USD 5.04 billion
LED Driver Market Size, Share, Growth Analysis, By Supply Type(Constant current, and Constant voltage), By Application(Automotive, Consumer electronics, and Lighting Outdoor Display), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45O2026 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
78
LED Driver Market Insights
LED Driver Market size was valued at USD 6.22 billion in 2022 and is poised to grow from USD 7.68 billion in 2023 to USD 41.57 billion by 2031, growing at a CAGR of 23.5% during the forecast period (2024-2031).
Lighting component technological advancements, such as LED drivers, have enabled energy efficiency and increased performance, increasing market growth over the projection period. rising penetration of light-emitting diodes in commercial and industrial lighting has resulted in rising demand. These parts are utilized in high-intensity lighting applications. Furthermore, companies like Signify Holdings and Microchip Technology, Inc are investing more in R&D to improve the efficiency of existing lighting solutions. Signify Holdings, for example, unveiled a new range of Philips Hue intelligent lighting products and functions in January 2022 to let users create the right ambiance both indoors and out.
The light-emitting diode driver is now a vital component of industrial and commercial lighting, significantly lowering electricity costs. The growing use of LED lights in a range of applications, such as outdoor, automobiles commercial, and horticultural lighting, is propelling the LED driver market forward. Various governments throughout the world have undertaken smart city programmes to create technologically advanced and environmentally friendly living environments. Sustainable lighting is a critical component of such initiatives. As a result, demand for IoT-based smart lighting systems is increasing in these countries. Many cities are additionally sporting smart lighting systems that use daylight sensors to turn on and off.
The next-generation light-emitting diodes make it easier for designers to create efficient luminaires. A high voltage driver, for example, may power up to 17 LEDs in line with continuous currents that vary from 350mA to 1,200mA. Such innovations are projected to promote market growth in the future. However, the lack of industry-defined standards for testing the properties and behavior of such drivers has forced manufacturers to face a number of hurdles in the sector. Solid-State Lighting (SSL) lighting and driver manufacturers globally adhere to their standards when producing such an important component of lighting systems, resulting in a lack of compatibility among its end-use applications, impeding market growth.
US LED Driver Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Constant Current
Fastest Growth
Constant Current
Growth Rate
23.5% CAGR
Global LED Driver Market 2024-2031 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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LED Driver Market Segmental Analysis
The global LED driver Market is segmented based on supply type, application, and region. In terms of supply type the market is segmented into constant current and constant voltage. By application, the market is categorized into automotive, consumer electronics and lighting outdoor display. Based on region the global LED driver market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global LED Driver Market Analysis by Supply Type
The constant current type dominated the LED driver market, accounting for more than 65.0% of sales in 2022. It is expected to continue to be popular in the coming years due to its widespread use in the industry. Constant current drivers are preferable for a variety of applications because they allow more control and the flexibility to design a uniformly bright and clean display. Because these devices simply need a constant current driver, they are extremely energy efficient. LED drivers with constant current are preferred because they provide a constant forward current regardless of input voltage variations. With a constant current source, the driver maintains a constant current even when the voltage varies with temperature, preventing thermal runaway and over-driving the LED.
In applications as several LED lights must be linked in series, a constant voltage driver is employed. The constant voltage driver uniformly distributes the voltage across the lights, resulting in consistent illumination. LED drivers with constant voltage are more versatile than variable voltage drivers. This is due to the fact that more LEDs can be connected until the maximum current capability of the constant-voltage LED driver is reached, at which time adding more LEDs reduces the available power to each lamp-emitting diode, lowering the brightness. However, because the constant voltage driver cannot stabilize the current influx, it consumes more energy than the continuous current driver.
Global LED Driver Market Analysis by Application
In 2022, the consumer electronics segment led the market, accounting for 39.8% of total revenue. This is due to the increased usage of cell phones and televisions in developing countries around the world. LED panels are replacing traditional LCD screens in both of these segments because they provide superior visual quality, higher color accuracy, and lower power consumption. These components are also employed in the display panels of various consumer gadgets such as refrigerators and air conditioners. The growing demand for energy-efficient lighting in all industrial verticals has driven users to switch to LED lighting. Because of its minimal maintenance costs and ability to provide consistent brightness, solid-state lighting (SSL) has a compelling value proposition and ROI.
Global LED Driver Market By Supply Type 2022 (%)
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LED Driver Market Regional Insights
Asia Pacific dominated the LED driver market, accounting for 44.4% of total sales in 2022. From 2023 to 2030, the market is expected to grow at a CAGR of more than 23.9%. The region's rise can be linked to greater LED lighting usage, government subsidies, and enhanced manufacturing facilities. In March 2021, the Indian government launched the GRAMME UJALA programmer for rural communities, with the goal of providing LED bulbs at a cheap cost of Rs.10 per bulb. Rural consumers who submit working incandescent bulbs will receive 7-watt and 12-watt LED lights with a three-year warranty. The Indian government has also allocated INR 36.78 crore in LED lights across the country. Such initiatives are promoting market growth in the region.
North America and Europe are expected to experience a rise in LED lighting usage across high and low-end vehicle categories. The use of the technology for outdoor applications has increased in countries such as the United States and Canada. The European Union's ban on incandescent and halogen bulbs, along with attractive LED incentive packages, is driving rising demand for LED components in Europe.
Global LED Driver Market By Geography
- Largest
- Fastest
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LED Driver Market Dynamics
Global LED Driver Market Drivers
Increasing Adoption of Energy-efficient Lighting
- LED lighting solutions are much more energy-efficient than traditional lighting sources, such as incandescent bulbs, and have a longer lifespan. As energy costs continue to rise, more and more consumers are opting for LED lighting solutions, which has led to an increase in demand for LED drivers.
Global LED Driver Market Restraints
Lack of Awareness
- While awareness of the benefits of LED lighting solutions is increasing, many consumers are still not aware of the technology or the potential cost savings it offers. This lack of awareness can limit the growth of the LED driver market.
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LED Driver Market Competitive Landscape
To boost their market share, manufacturers have used acquisitions and mergers as a crucial tactic. Signify Holdings, for example, announced its purchase of Fluence from ams-OSRAM in May 2022. The acquisition benefited the company in modernizing its global agriculture light platform and growing into the horticulture lighting market in North America. Furthermore, businesses are making investments in R&D and focusing on producing innovative solutions. STMicroelectronics N.V., for example, announced the release of the newest power control I.C. for the company's AMOLED display portfolio in April 2022.
Top Player’s Company Profiles in Global LED Driver Market
- ACE LEDS
- Microchip Technology, Inc
- Cree LED
- GE Current, a Daintree Company
- Signify Holdings
- SAMSUNG
- Lutron Electronics Co., Ltd
- Macroblock, Inc
- Maxim Integrated
- NXP Semiconductors
- Semiconductor Components Industries, LLC
- ams OSRAM
- ROHM Co., Ltd
- STMicroelectronics N.V.
- Texas Instruments Incorporated
- Eaglerise Electric & Electronic (China) Co., Ltd.
- Lifud technology Co., Ltd.
- BOKE Drivers Co., Ltd
- Shenzhen Xiezhen Electronics Co., Ltd
- MEAN WELL Enterprises Co., Ltd.
- Inventronics, Inc
- Tridonic
- TCI Telecomunicazioni Italia Srl
Global LED Driver Market Recent Developments
- In March 2022, Signify Holdings and Perfect Plants expanded their relationship on cannabis grow lighting. Signify offers adaptable GreenPower LED systems since an LED driver is the brain of an LED lighting system. Two new climate cells are outfitted with dimmable Philips GreenPower LED toplighting small grow lights and the Philips GrowWise Control System, giving a light system that can be utilized effectively and efficiently throughout the development cycle.
- In January 2022, Acuity Brands Inc. is expanding its relationship with Microsoft to deliver additional capabilities to Acuity Brands' intelligent lighting, lighting control systems, and building automation products. Acuity Brands has set a lofty aim of avoiding 100 million metric tonnes of carbon emissions as a result of predicted 2020-2030 sales of LED luminaires, lighting controllers, LED drivers, and building management systems replacing outdated technologies in existing buildings.
LED Driver Key Market Trends
- Increasing demand for smart lighting solutions: The demand for smart lighting solutions is on the rise, with consumers looking for lighting solutions that can be controlled remotely via smartphones or other devices. LED drivers that offer this type of functionality are becoming increasingly popular, as they allow consumers to control their lighting solutions from anywhere and at any time.
- Growing popularity of human-centric lighting: Human-centric lighting is a type of lighting that is designed to mimic the natural changes in light throughout the day, providing a more comfortable and healthy lighting environment. LED drivers that offer this type of functionality are becoming more popular, as consumers become more aware of the benefits of human-centric lighting.
- Increasing adoption of wireless connectivity: LED drivers that offer wireless connectivity are becoming more popular, as they allow for easier installation and greater flexibility in lighting design. Wireless LED drivers can be controlled remotely and can be easily integrated into larger lighting systems, making them an attractive option for architects, lighting designers, and building managers.
LED Driver Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global LED driver market analysis, we found that the LED Driver market is Lighting component technological advancements, such as LED drivers, have enabled energy efficiency and increased performance, increasing market growth over the projection period. rising penetration of light-emitting diodes in commercial and industrial lighting has resulted in rising demand. These parts are utilized in high-intensity lighting applications. Furthermore, companies like Signify Holdings and Microchip Technology, Inc are investing more in R&D to improve the efficiency of existing lighting solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 5.04 billion |
| Market size value in 2030 | USD 30.8 billion |
| Growth Rate | 23.5% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on LED Driver Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on LED Driver Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the LED Driver Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the LED Driver Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the LED Driver Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the LED Driver Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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