Global LED Driver Market Size Insights Forecasts to 2032

• The Global LED Driver Market Size was valued at USD 9.60 Billion in 2022.
• The Market Size  is Growing at a CAGR of 20.2% from 2022 to 2032.
• The Worldwide LED Driver Market Size is expected to reach USD 60.8 Billion by 2032.
• North America is expected to grow the fastest during the forecast period .

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The Global LED Driver Market size is anticipated to exceed USD 60.8 Billion by 2032, growing at a CAGR of 20.2% from 2022 to 2032. Lighting component technological advancements, including LED drivers, have improved energy efficiency and performance, amplifying market demand over the forecast period.

 

Market Overview

An LED driver is a type of electrical device that helps deliver power to a string of LEDs in a controlled manner. The LED driver prevents LEDs from failing prematurely by controlling the thermal runaway. Thermal runaway is a phenomenon in which the temperature of the LED, forward voltage VF, and light decrease as the current increases. Various factors are considered when designing the LED driver, 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. LEDs' popularity as a replacement for traditional lighting is growing exponentially. LEDs outperform traditional lighting products in terms of efficiency. These benefits include LED longevity, higher energy efficiency than traditional products, miniaturization, and lower heat output.

 

Report Coverage

This research report categorizes the market for the global LED driver market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the LED driver market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the LED driver market.

 

Driving Factors

The growing number of smart homes has increased demand for IoT-based connected lighting solutions, which is propelling the global LED driver market forward. In addition to the proliferation of electronic devices, there is an increasing demand for compact and efficient LED light driver circuits. Growing concern about environmental sustainability and lowering one's carbon footprint many countries are introducing laws mandating the production of energy-efficient equipment and the use of energy-efficient consumer devices. Governments in multiple countries are introducing smart city initiatives to develop advanced and eco-friendly living environments. LED driver prices are falling, making them more affordable to a wider range of consumers. This is expected to boost the global LED Driver market forward.

 

Restraining Factors

There is a misunderstanding about the high cost of installing LED drivers, and as such, the market may experience some negative trends. This is expected to slow the global LED Driver market's growth. The lack of common standards among manufacturers may cause difficulties in the development of LED drivers. This is expected to hamper the growth of the global LED driver market.

 

Market Segmentation

The Global LED Driver Market share is classified into product, luminaire type, component, application, and end-user.

 

• The constant current segment is expected to grow fastest in the global LED driver market during the forecast period.     

The global LED driver market is categorized by product into constant voltage and constant current. Among these, the constant current segment is expected to grow fastest in the global LED driver market during the forecast period. Constant current drivers are preferable for a variety of applications because they provide more control and the ability to design a clear display with uniform brightness. LED driver devices are extremely energy efficient because they use a constant current driver. Constant current drivers are popular because they provide a constant forward current regardless of input voltage variations. Using light-emitting diodes for lighting applications allows for greater brightness consistency and a longer lifetime.

 

• The type A lamp segment is expected to grow at the highest pace in the global LED driver market during the anticipated period.   

Based on the luminaire type, the global LED driver market is divided into decorative lamps, reflectors, type A lamps, and others. Among these, the type A lamp segment is expected to grow at the highest pace in the global LED driver market during the forecast period. A type A lamp is a type of LED driver that is designed to operate and power type A lamps. Type A lamps are retrofitting bulbs designed to replace standard incandescent bulbs in existing fixtures and sockets. These lamps are frequently styled after traditional A-shaped incandescent bulbs and have a medium screw base (E26 or E27). Furthermore, these lamps are standard socket compatible and can be easily integrated into existing lighting systems.

 

• The driver IC segment is expected to hold the largest share of the global LED driver market during the anticipated period.

Based on the components, the global LED driver market is divided into driver IC, discrete components, and others. Among these, the driver IC is expected to hold the largest share of the global LED driver market during the forecast period. LEDs need constant current to maintain their brightness and longevity. Driver ICs allow for precise current control, ensuring that LEDs receive a consistent and accurate current regardless of input voltage or temperature changes. Furthermore, driver ICs frequently include dimming and control capabilities, allowing users to adjust the brightness or color temperature of LED lighting systems. Such advantages associated with driver IC are expected to propel the segmental growth over the forecast period.

 

• The electronic devices segment is expected to hold the largest share of the global LED driver market during the forecast period.   

Based on the application, the global LED driver market is divided into general lighting, electronic devices, automotive lighting, lighting outdoor displays. Among these, electronic devices are expected to hold the largest share of the global LED driver market during the forecast period. LED is replacing traditional LCD screens in both of these markets because it provides better visual quality, higher color accuracy, and consumes less electricity. These components can also be found in the display panels of a wide range of consumer electronics, including air conditioners, refrigerators, and other devices.

 

• The outdoor & traffic segment is expected to grow at the highest pace in the global LED driver market during anticipate period. 

Based on the end user, the global LED driver market is divided into residential, outdoor & traffic, commercial, and industrial. Among these, the outdoor & traffic is expected to expected to grow at the highest pace in the global LED driver market during the forecast period. Streets, main roads, and highways require different control strategies, and many projects require multiple solutions to fully benefit from energy savings.

 

Regional Segment Analysis of the Global 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)

 

Asia-Pacific is anticipated to hold the largest share of the global LED driver market over the predicted timeframe.

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Asia-Pacific is projected to hold the largest share of the global LED Driver market over the predicted years. The growing adoption of LED lighting in the region's residential, commercial, and industrial sectors has been a key driver of market growth. Government initiatives promoting energy efficiency and sustainability, as well as growing awareness of the benefits of LED lighting, have fueled the region's demand for LED drivers. Rapid urbanization and infrastructure development in countries such as China, India, and Japan have also aided market growth. China is a major manufacturer of consumer and industrial electronics, as well as a major supplier of LED drivers worldwide. Over the forecast period, the increasing demand for LEDs in consumer electronics such as smartphones, tablets, laptops, and TVs are expected to drive demand for these components.

 

North America is expected to grow fastest in the global LED Driver market during the forecast period. The regulations being drafted by various governments in the region to promote the use of energy-efficient lights, rising awareness about the benefits of energy-efficient lights, falling LED product prices, and, as a result, growing adoption of LED solutions across residential, commercial, and industrial applications. The increasing adoption of smart lighting solutions to improve lighting performance while increasing energy savings in commercial applications 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 LED driver 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.

 

List of Key Companies

• ACE LEADS
• Microchip Technology, Inc.
• Cree LED
• GE Current, a Daintree Company
• Signify 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

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In May 2022, Fluence Technologies was 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.

 

• In April 2022, STMicroelectronics N.V. announced the launch of the latest power management I.C. for the company's AMOLED display portfolio. The I.C. combines low quiescent current and higher flexibility to extend the battery life of portable devices. The practice of outsourcing component manufacturing to companies based in China and Taiwan has witnessed a rise, as it enables lighting manufacturers to reduce the cost of the end product. The adoption of smart lighting has triggered manufacturers to design innovative IoT-based lighting for smart home applications.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global LED Driver Market based on the below-mentioned segments: 

 

Global LED Driver Market, By Product

• Constant Voltage
• Constant Current

 

Global LED Driver Market, By Luminaire Type

• Decorative Lamps
• Reflectors
• Type A Lamp
• Others

 

Global LED Driver Market, By Component

• Driver IC
• Discrete Component
• Others

 

Global LED Driver Market, By Application

• General Lighting
• Electronic Devices,
• Automotive Lighting
• Lighting Outdoor Display

 

Global LED Driver Market, By End-User

• Residential
• outdoor & traffic
• Commercial
• Industrial

 

Global LED Driver Market, By Region

• 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 the Middle East & Africa