LED Driver Global Market Report 2024

The led driver market size has grown exponentially in recent years. It will grow from $6.62 billion in 2023 to $8.22 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth observed in the historical period can be attributed to several factors, including government initiatives and regulations promoting energy efficiency, a decline in LED component costs, a growing awareness of environmental issues, the rise in urbanization, and increased infrastructure development.

The led driver market size is expected to see exponential growth in the next few years. It will grow to $18.49 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%. The anticipated growth in the forecast period can be attributed to advancements in smart lighting solutions, the expanding integration of the Internet of Things (IoT), a rising demand for sustainable lighting solutions, a focus on increasing energy efficiency, and the emergence of connected cities. Major trends expected in the forecast period include the increased adoption of Digital Addressable Lighting Interface (DALI) and Power over Ethernet (PoE), the rise of human-centric lighting design, compatibility with advanced lighting controls, growing adoption of IoT in lighting systems, and continuous advancements in wireless technologies within the LED driver market.

The LED driver market is anticipated to witness growth, propelled by the increasing prevalence of smart homes. Smart homes are equipped with appliances and devices that can be remotely controlled through networked and internet-enabled devices. LED drivers play a crucial role in regulating power for LEDs in smart homes. As per Oberlo, the number of smart home households in the US grew by 6.69% in 2021, reaching 57.4 million in 2022 from 53.8 million in the previous year, indicating a rising trend in smart homes and driving the LED driver market.

The expansion of the LED driver market is expected to be fueled by the growing adoption of energy-efficient lighting. Energy-efficient lighting, which consumes less energy than traditional technologies, relies on LED drivers to convert AC mains power into regulated DC current suitable for powering LED arrays. A survey by ABB Ltd. revealed that 89% of respondents from 2294 companies plan to invest in energy-efficient lighting, with 40% intending to improve energy efficiency in 2022. This increasing focus on energy efficiency contributes to the growth of the LED driver market.

A notable trend in the LED driver market is technological advancements, with major companies actively developing innovative solutions. SiliconCore Technology Inc., a US-based provider of LED display panels, introduced CCT-ZL2, an LED driver chip featuring patented CommonCathode Technology. This technology facilitates the secure and efficient connection and management of IoT devices, utilizing the LoRAWAN protocol for long-range networking in remote locations. This advancement highlights the ongoing technological evolution within the LED driver market.

Major companies in the LED driver market are concentrating on the development of innovative products, such as sport LED drivers. These specialized LED drivers are designed for rugged use in sports lighting applications, offering enhanced durability compared to standard drivers. Delta Electronics Inc., a Taiwan-based manufacturer of electronic components, launched the EUCO-2.1kW LED drivers, catering to sports and commercial lighting applications. These drivers, certified with the D4i standard, enable integration with IoT systems for increased control and automation of lighting, showcasing innovation within the LED driver market.

In August 2021, Analog Devices, Inc., a US-based semiconductor and digital signal processing ICs manufacturer, completed the acquisition of Maxim Integrated Products, Inc., a move aimed at strengthening ADI's position as a high-performance analog semiconductor company. This strategic acquisition is expected to leverage combined resources to develop cutting-edge solutions and address complex technology challenges within the LED driver market.

Major companies operating in the led driver market report are Texas Instruments Incorporated, ams-OSRAM AG, Atmel Corporation, GE Current, ROHM Co Ltd., Macroblock Inc., Semiconductor Components Industries LLC, Cree LED, Signify Holding, Samsung Corporation, Lutron Electronics Co Ltd., NXP Semiconductors, STMicroelectronics, ACE LEDS, BOKE Drivers Co Ltd., Osram GmbH, Maxim Integrated, General Electric Company, ROHM Semiconductors, ON Semiconductor, AC Electronics, Hubbell Inc., Eaton Corporation PLC, Crestron Electronics Inc., Tridonic, Mean Well Enterprises Co. Ltd., Inventronics, Philips, BOKE, LIFUD.

Asia-Pacific was the largest region in the LED driver market in 2023. The regions covered in the led driver market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the led driver market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major types of supply provided by LED drivers are constant current and constant voltage. Constant current ensures that the power circuit regulates the output voltage to maintain a consistent level. There are various luminaire types, including decorative lamps, integral LED modules, reflectors, T lamps, and type lamps. LED drivers find applications in diverse sectors such as automotive, consumer electronics, and outdoor displays. They cater to different end-user segments such as residential lighting, outdoor and traffic lighting, industrial lighting, commercial lighting, and more.

The LED driver market research report is one of a series of new reports that provides LED driver market statistics, including LED driver industry global market size, regional shares, competitors with a LED driver market share, detailed LED driver market segments, market trends and opportunities, and any further data you may need to thrive in the LED driver industry. This LED driver market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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