LED Drivers Market

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.

The Global LED Drivers Market Industry is experiencing a notable surge in demand for energy-efficient lighting solutions. As energy costs continue to rise, consumers and businesses alike are increasingly seeking alternatives that reduce energy consumption. LED drivers play a crucial role in optimizing the performance of LED lighting systems, ensuring they operate efficiently. This trend is reflected in the projected market value, which is expected to reach 17.0 USD Billion in 2024. The shift towards energy-efficient technologies is further supported by government initiatives promoting sustainable practices, thereby driving the growth of the Global LED Drivers Market Industry.

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.

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.