LED Driver Market Forecasts to 2028 - Global Analysis By Product (Constant Current and AC LED and Constant Voltage), Control Feature (Wired and Wireless), Supply Type (Constant Voltage and Constant Current), Channel Count (Dual, Single and Three and Above

LED Driver Market Forecasts to 2028 - Global Analysis By Product (Constant Current and AC LED and Constant Voltage), Control Feature (Wired and Wireless), Supply Type (Constant Voltage and Constant Current), Channel Count (Dual, Single and Three and Above), Application (General Lighting, Backlighting, Automotive Lighting and Electronic devices), End-User (Office, Residential, Retail and Hospitality, Outdoor, Industrial, Healthcare and Educational Institutions and Other End Users) and Geography

According to Stratistics MRC, the Global LED Driver Market is accounted for $14.64 billion in 2022 and is expected to reach $51.95 billion by 2028 growing at a CAGR of 23.5% during the forecast period. An LED driver is a component of electrical equipment that helps provide electricity to a string of LEDs in a controlled manner. By regulating the thermal runaway, the LED driver is used to prevent the LEDs from failing. The thermal runaway effect occurs when the current is increased, causing the forward voltage VF, LED temperature, and output load to decrease.

According to International Energy Agency, in November 2021, over 50% of buildings sector lighting markets globally will be covered by LEDs. LED Driver vendors are expected to focus on increasing the offering's capabilities by enabling flicker-free output, supporting dimming, smooth dimming, and long-lasting life for the residential sector; for outdoor lighting solutions, the focus will be on environmental protection and tenability.

Market Dynamics:

Driver:

Surge in adoption of energy-efficient lighting

Efficiency in lighting is being adopted more frequently because of its benefits over other types of lighting that make it possible for individuals to work in offices, industries, and households. Because of its advantages, such as an extended shelf life and greater energy savings, the use of efficient lighting is increasing. Additionally, the alternative with the lowest life-cycle cost is usually energy-efficient lighting. In addition to reducing customer costs and mercury emissions, it also minimizes peak loading and material volume. As a result, light-emitting diodes are being adopted at a higher rate for their efficiency. Since LED lighting is energy efficient, more companies are adopting it, which in turn increases demand and growth as well as fuels the expansion of the LED driver market.

Restraint:

High cost for the installation

LED drivers supply the electricity that LEDs need to run and perform at their peak. The complex LED circuit requires the installation of an LED driver, which raises the price. Furthermore, LED drivers protect LED bulbs from electrical current fluctuations, making proper installation essential for extended life and energy efficiency. The market expansion for LED drivers is hampered as a result of the increased installation costs.

Opportunity:

Increasing usage in various end users

As the use and acceptance of LED light depends on the individual, their awareness, decision-making, and lifestyle, as well as related environmental concerns, the market is projected to rise during the forecast period. Because of tight regulations, the use of LED solutions is expanding, but consumer awareness of the advantages of LEDs is still substantially lower, despite sharply rising demand. Additionally, as a result of different smart city projects, through which governments throughout the world seek to minimize energy consumption and save money, the need for external drivers is also anticipated to rise significantly in all regions of the world.

Threat:

Increase in energy consumption

Due to the energy-efficient and cost-saving characteristics, the market's growth is being impacted by the increasing use of LEDs during the forecast period. When integrated with a driver, LEDs are highly controllable, and the intensity may change depending on the circumstances. The growth in population and industrial development over the past few years has also contributed to an increase in the world's energy demand. The global energy crisis was caused by the diminishing supply of resources and rising demand for electricity. To meet this challenge, laws on energy usage in a range of countries restrict the use of consumer electronics that consume less energy.

Covid-19 Impact

The COVID-19 epidemic is having an impact on the global economy. The supply chain is being disrupted more and more by this outbreak. As a result, the stock market is unpredictable, businesses are less optimistic, the supply chain is sluggish, and consumer concern is rising. The closure of manufacturing facilities in the region has severely hurt business and revenue in lockdown-affected European nations.

The electronic devices segment is expected to be the largest during the forecast period

Due to the increasing use of mobile phones and TVs in underdeveloped countries worldwide, the electronic devices segment accounted for the largest revenue share over the projected period. As LED has better visual quality, higher colour accuracy, and requires less electricity, it is replacing conventional LCD screens. Additionally, these elements may also be found in the display panels of a wide range of consumer electronics, such as air conditioners, refrigerators, and other gadgets. Furthermore, users have been compelled to adopt LED lighting as a result of the global need for energy-efficient lighting growing at an increasing rate.

The Outdoor segment is expected to have the highest CAGR during the forecast period

Developed nations, including the U.S., China, Japan, and the U.K., have seen the highest increases in demand for video walls as a result of increased digital marketing and advertising efforts, Outdoor segment is expected to witness highest CAGR during the projected period. Signage, video walls, kiosks, and other similar application displays are all included in the outdoor display segment. Moreover, LCDs are commonly used for outdoor displays, the use of LEDs is growing as costs reduce.

Region with largest share:

Government subsidies, an increase in the use of LED lighting, and improved manufacturing facilities in the region are all accountable for the region's growth, Asia Pacific dominated the LED driver market and achieved the largest revenue share during the forecast period. In March 2021, the Indian government launched the GRAM UJALA scheme, that will provide LED lights to rural communities for just Rs. 10 per bulb. Rural consumers can receive 7-watt and 12-watt LED lights with a three-year warranty if they send in functional incandescent bulbs.

Region with highest CAGR:

The penetration and demand for LED solutions in the nation are projected to have a substantial impact on the region's market growth in the Asia Pacific region which is predicted to have the highest CAGR during the forecast period. In order to conserve energy and money on maintenance, the government also promotes the use of lighting technologies for highway and road applications which resulted in increase in the adoption of LED lighting in the nation, resulting in new market opportunities for LED drivers.

Key players in the market

Some of the key players in LED Driver market include Acuity Brands Lighting Inc, Hubbell Incorporated, Lutron Electronics Co. Inc, MEAN WELL Enterprises Co. Ltd, Signify Holding, Eaton Corporation Plc, Crestron Electronics Inc., Cree Inc, AC Electronics (ACE), ERP Power LLC, Osram GmbH, Enedo Plc, Autec Power Systems, Hatch Lighting and Allanson International.

Key Developments:

In June 2019, ERP Power, who provides connected LED drivers for the lighting industry acquired Lumenetix, developer of tunable color light engines and digital controls. To reduce original equipment manufacturer complexity ERP aims to combine its power control and Lumenetix’ tunable light. This will also accelerate LED lighting fixture time to market.

In December 2018, This SREC advancement opened doors to the improvement of LED drivers and module frameworks with integral thermal protection, which supplanted the thermal protection customarily utilized in downlight luminaires. Imply is the noticeable pioneer with UL and Intertek in security advances, they have extended their advanced safety engineering developments to LED class P drivers, Emergency LED class P drivers, Lighting controls, and different items.

Products Covered:
• Constant Current and AC LED
• Constant Voltage

Control Features Covered:
• Wired
• Wireless

Supply Types Covered:
• Constant Voltage
• Constant Current

Channel Counts Covered:
• Dual
• Single
• Three and Above

Applications Covered:
• General Lighting
• Backlighting
• Automotive Lighting
• Electronic devices

End-Users Covered:
• Office
• Residential
• Retail and Hospitality
• Outdoor
• Industrial
• Healthcare and Educational Institutions
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements