LED Driver Market Size to Reach $17.74 Billion at a CAGR of 23.1% by 2028
LED Driver Market is projected to reach a value of USD 17.74 Billion by 2028 at a CAGR of 23.1% over the forecast period.
The Global LED Driver Market was valued at USD 5.1 Billion in 2021 and is projected to reach a value of USD 17.74 Billion by 2028 at a CAGR of 23.1% over the forecast period.
The LED driver market refers to the market for electronic devices that regulate the power supply to light-emitting diodes (LEDs). LED drivers are essential components of LED lighting systems, as they provide a constant and stable source of power to the LEDs, ensuring optimal performance and longevity.
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Factors such as government initiatives to promote energy-efficient lighting, the rising adoption of LED lighting in residential and commercial buildings, and the growing popularity of smart lighting solutions are expected to drive the growth of the LED driver market in the coming years. However, factors such as the high cost of LED lighting systems and the lack of awareness about their benefits in certain regions may hinder market growth.
Top Companies in LED Driver Market
- ACE LEDS (U.S.)
- Cree LED (China)
- Microchip Technology Inc. (U.S.)
- GE Current - a Daintree Company (U.S.)
- SAMSUNG (Korea)
- Signify Holdings (India)
- Lutron Electronics Co. Ltd. (U.S.)
- Macroblock Inc. (Taiwan)
- NXP Semiconductors (Netherlands)
- Maxim Integrated (U.S.)
- Semiconductor Components Industries LLC (U.S.)
- AMS OSRAM (Austria)
LED Driver Market Dynamics:
LED Driver Market are electrical devices that allow power delivery for a string of LEDs in a controlled manner. LED Driver Market prevent the LEDs from permanent damage or premature failure as they control the thermal runaway these LEDs operate. The primary driver for the significant growth in the global LED Driver Market is technological advancement allowing for energy efficiency and improved performance along with rising penetration of light-emitting diodes used within the commercial and industrial segments. Increasing investment by prominent companies, including Signify Holdings and Microchip Technology Inc., will further boost the sales of LED Driver Market during the forecast period.
Studies have indicated that these light-emitting diodes have significantly decreased power consumption levels. For instance, a high-voltage driver can supply 17 LEDs connected in series, with constant currents between 350mA and 1,200mA. These advancements in power distribution will surge sales for the global LED Driver Market. The rising demand for sustainable lighting is on the rise. Various government agencies worldwide are launching smart city projects to sustain their population. This will give rise to IoT-based smart lighting solutions from emerging economies. Additionally, many developed cities globally have begun installing smart street lights that turn on and off using daylight sensors.
Advancements by prominent leaders are pivotal to incremental growth in the global LED Driver Market. For instance, in April 2021, Osram Gmbh launched the OTi DALI DT6/DT8 indoor LED Driver Market family. This new generation of DALI-2-certified constant-voltage LED Driver Market has the advantage of four channels with the integration of state-of-the-art Tunable White functionality. Osram combined the previous 1-4CH and TW LED Driver Market with each of the three new OTi DALI DT6/DT8 LED Driver Market, which provide the power, efficiency, and versatility of these new drivers.
The rising adoption of energy-sufficient lighting, the rising development of programmable LED Driver Market, and a surge in smart infrastructure in the form of smart homes and smart cities are expected to increase the footprint of the global LED Driver Market during the forecast period. Additionally, increasing competition among the dominant players will lead to a wider consumer product portfolio. However, these drivers' higher costs can pose a major barrier to sustained market growth. Additionally, a lower awareness among the small-scale and local manufacturers can cause hindrances for the global LED Driver Market to flourish during the forecast period.
Overview of LED Driver
An LED driver is an electronic device that regulates the power supply to light-emitting diodes (LEDs). LEDs are highly sensitive to voltage and current fluctuations, and without proper regulation, they may fail prematurely or produce inconsistent light output. LED drivers ensure that the LEDs receive a stable and constant source of power, providing optimal performance and longevity.
LED drivers come in various types, including constant current drivers, constant voltage drivers, and dimmable drivers. Constant current drivers maintain a constant current to the LED, while constant voltage drivers maintain a constant voltage. Dimmable drivers allow for adjustable light output and are commonly used in smart lighting systems.
LED drivers are an essential component of LED lighting systems and are used in various applications, including residential and commercial lighting, automotive lighting, and street lighting. They are also used in backlighting for displays, televisions, and computer monitors.
LED lighting systems are more energy-efficient and have a longer lifespan than traditional lighting systems. LED drivers play a critical role in achieving these benefits by regulating the power supply to the LEDs. As a result, the LED driver market has been growing steadily in recent years, driven by the increasing demand for energy-efficient lighting solutions and the growing popularity of smart lighting systems.
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LED Driver Market Challenges
High cost: LED drivers can be expensive, limiting their adoption in certain applications and regions.
Limited awareness: Some consumers and businesses may not know the benefits of LED lighting systems and drivers, which can hinder market growth.
Rapidly changing technology: The LED driver market constantly evolves, with new technologies and standards emerging regularly. This can make it difficult for manufacturers to keep up and lead to market fragmentation.
Compatibility issues: LED drivers must be compatible with the specific LED lighting system they are used in, which can make it difficult to integrate them into existing systems.
Quality concerns: Poor-quality LED drivers can lead to premature LED failure or inconsistent light output, undermining consumer confidence in LED lighting systems.
- May 2022: Signify Holdings announced that they acquired Fluence from AMS-OSRAM. This acquisition will help the company upgrade its global agricultural lighting platform and expand its presence in the North American horticulture lighting market.
- June 2019:ERP Power, which provides connected LED Driver Market for the lighting industry, announced that they acquired Lumenetix. Lumenetix is a developer of tunable color light engines and digital controls. ERP aims to combine its power control and Lumenetix's tunable lighting to reduce OEM manufacturing complexity. This is expected to accelerate the LED lighting fixture time product launch time to market.
LED Driver Market Regional Analysis
The LED Driver Market in Asia Pacific is expected to occupy the largest market share during the forecast period owing to favorable government support in the form of subsidies and grants. This factor is expected to increase the penetration of LED products. For instance, the Government of India announced the GRAM UJALA program for rural families in March 2021 for providing LED bulbs at a lower cost of Rs. 10. Improving manufacturing capabilities in emerging economies such as India, South Korea, Australia, and Japan will further boost the sales for LED Driver Market during the forecast period.
North America is expected to grow with the fastest-growing CAGR during the forecast period. Factors such as the rising adoption of outdoor lighting technologies within prominent countries such as the U.S. and Canada will lead to an increased stake in the region. Additionally, supportive policies such as banning less efficient halogen and incandescent bulbs will further propel the market's growth towards moderate growth.
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