New York, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Global LED Driver Market Size is to Grow from USD 9.60 Billion in 2022 to USD 60.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 20.2% during the projected period.
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An LED driver is a type of electrical device that controls the power delivered to a string of LEDs. By controlling thermal runaway, the LED driver prevents LEDs from failing prematurely. Thermal runaway is a phenomenon that occurs when the LED's temperature, forward voltage VF, and light decrease as the current increases. When designing the LED driver, various factors are considered, such as whether a constant current or constant voltage driver is required, as well as the type of LED to be used, space constraints, commercial viability, fixture application, and other factors. In addition, the growing number of smart homes is driving up demand for IoT-based connected lighting solutions, propelling the global LED driver market forward. Concerned about environmental sustainability and reducing one's carbon footprint, many countries are enacting regulation requiring the manufacture of energy-efficient equipment and the use of energy-efficient consumer devices. However, the high cost of installing LED drivers is commonly misunderstood and as such, the market may experience some negative trends. This is expected to slow the growth of the global LED Driver market. The lack of common standards among manufacturers may make the development of LED drivers difficult. This is expected to slow the global LED driver market's growth.
COVID 19 Impact
Since China is the origin of Covid-19 and the source of a significant portion of LED products, this pandemic had a significant impact on the LED driver market. Price changes, delivery issues, and decreased output impacted the entire industrial sector.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global LED Driver Market Size, Share, and COVID-19 Impact Analysis By Product (Constant Voltage, Constant Current), By Luminaire Type (Decorative Lamps, Reflectors, Type A Lamp, Others), By Component (Driver IC, Discrete Component, Others), By Application (General Lighting, Electronic Devices, Automotive Lighting, Lighting Outdoor Display) By End-User(Residential, outdoor & traffic, Commercial, Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The constant current segment is expected to grow fastest in the global LED driver market during the anticipate period.
Based on product, the LED Driver market is divided into constant voltage, constant current. Among these, constant current segment is expected to grow fastest in the global LED Driver market during the forecast period. Constant current drivers are preferred for a wide range of applications because they offer greater control and the ability to design a clear display with uniform brightness. Because they use a constant current driver, LED driver devices are extremely energy efficient. Constant current drivers are widely used because they provide a constant forward current regardless of input voltage fluctuations.
The type A lamp segment is expected to hold the largest share of the global LED driver market during the forecast period.
Based on the luminaire type, the global LED driver market is divided into decorative lamps, reflectors, type A lamp, others. Among these, the type A lamp is expected to hold the largest share of the global LED driver market over the study period. A type A lamp is an LED driver that is designed to operate and power type A lamps. Type A lamps are intended to replace standard incandescent bulbs in existing fixtures and sockets.
The driver IC segment is expected to hold the largest share of the global LED driver market during the anticipate period.
Based on the component, the global LED driver market is divided in driver IC, discrete component, others. Among these, the driver IC is expected to hold the largest share of the global LED driver market during the forecast period. Driver ICs help precise current control, ensuring that LEDs receive a consistent and accurate current regardless of changes in input voltage or temperature. Furthermore, driver integrated circuits (ICs) frequently include dimming and control capabilities.
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Asia-Pacific dominates the market with the largest market share over the forecast period.
Asia-Pacific is projected to hold the largest share of the global LED driver market over the predicted years. Government initiatives promoting energy efficiency and sustainability, as well as a greater understanding of the benefits of LED lighting, have increased demand for LED drivers in the region. Rapid urbanization and infrastructure development in China, India, and Japan have also contributed to market growth.
North America is expected to grow fastest in the global LED Driver market during the forecast period. The increasing adoption of smart lighting solutions in commercial applications to improve lighting performance while increasing energy savings can be viewed as a significant factor driving regional market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global LED Driver market are ACE LEDS, Microchip Technology, Inc., Cree LED, GE Current, a Daintree, CompanySignify Holdings, SAMSUNG, Lutron Electronics Co., Ltd., Macroblock, Inc., Maxim Integrated, NXP Semiconductors, Semiconductor Components Industries, LLC, ams OSRAM, ROHM Co., Ltd., STMicroelectronics N.V. & Others.
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Recent Developments
- In May 2022, Fluence Technologies has been acquired by Signify Holdings from ams-OSRAM. The acquisition enabled the company to improve its global agriculture lighting platform and expand in the horticulture lighting market in North America. Furthermore, businesses are investing in R&D and focusing on delivering innovative solutions.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global LED diver market based on the below-mentioned segments:
LED Driver Market, Product Analysis
- Constant Voltage
- Constant Current
Porous Ceramic, Luminaire Type Analysis
- Decorative Lamps
- Reflectors
- Type A Lamp
- Others
LED Driver Market, Component Analysis
- Driver IC
- Discrete Component
- Others
LED Driver Market, Application Analysis
- General Lighting
- Electronic Devices,
- Automotive Lighting
- Lighting Outdoor Display
LED Driver Market, End-User Analysis
- Residential
- outdoor & traffic
- Commercial
- Industrial
Enterprise Filters Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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