The global LED Driver Market size is estimated to reach USD 30.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 23.5% from 2022 to 2030. LEDs have evolved as an energy-efficient alternative for conventional light sources during the last decade, and their use in lighting and display segments across industries is increasing.
LED lighting equipment is increasingly replacing
traditional lighting products due to a variety of advantages, including longer
life, higher energy efficiency, better environmental friendliness,
miniaturization, reduced heat output, and directionality. Furthermore, the
increasing number of smart buildings and homes in developed countries is
driving up demand for IoT-based linked lighting systems. Several governments
have initiated Smart City efforts to increase the energy savings of inhabited
cities, which is expected to further boost the market.
From 2017 to 2021, the demand for constant current LED
drivers grew at an exponential rate; these drivers are frequently employed in
high-brightness and exterior lighting applications. The LED driver's major
application segment is consumer electronics; demand for LEDs has surged in the
television and display panel segments. Leading manufacturers are cooperating
with other companies to supply public lighting systems that are connected to
remote management for energy savings and efficient maintenance in towns all
over the world.
For instance, in November 2021, Lutron Electronics
Co., Inc. announced the launch of RadioRA 3. It is a lighting control system
that connects a wide variety of connected domestic products-keypads, switches,
and capacitive touch dimmers to a contemporary light bar design. RadioRA 3
revolutionized how installers and consumers experience home lighting systems
with the line of wall controls, including IoT (Internet of Things)
connectivity and light bar design.
For applications in the low- to mid-power range, there
is a growing demand for a driver with reduced power loss, a smaller system
package, and lower cost while yet delivering good dependability. LED Driver
manufacturers have been implementing Primary-Side Regulation (PSR) to reduce
costs by removing secondary response circuitry, as well as Power-Factor
Correction associated electronics, for greater power quality, to meet the
criteria of cost reduction.
Related Press Release@ LED Driver Market Report
LED Driver Market Report
Highlights
- The constant current segment is anticipated to witness a CAGR
of over 23.9% from 2022 to 2030. For general lighting applications, the
constant current driver is more reliable than a constant voltage driver
- The lighting segment is anticipated to witness a CAGR of
nearly 26.0% over the forecast period, owing to the increased investments
in Europe and the Asia Pacific
- Asia Pacific dominated the industry contributing to over
44.0% of the global revenue in 2021. Government regulations in the Asia
Pacific are likely to increase the demand for energy-efficient lighting
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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