 30.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 23.5% from 2022 to 2030. LEDs have evolved as an energy-efficient alternative for conventional light sources during the last decade, and their use in lighting and display segments across industries is increasing.
LED lighting equipment is increasingly replacing traditional lighting products due to a variety of advantages, including longer life, higher energy efficiency, better environmental friendliness, miniaturization, reduced heat output, and directionality. Furthermore, the increasing number of smart buildings and homes in developed countries is driving up demand for IoT-based linked lighting systems. Several governments have initiated Smart City efforts to increase the energy savings of inhabited cities, which is expected to further boost the market.
From 2017 to 2021, the demand for constant current LED drivers grew at an exponential rate; these drivers are frequently employed in high-brightness and exterior lighting applications. The LED driver's major application segment is consumer electronics; demand for LEDs has surged in the television and display panel segments. Leading manufacturers are cooperating with other companies to supply public lighting systems that are connected to remote management for energy savings and efficient maintenance in towns all over the world.
For instance, in November 2021, Lutron Electronics Co., Inc. announced the launch of RadioRA 3. It is a lighting control system that connects a wide variety of connected domestic products-keypads, switches, and capacitive touch dimmers to a contemporary light bar design. RadioRA 3 revolutionized how installers and consumers experience home lighting systems with the line of wall controls, including IoT (Internet of Things) connectivity and light bar design.
For applications in the low- to mid-power range, there is a growing demand for a driver with reduced power loss, a smaller system package, and lower cost while yet delivering good dependability. LED Driver manufacturers have been implementing Primary-Side Regulation (PSR) to reduce costs by removing secondary response circuitry, as well as Power-Factor Correction associated electronics, for greater power quality, to meet the criteria of cost reduction.
Related Press Release@ LED Driver Market Report
LED Driver Market Report Highlights
- The constant current segment is anticipated to witness a CAGR of over 23.9% from 2022 to 2030. For general lighting applications, the constant current driver is more reliable than a constant voltage driver
- The lighting segment is anticipated to witness a CAGR of nearly 26.0% over the forecast period, owing to the increased investments in Europe and the Asia Pacific
- Asia Pacific dominated the industry contributing to over 44.0% of the global revenue in 2021. Government regulations in the Asia Pacific are likely to increase the demand for energy-efficient lighting
The new report by Expert Market Research titled, ‘Global LED Driver Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global LED driver market, assessing the market based on its segments like driving methods, products, forms, technologies, components, end uses, and major regions.
The sample report shall be delivered to you within 24 hours.Request a free sample copy in PDF or view the report summary@ https://www.expertmarketresearch.com/reports/led-driver-market/requestsampleThe key highlights of the report include:Market Overview (2016-2026)Historical Market Size (2020): USD 5.9 billionForecast CAGR (2021-2026): 33%As LEDs become more commonly employed as a replacement to traditional light, the global LED driver market is growing at a healthy rate.
As a result of the numerous measures launched by governments throughout the world to enhance the energy efficiency, the global LED driver market is further booming.Explore the full report with the table of contents@ https://www.expertmarketresearch.com/reports/led-driver-marketIndustry Definition and Major SegmentsAn LED driver is a chip or circuit board that controls the power supply and maintains a steady current supply to an LED light with unique energy requirements.On the basis of driving methods, the market is segmented into:Constant VoltageConstant CurrentBy product, the market is classified as:LampLuminaireOn the basis of its form, the market is classified as:Non-dimmableDimmableBased on technology, the market is segmented as :SmartConventionalOn the basis of its component, the market is divided into:Driver ICSDiscrete ComponentsOthersBy end use, the market is classified as:ResidentialCommercialIndustrialOthersBased on region, the market is classified as:North AmericaEuropeAsia PacificLatin AmericaMiddle East and AfricaMarket TrendsRapid technological improvements in lighting parts or components have resulted in increased energy economy and effectiveness, boosting demand for the product and assisting the global LED driver market.
The growing use of LED lighting in a variety of applications, such as the indoor, automotive, industrial, and horticulture industries, has boosted the LED driver industry's growth by reducing the requirements for current lighting solutions.
Also, governments in many countries have initiated smart city programmes in order to produce technologically advanced and sustainable living spaces, which are projected to boost the industry's growth because sustainable lighting, such as LED, is a key component of these initiatives.Key Market PlayersThe major players in the market are Maxim Integrated, Inc, Osram Gmbh, Koninklijke Philips N.V., Harvard Power Systems Ltd., Texas Instruments, Inc., Signify Lighting NV, Macroblock, Inc, Seoul Semiconductor, Cree, Atmel Corporation, General Electric Company, and others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.Read More Reports:-Global Foetal Monitoring Market: https://www.expertmarketresearch.com/reports/foetal-monitoring-marketEurope Polylactic Acid (PLA) Market: https://www.expertmarketresearch.com/reports/europe-polylactic-acid-pla-marketGlobal Ceramic Fibre Market: https://www.expertmarketresearch.com/reports/ceramic-fibre-marketGlobal Green Power Market: https://www.expertmarketresearch.com/reports/green-power-marketGlobal Compound Semiconductor Packaging Market: https://www.expertmarketresearch.com/reports/compound-semiconductor-packaging-marketGlobal Baby Food Market: https://www.expertmarketresearch.com/reports/baby-food-marketGlobal Fishing Equipment Market: https://www.expertmarketresearch.com/reports/fishing-equipment-marketGlobal Oat Milk Market: https://www.expertmarketresearch.com/reports/oat-milk-marketGlobal Portable Air Purifier Market: https://www.expertmarketresearch.com/reports/portable-air-purifier-marketGlobal Electric Truck Market: https://www.expertmarketresearch.com/reports/electric-truck-marketNote 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours.
The global LED driver market size is projected to reach USD 11.31 billion by 2025 and projected to grow with a CAGR of 16.3% from 2019 to 2025, according to Million Insights.
In the last decade, LED technology emerged as an energy-efficient substitute to conventional light sources which is driving their demand extensively in display and lighting segments across various industries.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/led-driver-market/request-sample Market Synopsis of LED Driver Market: Growing demand for IoT-based connected lighting solutions owing to the increasing number of smart homes in developed countries is expected to witness positive impact on market growth.
In addition, governments of various countries are investing in smart city projects to improve energy-efficiency which is expected to fuel the demand for LED drivers.
Constant LED driver has seen high growth from 2015 to 2018 due to its wide application for outdoor lighting along with high brightness.
Several leading industry players are focusing to collaborate with other companies to offer public lighting systems across the globe with remote management for efficient maintenance and energy saving.
LED Driver MarketLight emitting diodes, abbreviated and commonly known as LEDs, have gained much popularity in recent years.
It was discovered in 29161, and in the current era, it has taken over the lighting industry due to its energy-efficiency.
However, the specialized devices that facilitate the use of LED are, like transformers for low-voltage bulbs or ballasts for fluorescent lamps, are the LED drivers.
Led s have mainly gained traction as it proven to be around 80% more efficient than the conventional incandescent and fluorescent lights.
Moreover, 95% of the energy in LEDs is converted to light, which means that the energy wasted as heat accounts for only 5%.
Thus, it is extensively supported across the world.
