LED driver market size was estimated at USD 7.45 billion in 2022 and is predicted to reach around USD 34.85 billion by 2030, growing at a CAGR of 21.28% during the forecast period 2022 to 2030.
Led Drivers Market, drivers have increased performance and enhanced energy efficiency, accelerating market growth during the projection period. Demand has increased as the usage of light-emitting diodes for illumination in commercial and industrial sectors has spread. Applications requiring high-brightness lighting employ these components. Additionally, businesses like Signify Holdings and Microchip Technology, Inc. are putting more money into R&D to increase the effectiveness of the current lighting solutions. For instance, Signify Holdings announced in January 2022 a new range of Philips Hue intelligent lighting products and features to assist consumers in creating the ideal atmosphere both indoors and outside.
Investments in energy-efficient practises and technologies have been actively encouraged by the federal government’s and local governments’ growing energy-efficient policies. Due to its low power consumption and ability to be packed into small, thin spaces, LED backlighting systems are widely used in display devices including smartphones, tablets, laptops, and televisions. To improve the user experience, manufacturers continue to invest in backlighting systems despite the widespread usage.
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Since LEDs are highly controllable when coupled with a driver and the intensity can change depending on the necessity, the market’s growth is being impacted by the increasing penetration of LEDs due to their energy-efficient and cost-saving nature.
A rise in the world’s energy demand has also been caused by recent trends in population increase and industrial expansion. The globe is currently experiencing an energy crisis due to dwindling resources and rising power demand. To address the energy crisis, several nations have established laws requiring the use of consumer gadgets with low energy usage.
Global Led Drivers Market: Major Players
NXP
Infineon
Toshiba
Maxim
AnalogicTech
NS
Mcroblock
Onsemi
Linear
Texas Instruments
Global Led Drivers Market: Types
Step-Up (Boost) LED Drivers
Step-Down (Buck) LED Drivers
Buck-Boost LED Drivers
Multitopology LED Driver
μModule LED Drivers
Other
Global Led Drivers Market: Applications
Commercial Lighting
Industrial Lighting
Residential Lighting
Outdoor & Traffic Lighting
Others
Global Led Drivers Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Led Drivers market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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Due to the widespread adoption of LEDs as a replacement for conventional lighting, the growth of the worldwide LED driver market is accelerating dramatically. LEDs outperform conventional lighting products in terms of advantages. These benefits include increased energy efficiency compared to conventional products, miniaturization, and reduced heat emission from LEDs. Further fueling the expansion of the global LED Driver Market is the rise in demand for IoT-based connected lighting solutions brought on by the growing number of smart homes. LED drivers and the market as a whole could see certain undesirable tendencies. Additionally, the absence of universal standards among manufacturers may pose difficulties for the expansion of the worldwide LED driver market. Sustainable lighting is a crucial component of these projects. As a result, there is a huge increase in demand for IoT-based smart lighting solutions in these nations. Smart street lights that turn on and off using daylight sensors have also been deployed in many places.
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