Globally, the size of the LED Drivers Market is expected to reach USD 73.33 billion by 2030 at a CAGR of 27.20% driven by, most of the developing regions preferring LED lights as the primary lighting solution.
The energy top the LED string is transferred in a regulated manner. Most of the LEDs can easily run out of thermal energy. The LED drivers are equipment that sustains the LED from premature failure. The electrical properties in the process can change according to the temperature.
The LED drivers are utilized for plenty of applications. However, the outdoor LED lights require these drivers the most. Streetlights, highways, tunnel lights and road lights are some of the crucial areas requiring LED drivers. Today, the LED drivers market is facing massive demand from end-users. The high innovation and its widespread benefits are reasons for high demand. Most of the LED lighting technologies receive flexibility through these drivers.
In the upcoming years, the adoption rate of LED lighting is surging. Cost efficiency, exceptional lighting and the high life’s span of these lights are increasing adoption. All these factors will grow the LED drivers market. The LED driver’s market value is expected to increase by USD 73.33 billion by 2030.
The spread of covid 19 is rapid globally. Many manufacturing facilities are facing a decline in demand in this period. The shutdown of the industries is leading to less supply rate in the market. This virus outbreak is affecting the LED drivers market. The shipment and supply disturbances are key challenges in the market. China is a regional player in the LED driver market. It is a region where the virus has originated.
It is the most affected regional player in the market. The decreasing demand for the semiconductor industry is affecting the growth of LED drivers. However, from 2021 the LED driver market demand is continuously surging. There is massive growth in the market due to a rise in production. The governmental initiatives for smart cities are rising. Most of the smart cities use LED lighting than traditional lights. It is leading to the immense adoption of LED drivers in the current years. In upcoming years, the LED Drivers Market Growth trend is surging.
The increasing adoption of LED lights is a crucial demand driving factor of the LED driver market. Globally these smart LED lights are gaining more traction. More than 10 billion units of these lights are supplied in various markets. In the forecast period, the adoption rate of the market is expected to grow even more. More than 90% of the lighting market will have LED sales.
All these factors increase demand for LED drivers. Through these drivers, the life and quality of LED light are enhanced. Penetration of these lights in emerging economies is higher. Today, most of the developing regions prefer LED lights as the primary lighting solution. Cost efficiency and energy efficiency are crucial features attracting many end users. Through this penetration, the LED driver market is facing many positive changes.
Through these drives, end-users can change lighting variation according to the application. It is suitable for any purpose through the LED drivers. The highly manageable lighting through LED driver modified consumes preference towards the LED lights market. All these factors are crucial demand driving factors of the LED driver market. These developments in the market will lead to high LED Drivers Market Revenue.
The supporting governmental regulation is leading to high LED Drivers Market Opportunities. Today, many governments are encouraging energy-efficient lights. The regulations for the LED drivers market are favourable. These initiatives by the government are expected to grow in upcoming years.
The governmental investments for LED drivers are increasing. All these factors will expand the overall market growth. This initiative is saving billions of money on energy solutions. Due to energy efficiency, the economy is surging. These factors will enhance the governmental initiative in the next few years. The growing smart building will create more scope for the LED drivers. LED lights are the key lighting solution in smart cities.
Smart cities provide automation, convenience and energy efficiency. In upcoming years, the development of the new smart building is higher. It leads to higher adoption of LED lights. Further, the overall LED driver market will witness a sharply surge. In the next few years, the key players of the market are increasing their production. China is a key player in the LED driver market. It will lead to more export of these drivers. All these factors will raise the supply rates of the LED drivers market.
Lack of awareness about LED drivers is a restraining factor of the market. Due to energy efficiency and cost benefits LED lights to have high demand. Also, the penetration of these lighting solutions is tremendous. However, LED drivers have less awareness among end-users.
Many do not know the function and benefits of the drivers. Lack of product awareness can decline demand for the market. Also, the adoption rate can be less in upcoming years. The key players of the market are taking initiatives to increase awareness. Still, this restraint can affect the growth of the LED drivers market.
Higher capital investment is a challenge of this market. LED lights are one of the cost-efficient lighting solutions. However, LED drivers are accessories that require higher investment. This challenge of the market can affect the adoption rate.
Especially, the emerging economies will have less demand for Led drivers. Also, there are no standard regulations regarding the use of these LED drivers. Lack of standards can lead to inconsistencies. These factors can decline the expansion rate of the LED drivers market. Also, the supply of LED drivers can decline due to these market challenges.
The LED Drivers Market Trends is stable in the forecast period. The market has plenty of drivers such as increasing adoption and widespread penetration. Cost efficiency and energy benefits are some of the features that drive demand from the LED drivers market. The residential segment thee will have the highest demand for LED drivers.
The need for energy consumption is leading to more adoption of the driver. However, a lack of awareness in some regions is restraining the market growth. Also, the high initial cost is another challenge for developing economies. LED Drivers Market Analysis shows high development opportunities in the market.
Asia Pacific is the leading LED drivers regional player. It is holding the highest LED Drivers Market Share. Growing urbanization is a key driver in the Asia Pacific region. China, India and Japan are crucial contributors to overall market growth. Key players in the market are raising the production of LED drivers.
The investments from the end-users are surging. The penetration of the product in automotive, construction and residential areas are higher. Also, the cost of electricity is an important expenditure in Asia Pacific countries. The need to reduce this bill will lead to higher adoption of LED drivers.
By Product Type
By Luminous Type
The LED drivers market is highly competitive. There are plenty of dominant players with new strategies. New developments will take place in the market. Also, cost competitiveness in the market is high. In the upcoming years, acquisitions, expansions and mergers will bring favourable changes to the LED drivers market.
LED drivers market is diversified into Asia Pacific, Europe and North America. Asia pacific will outgrow other regional players. Governmental initiatives in the region are leading to high growth. High energy consumption is leading to high electricity bills. To control this expenditure government is taking plenty of initiatives.
North America is the next largest region with higher growth. The awareness about LED drivers is more. Also, investments are massive in North America. The presence of LED Drivers Market Key Players will bring new developments. Also, Europe is a region with a high potential for LED drivers. LED Drivers Market Forecast shows high Research and innovation possibilities in the next few years.
|Market Size||USD 73.33 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component, Luminaires Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Osram GmbH (Germany), Harvard Technology Ltd. (UK), Texas Instruments (US), Maxim Integrated (US), Macroblock Inc. (Taiwan), Atmel Corporation (US), General Electric Company (US), Cree, Inc. (the US), ROHM Semiconductors (Japan), ON Semiconductor (US), AC Electronics (US), Signify Holding (Netherlands), Lutron Electronics Co., Inc. (US), NXP Semiconductors N.V. (Netherlands), and STMicroelectronics N.V. (Switzerland).|
|Key Market Opportunities||
|Key Market Drivers||
Asia-Pacific is recorded to have acquired the largest share in the global LED drivers market.
Osram GmbH (Germany), Harvard Technology Ltd. (UK), Texas Instruments (US), Maxim Integrated (US), Macroblock Inc. (Taiwan), Atmel Corporation (US), General Electric Company (US), Cree, Inc. (the US), ROHM Semiconductors (Japan), ON Semiconductor (US), AC Electronics (US), Signify Holding (Netherlands), Lutron Electronics Co., Inc. (US), NXP Semiconductors N.V. (Netherlands), and STMicroelectronics N.V. (Switzerland).
Type, Component, Luminaires Type, Application are the segments involved in the segmental analysis of the market.
Helvar is the company that is assisting the market’s growth currently by launching a new product line of small-sized LED drivers—MINI.
Europe has become the second-largest market for LED drivers because of the high concentration of market players as well as easy accessibility of proficient technical expertise.