LED Driver Market Size, Share, Growth Analysis, By Component (Driver IC, Discrete Component), By Luminaire (Type A Lamp, Reflectors), By Application, By End User, By Region - Industry Forecast 2025-2032

LED Driver Market size was valued at USD 12.76 Billion in 2023 and is poised to grow from USD 15.5 Billion in 2024 to USD 73.62 Billion by 2032, growing at a CAGR of 21.5% during the forecast period (2025-2032).

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.