According to the latest report by IMARC Group, titled “LED Driver Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global LED driver market reached a value of US$ 8.17 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.87 Billion by 2027, exhibiting at a CAGR of 19.20% during 2022-2027.
A light-emitting diode (LED) driver refers to a self-contained electrical device incorporated in an LED circuit to provide constant voltage or current. The major components of an LED driver are resistor, electrolytic capacitor, polarized capacitor, bridge rectifier, Zener diode, etc. An LED driver is commonly used for lighting and decoration purposes in both residential and commercial establishments. They are compact, lightweight, cost-effective, energy-efficient, and easy to install. As a result, LED drivers are also utilized as indicators in cars, motorcycles, and other vehicles.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The increasing levels of electricity consumption, owing to the expanding global population, are among the key factors driving the LED driver market. Moreover, the rising electricity prices are further stimulating the adoption of cost- and energy-efficient LED lighting solutions. Besides this, the elevating number of smart city projects is acting as another significant growth-inducing factor. Furthermore, the growing emphasis on replacing traditional bulbs with LEDs in contemporary automobiles for increased luminous efficacy and safety is also augmenting the global market. In addition to this, the emerging trend of digital-out-of-home (DOOH) advertising is promoting the utilization of LED modular displays. This, in turn, is expected to bolster the LED driver market over the forecasted period.
Breakup by Component:
- Driver IC
- Discrete Components
Breakup by Luminaire Type:
- Decorative Lamps
- Type A Lamp
- T Lamp
- Integral LED Modules
Breakup by Supply Type:
- Constant Current
- Constant Voltage
Breakup by End User:
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- AC Electronics
- ams AG
- Hatch Lighting
- Lutron Electronics Co. Inc.
- Macroblock Inc.
- Maxim Integrated Products Inc. (Analog Devices Inc.)
- Microchip Technology Inc.
- NXP Semiconductors N.V.
- Rohm Co. Ltd.
- Semiconductor Components Industries LLC
- Signify N.V.
- SMART Global Holdings Inc
- Texas Instruments Incorporated.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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