Press release
Global LED Driver Market Projected to Grow at 21.7% CAGR, Reaching $21.9 Billion by 2029
LED Driver
What Will the LED Driver Industry Market Size Be by 2025?
The market size of the LED driver has seen a considerable surge in recent times. The market is projected to escalate from $8.1 billion in 2024 to $9.99 billion in 2025, with a compound annual growth rate (CAGR) of 23.3%. The remarkable growth during the past years is largely due to factors such as governmental policies and ordinances, a decrease in the cost of LED components, escalating awareness about the environment, growth in urbanization and infrastructure, as well as the increasing requirement for energy efficiency.
What's the Long-Term Growth Forecast for the LED Driver Market Size Through 2029?
It is anticipated that the size of the LED driver market will witness tremendous growth in the upcoming years, expanding to a whopping $21.9 billion in 2029 with a 21.7% compound annual growth rate (CAGR). This anticipated growth during the forecast period can be ascribed to the introduction of highly advanced smart lighting solutions, the rising integration of IoT, increasing demand for eco-friendly lighting, enhanced energy efficiency, and the advent of connected cities. The forecast period will also see major trends like the growing acceptance of DALI and PoE, emergence of human-centric lighting, compatibility with high-tech controls, rising use of IoT in lighting, and advancements in wireless technologies.
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What Are the Key Growth Drivers Fueling the LED Driver Market Expansion?
The advancement in the number of smart homes is anticipated to fuel the growth of the LED driver market. A smart home refers to a residential set-up where appliances and equipment can be automatically controlled from a remote location due to their internet connectivity. This connectivity allows homeowners to control various aspects of their home due to a network of internet-linked devices. LED drivers play a crucial role in smart homes by controlling multiple LEDs and addressing potential issues through regulation and control of the necessary power for an LED. As a result, the proliferation of smart homes is likely to encourage the growth of the LED driver market. For instance, data from Oberlo, an European company that provides comprehensive dropshipping solutions, indicates that there was a 6.69% increase in US smart home households in 2021, rising from 53.8 million to 57.4 million in 2022. Thus, the burgeoning number of smart homes is a key driving factor for the LED driver market.
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What Are the Key Trends Driving LED Driver Market Growth?
Increasing technological innovations are becoming a prevalent trend in the LED driver market. Major players in this market are striving to create novel technology solutions to cement their place. For instance, in May 2022, SiliconCore Technology Inc., an American company that offers LED display panels, introduced their CCT-ZL2. This LED driver chip, which incorporates their patented CommonCathode Technology, provides a secure and effective method to handle and connect IoT devices. The chip uses the LoRAWAN protocol, perfectly suited for long-range, wide-area network connectivity, making it perfect for linking IoT devices in distant regions. The CCT-ZL2 is a compact and multi-functional device capable of linking a range of IoT devices such as sensors, actuators, and gateways.
How Is the LED Driver Market Segmented?
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
Subsegments:
1) By Constant Current: Buck LED Drivers, Boost LED Drivers, Buck-Boost LED Drivers
2) By Constant Voltage: LED Power Supply Units, Linear LED Drivers, Switching LED Drivers
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Which Companies Are Leading the Charge in LED Driver Market Innovation?
Major companies operating in the LED driver market include Texas Instruments Incorporated, ams-OSRAM AG, 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, 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, LIFUD
Which Regions Are Leading the Global LED Driver Market in Revenue?
Asia-Pacific was the largest region in the LED driver market in 2024. The regions covered in the led driver market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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