Wilmington, Delaware, United States, March 06, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The upcoming decade proves to be extremely fruitful for the LED lighting drivers market, as the projected CAGR is 19.0%, and the estimated valuation of the industry at the end of 2031 is about $ 64.1 billion. The market has also shown decent growth in the last decade, with a valuation of $ 13.5 billion in 2022.
Energy efficiency is a factor that is highly sought after in the contemporary world. Due to this, sustainable options like LED drivers are preferred, which proves to be the main market force favoring the market.
Due to installing a thermal runaway, LEDs get heated slowly, avoiding their frequent failure. However, various factors should be considered while constructing an LED, including a constant supply voltage, electric current, the material used to build the LED, commercial feasibility, and many more.
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Heavy investment is being made in the R&D of LEDs to increase their efficiency. Multiple industries, including industrial and automotive, have a steady demand for LEDs for various in-house and outsourced operations, and hence, this is driving the LED lighting drivers market effectively.
IoT has been used in the new smart city projects, which fuels smart LEDs and other home lighting systems, another significant market driver.
Due to various advantages like less heating, easy operation, miniaturization, and many more, the LED market finds a wide range of applications, and so is the demand for products within the market.
Key Findings from the Market Report
- Constant current LEDs often operate on a small constant current and give a variable output that can be used widely in various applications like constantly changing displays, signboards, etc. When coupled with rising demand for digital marketing, this depicts the chance of growth for the LED lighting drivers market.
- The steady lighting requirements, like stage lighting, strip lighting, etc., are met with the help of constant voltage LEDs. This depicts the vastness and scope of the application of LED drivers.
- Sensory LED drivers have become popular recently and are considered to be the subset of the smart LED driver market segment. This segment is in great demand by builders, architects, and many more.
- Conventional LED market is flooded with new designs and shades of lights that find numerous applications in different sectors, diversifying the usability of LED drivers.
Regional Profile
- The Asia Pacific region secures the largest LED lighting drivers’ market share. The market dynamics of different countries like India, Japan, Taiwan, and China are favorable for the market.
- As LEDs consume less power and create zero environmental hazards, they completely suit sustainability principles and are more widely used in Asia-Pacific. Consequently, governments favor them more, and various policies have been made to support their production.
- About 367.8 million LEDs were distributed by India in 7 years, which helped in reducing the 47778 million units of electricity. In contrast, China announced the National Development and Reform Commission Plan, which banned incandescent bulbs. Such initiatives have been favoring the LED lighting drivers market.
Key Trends for the LED Lighting Drivers Market
- The new version of the Melexis driver was launched in 2021, which consists of 21 drivers. Due to this, the system's efficiency enhanced significantly as its power management improved.
- uPoweTek launched a series of programmable LEDs, thereby making a significant improvement with a wide range of operating power capacities.
- The retail sector was facilitated by Signify Holding in 2023, with the StoreFlow retail lighting system controlling the line of recycled material. Due to this, innovating inventory control and management has become possible.
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Competitive Landscape
Mean Well Enterprises Co., Ltd. produces a wide range of LED drivers with diversified power ratings, ranging between 200 and 2500 W. It also offers battery chargers, inverters, adapters, and many more. The organization is one of the largest players and possesses six niche market lines.
Cree Inc. mainly classifies its products in four verticals, viz., indoor, outdoor, residential, and intelligent lighting. It offers a wide range of designs regarding current and voltage capacities and the architecture of LEDs.
Along with the mainstream products mentioned above, Inventronics Inc. offers programming tools and accessories to customers. Also, it provides various controllers.
Key Players
- Mean Well Enterprises Co. Ltd.
- Cree Inc.
- Inventronics Inc.
- Tridonic GmbH & Co. KG.
- Moso Power Supply Technology Co. Ltd.
- Eaglerise Electric and Electronic (Chain) Co. Ltd.
- TCI Telecommuniczionitalia
- Delta Electronics Inc.
- Osram Sylvania Inc.
- Lifud Technology Co. Ltd.
- SELF Electronics Co. Ltd.
- ERP Power LLC. Harvard Technology Ltd.
- Moons’ Electric Co. Ltd.
- Signify Holding
Market Segmentation
Technology
- Smart
- Conventional
Application
- Residential lighting
- Office lighting
- Commercial lighting
- Industrial lighting
- City lighting
- Automotive lighting
- Sports facilities lighting
- Entertainment lighting
- Horticulture lighting
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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