LED Driver Market Size, Business Opportunity and Future Demand by 2028 | IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "LED Driver Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global LED driver market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the LED driver market?

The global LED driver market size reached US$ 10.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.8 Billion by 2028, exhibiting a growth rate (CAGR) of 19.31% during 2023-2028.

What is LED driver?

An LED driver is a component that regulates the power supplied to light-emitting diodes (LEDs). It is essential to ensure the proper operation and longevity of LEDs. LED drivers are designed to maintain a constant current or voltage to the LEDs, allowing them to emit light consistently and efficiently. The primary function of an LED driver is to convert the incoming electrical power, typically alternating current (AC) voltage, into the appropriate direct current (DC) voltage or current required by the LEDs, which ensures that LEDs receive the right amount of power to emit light at the desired brightness and color temperature. Additionally, it offers various features, including versatility and dimming capabilities, which allow users to adjust the light intensity to meet specific lighting requirements.

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What are the growth prospects and trends in the LED driver industry?

The LED driver market is primarily driven by the widespread adoption of LED lighting across various sectors, including residential, commercial, industrial, and automotive. In addition, LEDs offer energy efficiency, longer lifespan, and superior illumination compared to traditional lighting technologies, making them an attractive choice for consumers and businesses, thus influencing market growth. Moreover, ongoing technological advancements in LED drivers, such as developing intelligent and programmable drivers, are expanding their applications beyond traditional lighting, including horticulture lighting, healthcare, and entertainment, representing another major growth-inducing factor. Besides this, the emergence of smart lighting systems, which can be controlled remotely through smartphones or voice assistants, is escalating the demand for LED drivers, allowing the dimming and color control capabilities essential for smart lighting applications, thus propelling the market growth. Furthermore, the growing awareness of environmental issues and the need to reduce carbon footprints resulted in the adoption of energy-efficient lighting solutions, thus creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Driver IC
Discrete Components
Others

Breakup by Luminaire Type:

Decorative Lamps
Reflectors
Type A Lamp
T Lamp
Integral LED Modules
Others

Breakup by Supply Type:

Constant Current
Constant Voltage

Breakup by End User:

Residential
Commercial
Industrial

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

Who are the key players operating in the industry?

The report covers the major market players including:

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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