LED Driver Market is Likely to Rise at 24.6% CAGR By 2032

Published Date : 14 Aug 2023

The global LED driver market size surpassed USD 5.68 billion in 2022 and it is projected to attain around USD 51.02 billion by 2032, poised to grow at a CAGR of 24.6% from 2023 to 2032.

LED Driver Market Size and Growth Rate From 2023 To 2032

A self-contained electrical component used in an LED circuit to deliver steady current or voltage is called an LED driver. The resistor, polarized capacitors, & Zener diode are typically its constituent parts. It is small, light, efficient in terms of energy, minimal maintenance, and simple to install. As a consequence, it is frequently utilized for lighting and ornamental purposes in commercial and residential buildings. Around the world, it is also used as an indicator in bikes, cars, and several other vehicles. Constant current supply types contributed to more than 60 percent of the overall market revenue.

It is anticipated that they will continue to dominate the market during the projection period. This can be attributed to the increasing use of constant power LED drivers, which deliver steady forward current regardless of input voltage variations. Furthermore, since it maintains consistent illumination across all LEDs connected in series, a constant power driver is a great way to drive high-power LEDs. The need to monitor the drive current grows as these devices' output power rises, especially when lengthy strings are included. This encourages the usage of steady current drivers.

Report Highlights:

  • By driver type, there are two market segments: constant voltage LED drivers and constant current LED drivers. The constant current LED driver category is predicted to dominate the market throughout the anticipated time. Constant power LED driver segments' dominance in the LED driver market is attributed to their capacity to prevent exceeding the current rating given for the LEDs and avoiding thermal runaway.
  • By end-user segment, the market is segmented into Domestic Lighting, Industrial Lighting, External & Traffic Lighting, Business Lighting, and Others. The market for traffic and exterior lighting is expected to grow at the fastest rate during the predicted time. The roads, main roads, and highways need a variety of control technologies, and many projects call for multiple solutions to benefit fully from energy savings.
  • Based on Luminaire type, the market is segmented into Attractive Lamps, Integrated LED modules, Reflectors, and Type A-Lamps. The Type A-Lamps category is the market leader. Although consumers prefer fully integrated modules inside of an LED configuration to conventionally made LED systems because they can save money, the market for integrated LED modules is growing swiftly.

LED Driver Market Report Scope:

Report Coverage Details
Market Revenue in 2023 USD 7.05 Billion
Projected Forecast Revenue in 2032 USD 51.02 Billion
Growth Rate from 2023 to 2032 CAGR of 24.6%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 To 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Regional Snapshots:

APAC accounted for more than forty percent of the market's sales for LED drivers in 2021, and it is expected to keep dominating the sector over the long term. The main drivers of the market's expansion are the supportive government programs to encourage energy-efficient lighting, the intensifying player competition that leads to product innovation, and the rising number of infrastructure projects.

Additionally, in 2021, Europe and North America were the market's 2nd and 3rd biggest revenue contributors, respectively. This might be attributed to the increasing integration of LED lighting in business and industry, particularly in the automotive industry. Additionally, the deployment of these technologies in these areas is aided by the rising levels of owner-occupied dwellings and personal disposable money.

Market Dynamics:

Due to the widespread adoption of LEDs as a replacement for conventional lighting, the development of the worldwide LED driver industry is accelerating dramatically. Additionally, the market is expanding as a result of an increase in the need for IoT-based interconnected lighting solutions brought on by the rise in the number of smart homes. Numerous projects have been started by governments all over the world to increase energy efficiency. One of the key reasons cited to drive the expansion of the worldwide LED Driver Market is the government's endeavors to implement energy-saving measures. Demand has increased as the usage of light-emitting diodes for illumination in the commercial and industrial sectors has spread.

The main factors limiting market growth, among others, are the rise in the lack of standards that govern the production of these goods, lack of knowledge about the advantages and the product's availability in various emerging economies, and increase in major concerns about the high costs that come with the substitute of the commodity if any malfunction or complications occur in its operations. There is a misconception that installing LED drivers is expensive, and as a result, the industry may see some unfavorable trends. Additionally, the absence of universal standards among manufacturers may make it difficult for the market to expand.

The industry for LED drivers is expanding as a result of the expanding use of Led bulbs in a variety of applications, including automotive, outdoor, and industrial lighting. Several governments have started "smart city" initiatives to create urban areas that are both technically advanced and environmentally friendly. Sustainable lighting is a crucial component of these projects.

As a result, there is a huge rise in the demand for Internet-of-things smart lighting solutions in these nations. Artificial streetlights which turn off & on using daylight sensors have also been deployed in many places. The auto sector is concentrating on replacing halogen bulbs with LEDs as new car sales are booming and damaged lights need to be replaced. In industrialized nations, there is a sizable demand for halogen light replacement, which supports the LED driver industry.

Key Developments:

  • The relationship between Perfect Plants and Signify Holdings on cannabis grow lights will grow in March 2022. Signify offers adaptable GreenPower LED systems since an LED driver is the mind of a LED lighting system. With the addition of the Philips GrowWise Control System and two new temperature cells, a light setup that can be utilized efficiently and effectively during the whole growth cycle is now available.
  • For instance, Signify Holdings announced in January 2022 a lineup of Philips Hue intelligent lighting products and features to assist consumers in creating the ideal atmosphere both indoors and outside. The brand-new items included the Resonate wall light, the Inara wall light, the Calla stainless steel bollard, and the Philips Hue Lucca wall light.
  • In January 2022, with the addition of new features to Acuity Brands' lighting systems, & building automated products, the company will expand its partnership with Microsoft. By replacing obsolete solutions in existing buildings with LED luminaires, lighting controllers, LED drivers, and building monitoring systems during the forecasted period, Acuity Brands hopes to eliminate 100 million metric tonnes of carbon emissions.

Major Key Players:

  • Cree LED
  • Signify Holding
  • Maxim Integrated
  • Texas Instruments Incorporated
  • NXP Semiconductors
  • STMicroelectronics
  • Bokedriver
  • MEAN WELL Enterprises Co.
  • Inventronics Inc.

Market Segmentation:

By Product

  • Constant Voltage
  • Constant Current

By Luminaire Type

  • Decorative Lamps
  • Reflectors
  • Type A Lamp
  • Others

By Component

  • Driver IC
  • Discrete Component
  • Others

By Control Feature

  • Wired
  • Wireless

By Application  

  • General Lighting
  • Electronic Devices
  • Automotive Lighting
  • Lighting Outdoor Display

By End-User  

  • Residential
  • Commercial
  • Industrial

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