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Smart lighting solutions are becoming more popular, which has led to the addition of more advanced features to LED drivers. More and more people are moving to smart towns and homes, which has created a big need for LED drivers that work with smart lighting settings. You can now lower, change the color temperature, and connect these drivers to smart home ecosystems. This is to keep up with the market trend toward more personalized and controlled lighting experiences.
Another trend that is expected to have a big impact on the market is the push for smaller sizes. Company workers are making LED drivers that are smaller and better combined to meet the needs of more and more people who want lighting devices that are thin and small. There should be even more uses for LED drivers now that this is out there.
Many different types of businesses use LED lights for many different reasons, which is making the move toward customization in the LED drivers market stronger. Because of this, companies are making more LED drivers with features that can be changed to fit the needs of different applications, such as home, business, commercial, and car use. It's clear from this trend that the market wants to meet the unique needs of each place. This has increased the number of lighting choices.
Some new rules are affecting the LED drivers market. These rules stress the need to save energy and protect the earth. Global governments are making it very hard for people to use lighting systems that use a lot of energy. These rules have an effect on LED drivers, which are key parts of LED lighting systems. It takes a lot of work for companies to make cars that meet the latest rules and requirements.
The market for LED drivers is doing really well, and people are liking the cheap ones more and more. The price of LED drivers used to be a problem for many people, but it is quickly going down thanks to better production methods and economies of scale. This trend opens up LED lighting to more people, which pushes more people to use it in their homes and businesses.
Smart devices connected to the internet (IoT) are also changing the market for LED drives. Putting LED drives into Internet of Things (IoT) devices lets people monitor, control, and gather data from away, which makes it easier to handle energy use. The trend toward networking is part of a bigger goal to make workplaces better and use less energy.
Even though things are getting better, there are still issues, like fake goods and trouble connecting. There are too many bad LED drivers out there, which hurts both buyers and real makers. Also, even though the business world changes, it's still hard to make LED drives and lighting systems work together.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Data generated in Social Media provides Business Analytics data |
| Market Dynamics | More use of social media by the institution's employees will increase the business. |
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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