LED Driver Market

LED Driver Market Size (2023-2028):

The Global LED Driver Market was worth US$ 12.36 billion in 2022 and is anticipated to reach a valuation of US$ 43.49 billion by 2028 and is predicted to register a CAGR of 23.58% during 2023-2028.

These LEDs have been emerging as an energy-efficient alternative to traditional lighting sources for some time now. Therefore, LED demand is extensively growing in lighting and display segments from various industries. Additionally, Owing to the benefits of these LEDs like longer life, lower heat output, miniaturization, higher energy efficiency, and directionality, these lighting are replacing traditional lighting items.

Market Drivers and Restraints:

The rising adoption of these LED lighting systems from general lighting applications is the major factor that was driving the growth of the Global LED Drivers business. This adoption of these LEDs is due to the growing demand for lighting systems that are energy-efficient, the convergence of IoT & lighting, and the acceptance of standard policies for lighting control.

Further, advancements in wireless technologies and the developing LED drivers that can be programmable are providing lucrative opportunities for the expansion of the target market players.

However, unfair aspects of the high costs that are involved in the installation of these LED drivers are the major challenge that is hampering the growth of the LED Driver Market, globally.

LED DRIVER MARKET REPORT COVERAGE:

Market Segmentation:

LED Driver Market - By Driving Method:

• Constant Current LED Driver
• Constant Voltage LED Driver

Among these segments, the constant current LED driver segment is the segment that holds the major share of the global LED driver market. The growth of this segment is attributed to its capability that provide constant brightness along with lower power consumption. Also, the surge in demand for these LEDs in general lighting applications is supporting the development of the constant current LED variant.

LED Driver Market - By Luminaire Type:

• Type A-Lamps
• T-Lamps
• Reflectors
• Decorative Lamps
• Integral LED Modules

LED Driver Market - By Component:

•  Driver IC
•  Discrete

LED Driver Market - By Application:

• General lighting
•  Residential
• Office and Shops 
• Hospitality
• Outdoor
• Industrial
• Architectural
• Automotive Lighting
• LCD TV
• Portable PCs and Handhelds

The backlighting application segment is dominating the Global LED Driver Market. The growth of the dominance of this segment is due to the predominant usage of mobile computing devices like smartphones and tablets.

Market Reginal Analysis:

The Global LED Driver Market Report includes the segmentation of regions:

• North America - U.S., Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

In the regional analysis of the Global LED Driver Market, Asia Pacific held the major share of the target market's revenue. Also, the market in this region is predicted to record a substantial boom over the forecast period. The major factor that was boosting the growth of the market in this area is the rising permeation of LED lighting in the automotive and building & construction industries. In the Asia-Pacific region, the LED Driver Market in China is growing rapidly owing to the growing production and ingesting of LED lighting in this country. The other factor that was driving the growth of the LED Driver Market in the Asia-Pacific region is the growing up-gradation of infrastructure, which is the factor that was fuelling the demand for lighting products in this region.

And, the regional LED driver market in Europe is the market that was following the Asia-Pacific’s regional market in terms of size. The soaring concentration of the players in the market and ease in the availability of technical expertise are supporting the business. Further, the growing adoption of these LEDs in smart buildings owing to the IoT and lighting convergence in Europe is boosting the growth of the LED driver market in this locale.

Market Key Players:

1. Osram GmbH (Germany)
2. Harvard Technology Ltd. (UK)
3. Texas Instruments (US)
4. Maxim Integrated (US)
5. Macroblock Inc. (Taiwan)
6. Atmel Corporation (US)
7. General Electric Company (US)
8. Cree, Inc. (the US)
9. ROHM Semiconductors (Japan)
10. ON Semiconductor (US)
11. AC Electronics (US)
12. Signify Holding (Netherlands)
13. Lutron Electronics Co., Inc. (US)
14. NXP Semiconductors N.V. (Netherlands)
15. STMicroelectronics N.V. (Switzerland).

Market Recent Developments:

• Macroblock, a Taiwanese company that was rooted in developing the LED driver IC designs and pushing the boundaries of the LED display industry, has announced that they are going to release their new LED display technology by the 2nd Half of this Year.
• Harvard University and Astellas Pharma Inc. are getting into a three-year strategic alliance for research to support multiple, multi-year research projects that are initiated by Harvard's faculty focusing on the research and development of innovative therapeutics of mutual interest.