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LED Driver Market Size, Share, Growth, Trends, Analysis, Forecast To 2033
LED Driver Market Size
As per the report, the led driver market size has grown exponentially in recent years. It will grow from $6.62 billion in 2023 to $8.22 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The led driver market size is expected to see exponential growth in the next few years. It will grow to $18.49 billion in 2028 at a compound annual growth rate (CAGR) of 22.5%.
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Surge In Smart Homes Fuels Growth In The Led Driver Market
The rising number of smart homes is expected to propel the LED driver market going forward. A smart house is a configuration of appliances and equipment in a home that can be automatically controlled remotely by a networked device and are internet-enabled. The user can control features since the devices in a smart home are connected via the internet. LED drivers are used in smart homes to control multiple LEDs and take care of all the issues by regulating and controlling the power required for an LED, so an increase in smart homes will propel market growth. For instance, according to Oberlo, a Europe-based company that offers full integration of drop shipping, the number of US smart home households increased by 6.69% in 2021, rising from 53.8 million in 2021 to 57.4 million in 2022. Therefore, the rising number of smart homes is driving the LED driver market.
Technological Advancements Transform The Market
Technological advancements are a key trend gaining popularity in the LED driver market. Major companies operating in the LED driver market are focused on developing new technological solutions to strengthen their position. For instance, in May 2022, SiliconCore Technology Inc., a US-based provider of LED display panels, launched CCT-ZL2, an LED driver chip with patented CommonCathode Technology. This new model provides a secure and efficient way to connect and manage IoT devices. It is based on the LoRAWAN protocol, a long-range, wide-area networking technology ideal for connecting IoT devices in remote locations. The CCT-ZL2 is a compact and versatile device that can be used to connect a variety of IoT devices, including sensors, actuators, and gateways.
The led driver market covered in this report is segmented -
1) By Supply Type: Constant Current, Constant Voltage
2) By Luminaire Type: Decorative Lamps, Integral LED Modules, Reflectors, T Lamps, Type A Lamp
3) By Application: Automotive, Consumer Electronics, Lighting Outdoor Display
4) By End User: Residential Lighting, Outdoor and Traffic Lighting, Industrial Lighting, Commercial Lighting, Other End Users
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Major companies operating in the led driver market report are Texas Instruments Incorporated, ams-OSRAM AG, Atmel Corporation, GE Current, ROHM Co Ltd., Macroblock Inc., Semiconductor Components Industries LLC, Cree LED, Signify Holding, Samsung Corporation, Lutron Electronics Co Ltd., NXP Semiconductors, STMicroelectronics, ACE LEDS, BOKE Drivers Co Ltd., Osram GmbH, Maxim Integrated, General Electric Company, ROHM Semiconductors, ON Semiconductor, AC Electronics, Hubbell Inc., Eaton Corporation PLC, Crestron Electronics Inc., Tridonic, Mean Well Enterprises Co. Ltd., Inventronics, Philips, BOKE, LIFUD .
Contents of the report:
1. Executive Summary
2. LED Driver Market Report Structure
3. LED Driver Market Trends And Strategies
4. LED Driver Market - Macro Economic Scenario
5. LED Driver Market Size And Growth
…..
27. LED Driver Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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