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LED Driver For Lighting Market Growth And Overview Report 2024-2033
LED Driver For Lighting Market Growth
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According to The Business Research Company's, The LED driver for lighting market size has grown exponentially in recent years. It will grow from $21.20 billion in 2023 to $25.51 billion in 2024 at a compound annual growth rate (CAGR) of 23.50%. The growth in the historic period can be attributed to energy efficiency regulations, government initiatives and subsidie, growing awareness of environmental issues, and urbanization and infrastructure development.
The LED driver for lighting market size is expected to see exponential growth in the next few years. It will grow to $54.05 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to rising proliferation of electronic devices, increasing demand for energy-efficient lighting, rising adoption of smart systems, and growing adoption in automotive lighting. Major trends in the forecast period include advancements in LED technology, smart lighting and IoT integration, adoption of wireless technologies, miniaturization and advanced designs, and customization and versatility.
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Market Drivers and Trends:
The rising incidence of asthma and allergic conditions is expected to propel the growth of the leukotriene modifier market going forward. Asthma and allergic conditions refer to a group of disorders characterized by hypersensitivity reactions of the immune system to various allergens, resulting in inflammation and other symptoms. The increasing incidence of asthma and allergic conditions can be attributed to increased exposure to pollutants, rising temperatures, changing weather patterns, and higher population density. Leukotriene modifiers help manage and alleviate symptoms of asthma and allergic conditions while also improving overall respiratory function, reducing inflammation, and providing a safer and more effective treatment option for patients with chronic respiratory issues. For instance, in May 2024, according to the data published by the National Center for Health Statistics (NCHS), a U.S.-based health statistics agency, the prevalence of current asthma among adults aged 18 and over in the United States increased from 8.4% in 2021 to 8.7% in 2022. Additionally, the incidence of asthma episodes in the past 12 months for adults in the same age group rose from 3.3% in 2021 to 3.7% in 2022. Therefore, a rising incidence of asthma and allergic conditions is driving the leukotriene modifier market.
Major companies in the LED driver for lighting market are focusing on developing advanced technologies, such as IoT-integrated LED lighting systems, to improve energy efficiency, control, and connectivity in lighting systems. IoT-integrated LED lighting systems are lighting solutions that combine energy-efficient LED technology with the Internet of Things (IoT) connectivity. For instance, in August 2023, Delta Electronics, a Taiwan-based industrial power system supplier, launched the EUCO-2.1kW LED drivers for high-powered applications like sports stadiums, featuring D4i protocol for IoT integration. With a solid heat sink design and wide operating temperature range of -40°C to +50°, it supports three independent output channels up to 1500W each, offering flexibility and efficiency in stadium lighting management.
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Major Key Players of the Market:
Panasonic Corporation, Toshiba Electronic Devices & Storage Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, Delta Electronics Inc., Analog Devices Inc., ON Semiconductor Corporation, ams AG, Hubbell Inc., ROHM Co. Ltd., Maxim Integrated Products Inc., Diodes Inc., Mean Well Enterprises Co. Ltd., Allegro MicroSystems Inc., Power Integrations Inc., Cree Inc., Elmos Semiconductor SE, Lutron Electronics Co. Inc., Fulham Co. Inc., Helvar Oy AB, Cypress Semiconductor Corporation
LED Driver For Lighting Market 2024 Key Insights:
• The LED driver for lighting market size is expected to see exponential growth in the next few years. It will grow to $54.05 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%.
• Rising Vehicle Numbers Drive Growth In LED Driver For Lighting Market
• Innovative IoT-Integrated LED Lighting Systems Drive Competitiveness In The Market
• Asia-Pacific was the largest region in the LED driver for lighting market in 2023
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