Newark, April 11, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the LED driver market is expected to grow from USD 18.86 billion in 2021 to USD 145.65 billion by 2030, at a CAGR of 25.50% during the forecast period 2022-2030.
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The high use of LED lighting products pushes the LED lighting drivers market. LED lighting systems are famous owing to their price-saving and fuel-saving properties. Similarly, government steps to expand understanding about utilizing power-efficient and cost-saving light are expected to grow the market of LED lighting drivers during the prediction time. Regardless, the high initial setup price is an essential element restricting the LED lighting drivers market. In the short run, it can be a limitation on the market in various growing nations. Additionally, expanding usage of pocket-size LED lighting drivers is one of the significant prospects for the LED lighting drivers market. Driver pocket-size is launched to make new opportunities for manufacturers working in the market shortly.
Competitive Strategy
To enhance their market position in the LED driver market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• February 2020, Acuity's eldoLED LED driver business unit declared the first driver outcomes of receiving Digital Illumination Interface Alliance certification to DALI -2 Tc, with Tc directing to white-point colour temperature management along the black-body line. Such drivers will typically be multi-channel products, yet a single DALI address and command stream will contain two or more driver outputs.
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Market Growth & Trends
The rising demand for LED lighting solutions due to the substantial rise in fuel consumption, the growing global population, varying climatic requirements, and improving lifestyles are key factors pushing the market development. In expansion, improper power generation showing higher electricity expenses enables the adoption of power-saving LED lighting solutions worldwide. This, along with the fast growth of innovative city projects and initiatives launched by the governments of multiple countries to promote power-efficient technologies and restrict inefficient lighting solutions, contributes to market expansion. The increasing focus on substituting traditional bulbs with LEDs in modern vehicles for high luminous efficiency and enhancing safety generates the need for LED drivers worldwide. It can be attributed to increasing sales of passenger automobiles worldwide on account of fast urbanization and improving urban road infrastructure. Similarly, the increasing number of outdoor events associated with the emergence of digital-out-of-home advertising is increasing the use of LED modular displays. The growing understanding of the significance of power saving impacts the market positively.
Key Findings
• In 2021, the A-Type segment dominated the market with the largest market share of 27% and market revenue of 5.09 billion.
The luminaire type segment is divided into T-Lamps, Reflectors, Integral Modules, and A-Type. In 2021, the A-Type segment dominated the market with the largest market share of 27% and market revenue of 5.09 billion.
• In 2021, the constant current segment dominated the market with the largest market share of 56% and market revenue of 10.56 billion.
The driving method segment is divided into constant voltage & constant current. In 2021, the constant current segment dominated the market with the largest market share of 56% and market revenue of 10.56 billion due to high use across the enterprise. For various applications, it is alluring to use constant current drivers as they show more control and deliver the power to design a consistent brightness and accurate display. These instruments only utilize a constant current driver, increasing energy efficiency.
• In 2021, the outdoor & traffic segment dominated the market with the largest market share of 26% and market revenue of 4.90 billion.
The end-user segment is divided into industrial lighting, outdoor & traffic lighting, commercial lighting, residential lighting, and others. In 2021, the outdoor & traffic segment dominated the market with the largest market share of 26% and market revenue of 4.90 billion. Each lighting control scheme in streetlights needs detailed solutions qualified for the road. Different types of roads, such as roads, streets, and highways, require different control strategies, and many projects require multiple solutions to take full advantage of power savings.
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Report coverage & details:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 145.65 Billion |
| Growth Rate | CAGR of 25.50 % |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Encouraging government policies for LED drivers market |
| Key Market Drivers | The rising usage of LED lights |
Regional Segment Analysis of the LED Driver Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the LED driver market, with a market share of around 34.5% and 6.50 billion of the market revenue in 2021. The regional development is attributable to the growing penetration of LED lighting, government support, and enhancing manufacturing buildings in the region. The Indian government established the GRAM UJALA scheme for rural homes in March 2021 to deliver LED bulbs at a lower price of Rs.9.5/bulb. The government of India has also allocated INR 35.69 crore for LED lights across India. Such programs are growing market development in the region.
Key players operating in the LED driver market are:
• Signify Holding
• MEAN WELL Enterprises Co. Ltd
• Lutron Electronics Co. Inc.
• LumaStream Inc.
• Hatch Lighting
• ERP Power LLC
• Enedo Plc
• Eaton Corporation Plc
• Crestron Electronics Inc.
• Cree Inc.
• Autec Power Systems
• Acuity Brands Lighting Inc.
• AC Electronics (ACE)
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the LED driver market based on the below-mentioned segments:
LED driver Market by Luminaire Type:
• T-Lamps
• Reflectors
• Integral Modules
• A-Type
LED driver Market by Driving Method:
• Constant Voltage
• Constant Current
LED driver Market by End User:
• Industrial Lighting
• Outdoor & Traffic Lighting
• Commercial Lighting
• Residential Lighting
• Others
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About the report:
The LED driver market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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