In 2021, the LED driver market generates $8,710.9 million, and it is projected to advance at a 24% CAGR, to capture $62,147.8 million in revenue in 2030. It is attributed to the increasing production, and consumption of energy-efficient LED drivers, along with technological advancements in the lighting components.
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| LED Driver Market Revenue Estimation and Growth Forecast Report |
Lighting is one of the rapidly growing businesses, and the usage of smart light is expected to rise in the coming years. In addition, the increasing use of lighting in various sectors such as healthcare, manufacturing, retail, and automotive boosts industry growth.
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Various governments such as China and India increasingly focus on encouraging the deployment of smart lights instead of conventional lights, which will proliferate the production and consumption of LED drivers.
The technological advancements promote organic LED’s development and application and result in increased adoption of modern lighting system technologies in LEDs for automotive application of bend headlights. The constantly rising sales of automobiles and the replacement of damaged lights lead to LED driver industry propulsion.
Moreover, the halogen industry concentrates on replacing halogen lights with LEDs. There is a growing demand for replacing halogen lights in industrial economies.
Under the supply types, the constant current category dominates the industry, accounting for a 60% share of the industry, and it is predicted to retain its position shortly. It is ascribed to the growing adoption of constant current LED drivers due to their consistent forward current without getting affected by input voltage fluctuations.
Moreover, a constant current driver is the best method for increasing the consumption of high-power LEDs, as it facilitates the constant brightness across all LEDs in series. Moreover, the rising output power of constant current drivers, more specifically where long strings are used, boosts their demand.
Under the application segment, the lighting application is projected to experience significant growth in the coming future, with a rate of 25.7%. Green lights offer numerous advantages such as exposure to green light treating skin conditions, reducing pain, fighting depression, and promoting sleep.
In addition, green lights support people with migraine and photophobia. These lights lack mercury unlike other lights such as HID lamps. Therefore, all such factors contribute to the increasing demand for LED drivers.
Moreover, the automotive application is projected to experience the next-significant growth in the LED driver industry, rising at a rate of 24.5%, due to the growing adoption of laser lights and LEDs in automobiles. Such products massively replace conventional lights leading to their enhanced features, long life, high-energy efficiency, high brightness, and affordable cost.
Furthermore, APAC captures the largest share of the LED driver industry, accounting for 40%, and it is expected to dominate the industry in the coming future. Moreover, the favorable government initiatives that encourage the adoption of energy-efficient lighting, rising infrastructure projects, along with increasing competition among industry players proliferate the industry.
Therefore, the rising adoption of LED lights due to their high efficiency, long life, and low-cost boost the LED driver industry.
