Overview and Scope
A LED driver is an electrical component that controls power flow to a single LED or a string of LEDs. It is an essential component of an LED circuit and operating one without the other will lead to system failure. They are used to prevent damage by regulating the power of an LED or a string.
Sizing and Forecast
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.
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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
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the LED driver market are focused on developing innovative products, such as sport LED drivers, to gain a competitive edge in the market. Sport LED drivers are a type of LED driver that is specifically designed for use in sports lighting applications that are more rugged and durable than standard LED drivers. For instance, in August 2023, Delta Electronics Inc., a Taiwan-based manufacturer of electronic components, launched thebEUCO-2.1kW LED drivers. They are high-performance drivers designed for use in a variety of sports and commercial lighting applications, and they offer several advantages over traditional LED drivers. The EUCO-2.1kW LED drivers are also certified with the D4i standard, an extension of the DALI-2 lighting protocol. This means that they can be integrated with IoT (Internet of Things) systems, allowing for even more control and automation of lighting. They are designed with three programmable independent output channels with a max output power of 700 W/channel.
The led driver market report table of contents includes:
1. Executive Summary
2. LED Driver Characteristics
3. LED Driver Trends And Strategies
4. LED Driver – Macro Economic Scenario
5. Global LED Driver Size and Growth
…..
32. Global LED Driver Competitive Benchmarking
33. Global LED Driver Competitive Dashboard
34. Key Mergers And Acquisitions In The LED Driver
35. LED Driver Future Outlook and Potential Analysis
36. Appendix
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