The LED driver for lighting market size has grown exponentially in recent years. It will grow from $21.20 billion in 2023 to $25.51 billion in 2024 at a compound annual growth rate (CAGR) of 23.50%. The growth in the historic period can be attributed to energy efficiency regulations, government initiatives and subsidie, growing awareness of environmental issues, and urbanization and infrastructure development.
The LED driver for lighting market size is expected to see exponential growth in the next few years. It will grow to $54.05 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to rising proliferation of electronic devices, increasing demand for energy-efficient lighting, rising adoption of smart systems, and growing adoption in automotive lighting. Major trends in the forecast period include advancements in LED technology, smart lighting and IoT integration, adoption of wireless technologies, miniaturization and advanced designs, and customization and versatility.
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Scope Of LED Driver For Lighting Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
LED Driver For Lighting Market Overview
Market Drivers –
The rising number of vehicles is expected to propel the growth of the LED driver for lighting market. There is an increase in need of vehicles due to population growth, urbanization, increased economic activity, and improved accessibility to vehicles through affordability and financing options. LED drivers are crucial for vehicles as it regulate the power to LED lights, ensuring consistent operation, protecting against voltage fluctuations, extending lifespan, and enabling dimming or brightness control features. For instance, in April 2024, according to the Society of Motor Manufacturers and Traders Ltd. (SMMT), a UK-based trade association, the number of vehicles on UK roadways reached an all-time high of 41.44 million in 2023, an increase of 1.7% compared to the previous year. Therefore, the rising number of vehicles is driving the growth of the LED driver for lighting market.
Market Trends –
Major companies in the LED driver for lighting market are focusing on developing advanced technologies, such as IoT-integrated LED lighting systems, to improve energy efficiency, control, and connectivity in lighting systems. IoT-integrated LED lighting systems are lighting solutions that combine energy-efficient LED technology with the Internet of Things (IoT) connectivity. For instance, in August 2023, Delta Electronics, a Taiwan-based industrial power system supplier, launched the EUCO-2.1kW LED drivers for high-powered applications like sports stadiums, featuring D4i protocol for IoT integration. With a solid heat sink design and wide operating temperature range of -40°C to +50°, it supports three independent output channels up to 1500W each, offering flexibility and efficiency in stadium lighting management.
The led driver for lighting market covered in this report is segmented –
1) By Luminaire Type: Type A-Lamps, T-Lamps, Integral LED Modules, Other Luminaire Types
2) By Driving Method: Constant Current LED Driver, Constant Voltage LED Driver
3) By End Use: Commercial Lighting, Industrial Lighting, Residential Lighting, Outdoor And Traffic Lighting, Other End Uses
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Regional Insights –
Asia-Pacific was the largest region in the LED driver for lighting market in 2023. The regions covered in the LED driver for lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the LED driver for lighting market are Panasonic Corporation, Toshiba Electronic Devices & Storage Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, Delta Electronics Inc., Analog Devices Inc., ON Semiconductor Corporation, ams AG, Hubbell Inc., ROHM Co. Ltd., Maxim Integrated Products Inc., Diodes Inc., Mean Well Enterprises Co. Ltd., Allegro MicroSystems Inc., Power Integrations Inc., Cree Inc., Elmos Semiconductor SE, Lutron Electronics Co. Inc., Fulham Co. Inc., Helvar Oy AB, Cypress Semiconductor Corporation
Table of Contents
1. Executive Summary
2. LED Driver For Lighting Market Report Structure
3. LED Driver For Lighting Market Trends And Strategies
4. LED Driver For Lighting Market – Macro Economic Scenario
5. LED Driver For Lighting Market Size And Growth
…..
27. LED Driver For Lighting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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