The LED Driver by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s LED Driver, 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 in the historic period can be attributed to government initiatives and regulations, declining led component costs, growing environmental awareness, rising urbanization and infrastructure development, increasing demand for energy efficiency.
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 growth in the forecast period can be attributed to advancements in smart lighting solutions, expanding iot integration, rising demand for sustainable lighting,growing energy efficiency, emergence of connected cities. Major trends in the forecast period include increased adoption of dali and poe, rise of human-centric lighting, compatibility with advanced controls, growing adoption of iot in lighting, advancements in wireless technologies.
The rising number of smart homes is expected to propel the LED driver market going forward. A smart house is a configuration of appliances and equipment in a home that can be automatically controlled remotely by a networked device and are internet-enabled. The user can control features since the devices in a smart home are connected via the internet. LED drivers are used in smart homes to control multiple LEDs and take care of all the issues by regulating and controlling the power required for an LED, so an increase in smart homes will propel market growth. For instance, according to Oberlo, a Europe-based company that offers full integration of drop shipping, the number of US smart home households increased by 6.69% in 2021, rising from 53.8 million in 2021 to 57.4 million in 2022. Therefore, the rising number of smart homes is driving the LED driver market.
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The led driver market covered in this report is segmented –
1) By Supply Type: Constant Current, Constant Voltage
2) By Luminaire Type: Decorative Lamps, Integral LED Modules, Reflectors, T Lamps, Type A Lamp
3) By Application: Automotive, Consumer Electronics, Lighting Outdoor Display
4) By End User: Residential Lighting, Outdoor and Traffic Lighting, Industrial Lighting, Commercial Lighting, Other End Users
Technological advancements are a key trend gaining popularity in the LED driver market. Major companies operating in the LED driver market are focused on developing new technological solutions to strengthen their position. For instance, in May 2022, SiliconCore Technology Inc., a US-based provider of LED display panels, launched CCT-ZL2, an LED driver chip with patented CommonCathode Technology. This new model provides a secure and efficient way to connect and manage IoT devices. It is based on the LoRAWAN protocol, a long-range, wide-area networking technology ideal for connecting IoT devices in remote locations. The CCT-ZL2 is a compact and versatile device that can be used to connect a variety of IoT devices, including sensors, actuators, and gateways.
The led driver market report table of contents includes:
1. Executive Summary
2. LED Driver Market Characteristics
3. LED Driver Market Trends And Strategies
4. LED Driver Market – Macro Economic Scenario
5. Global LED Driver Market Size and Growth
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31. Global LED Driver Market Competitive Benchmarking
32. Global LED Driver Market Competitive Dashboard
33. Key Mergers And Acquisitions In The LED Driver Market
34. LED Driver Market Future Outlook and Potential Analysi
35. Appendix
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