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There are a lot of things that affect the choices that makers and buyers make and the growth path of the LED drivers business. One big reason the market is growing is that more and more people want lighting choices that use less electricity. As people care more about the environment, LED technology is becoming more common because it saves energy. LED drivers are important parts that power and control these energy-efficient LED lights. Companies are making more of them and making them better because demand is high.
Rules are also making the market for LED drivers better. Governments around the world are strict on rules that protect the environment and save energy, which is making LED lighting systems more popular. So, LED drivers have to meet these standards, which pushes companies that make drivers to keep up with the latest rules in the business. This work to change the law makes the market more competitive by making following the rules a key way to tell goods apart. It also gets people to think more about the environment.
LED drivers need to work on new ideas all the time to stay ahead of the curve. It costs a lot of money for manufacturers to make drivers that work with the newest LED technology and offer extra features like fading, smart settings, and connecting to the Internet of Things (IoT) platform. To stay competitive in a market where technology is changing things all the time, you need to come up with new ideas.
Since LED lights last a long time, they use less power. Some people might not use LED lighting systems, though, because they are expensive to set up and come with LED drivers. So that this doesn't happen, companies are working hard to make production more efficient, offer cheap LED driver options, and use economies of scale.
Another thing that makes a difference is the widespread use of LED lights in many places. There are now LED lights in homes, businesses, workplaces, and cars, and each one has its own needs. People have had to make a lot of different LED drives to meet all the different needs. Since different businesses need various types of LED drivers, the market is full of them. Some use little power for home lights, while others have a lot of power for heavy duty use.
It's not all smooth sailing, though, as issues like fake goods in the market are still a danger. As more cheap LED drivers have come out on the market, worries about safety, performance, and reliability have grown. To fix these issues, both manufacturers and users of LED lighting systems need to be more careful to keep them clean.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 10.5 Billion |
| Market Size Value In 2023 | USD 13.356 Billion |
| Growth Rate | 27.20% (2023-2032) |
LED Drivers Market Highlights:
Global LED Drivers Market Overview:
LED Drivers Market Size was valued at USD 13.356 billion in 2023. The LED Drivers market industry is projected to grow from USD 16.988832 Billion in 2024 to USD 91.53207355 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.43% during the forecast period (2024 - 2032). Increased adoption of LED lighting and rising demand for energy-efficient lighting systems are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
LED Drivers Market Trends
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Government emphasis on encouraging LED products rather than conventional lights drives the market growth.
Various governments, including India and China, focus on boosting the deployment of these items instead of traditional lights, which, in turn, encourage the manufacture and consumption of the drivers. For instance, In August 2018, for example, the Government of India, Energy Efficiency Services Limited (EESL), and the World Bank signed a $220 million loan agreement and an $80 million guarantee agreement for the India Energy Efficiency Scale-Up Program, which increased the use of an efficient tube and LED streetlights. This factor drives the Market CAGR.
Additionally, the government encourages lighting technologies to minimize energy and maintenance expenses for roadway, railway, and highway applications. Such government and organizational measures are likely to expand the country's adoption of LED lighting considerably, consequently offering opportunities and prospects for the LED driver in the country.
Further more, the growth of the LED driver industry includes a surge in the adoption of energy-efficient lighting, an increase in the development of programmable LED drivers, and a rise in the adoption of smart infrastructure in developing regions. However, the high installation cost is expected to pose major threats to the growth of the LED driver market. Thus, driving the LED Drivers' market revenue.
LED Drivers Market Segment Insights:
LED Drivers Type Insights
The LED Drivers Market segmentation, based on type, includes Constant Voltage, Constant Current. The constant voltage segment dominated the market; it is projected to remain widespread throughout the years owing to its substantial utilization across the sector. Constant current drivers are preferable for various applications because they allow more control and the flexibility to design a uniformly bright and clean display. Because these devices 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 keeps the current constant even when the voltage fluctuates with temperature, minimizing thermal runaway and over-driving the LED. While using light-emitting diodes in lighting applications, this approach provides improved brightness consistency and a longer lifetime.
LED Drivers Component Insights
The LED Drivers Market segmentation, based on components, includes driver IC and discrete components. The driver IC segment dominated the market; The Driver IC combines low quiescent current with greater flexibility to enhance the battery life of portable devices. Outsourcing component manufacturing to firms based in China and Taiwan has grown in popularity, as it allows lighting manufacturers to cut the cost of the end product. The adoption of smart lighting has pushed manufacturers to build revolutionary loT-based lighting for smart home applications.
Figure 1: LED Drivers Market, by Component, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
LED Drivers Regional Insights
Segmented by Region, the study provides market insights for North America, Europe, Asia Pacific, and the Rest of the World. The North American LED Drivers market will dominate, owing to the increased adoption of LED lighting throughout high and low-end automobile segments. This will boost the market growth in this Region.
In addition, major countries examined in the report market include the United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL LED DRIVERS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's LED Drivers market accounts for the second-largest market share due to the increase in the use of technology for outdoor applications and attractive LED incentive programs, which is driving up demand for LED components. Further, the German LED Drivers market held the largest market share, and the UK LED Drivers market was the largest-growing market in the European Region.
The Asia-Pacific LED Drivers Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to expanding awareness of a healthy lifestyle and nutrition and rising per capita disposable income. Moreover, China’s LED Drivers market held the largest market share, and the Indian LED Drivers market was the largest-growing market in the Asia-Pacific region.
LED Drivers Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the LED Drivers market grow even more. Market participants are also undertaking different strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. LED Drivers industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global LED Drivers industry to benefit clients and increase the market sector. In recent years, the LED Drivers industry has offered some of the most significant advantages to medicine. Major players in the LED Drivers market, including Hatch Lighting, Autec Power Systems, ERP Power LLC, Enedo Plc, LumaStream Inc., Cree Inc., AC Electronics (ACE), MEAN WELL Enterprises Co. Ltd, Acuity Brands Lighting Inc., Crestron Electronics Inc., Signify Holding, Lutron Electronics Co. Inc., Eaton Corporation Plc., are attempting to increase market demand by investing in research and development operations.
OSRAM Licht AG is a German lighting company headquartered in Munich and Premstaten. Osram is a high-end photography company focused on sensor technology, optical imaging, and light processing. Osram expands its LED drivers with the new OTi DALI 80 NFCL. The DALI-2 LED driver is programmable via DALI and NFC and has many energy-saving features. Monitoring data and fixture data following DiiA Specifications -251, -252, and -253 provide a solid foundation for the efficient operation of IoT installations.
Wide use of LED drivers and high-quality analog dimming products from 1% to 100% meet the requirements of offices, schools, and shops Sharpness Brands, Inc. is a lighting and building management company headquartered in Atlanta, Georgia, with operations in North America, Europe, and Asia. The company has approximately 13,000 employees and sales of $3.7 billion. Sharpness Brands, Inc.
Acuity Brands has targeted eliminating 100 million tons of carbon emissions between 2020 and 2030 by selling LED fixtures, lighting, LED drivers, and building management to replace obsolete equipment in existing buildings.
Key Companies in the LED Drivers market include
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Hatch Lighting,
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Autec Power Systems
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Enedo Plc
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LumaStream Inc.
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Cree Inc.
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AC Electronics (ACE)
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MEAN WELL Enterprises Co. Ltd
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Acuity Brands Lighting Inc.
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Crestron Electronics Inc.
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Signify Holding
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Lutron Electronics Co. Inc.
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Eaton Corporation Plc
LED Drivers Industry Developments
January 2024: Hyundai has announced the 2024 Creta, which has introductory prices beginning at Rs. 11 lakh (ex-showroom). This week's introduction came at the beginning of this business week. In order to compete with other cars that are equivalent to it, such as the Kia Seltos, Maruti Grand Vitara, Toyota Hyryder, and Honda Elevate, the mid-size SUV is now available in seven distinct variants, each of which is available in seven different color options.
There are a number of new elements that have been introduced to the redesigned Creta. Some of these new features include a new grille that is made of black chrome, new LED daytime running lights, rectangular LED headlights, and a front bumper that has been significantly changed. The sole modification that has been made to the side profile is the installation of a new set of dual-tone alloy wheels that are wrapped in 17-inch tires. This is the only alteration you will notice.
A pair of new LED taillights, a redesigned bumper, and an LED light bar are all positioned at the rear of the remodeled mid-size SUV. All of these new features are located in the rear of the vehicle. There are a number of external modifications that are featured, including a shark-fin antenna, roof rails, a high-mounted stop light, and an integrated spoiler.
Within the center console, there is also a wireless charger, a 12V outlet, and charging ports of both Type-C and Type-A. All of these features are provided. Also included in the package that may be purchased are a driving mode/traction mode dial and an electronic parking brake that includes an auto-hold function. Both of these components are available for purchase.
Both a gasoline engine with a capacity of 1.5 liters and a diesel engine with the same capacity are included in the 2024 Hyundai Creta's powertrain lineup along with the gasoline engine. A brand-new turbo-petrol engine with a capacity of 1.5 liters has been added to the roster of alternatives.
March 2022: Signature Holdings and Perfect Plants expand partnership in cannabis grow lights. Since LED drivers are the brains of LED lighting, Signify offers replacement GreenPower LED systems. Equipped with dimmable Philips GreenPower LED to plit compact grow lights and the Philips GrowWise control system, the new dual climate system provides efficient lighting that can be used efficiently and effectively throughout all growing stages.
January 2022: Sharpness Brands, Inc. It expands its partnership with Microsoft to bring new capabilities to Acuity Brands' smart lighting, lighting control, and design automation solutions. Acuity Brands has targeted eliminating 100 million tons of carbon emissions between 2020 and 2030 by selling LED fixtures, lighting, LED drivers, and building management to replace obsolete equipment in existing buildings.
LED Drivers Market Segmentation:
LED Drivers Type Outlook
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Constant Voltage
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Constant Current
LED Drivers Component Outlook
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Driver IC
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Discrete Component
LED Drivers Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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