Global LED Driver Market Expected to Reach USD 31.3 Billion by 2024

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Global Industry Analysts Inc (GIA) has released its report titled 'LED Driver for Lighting - Global Market Trajectory & Analytics'. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace.

LED lighting drivers are electronic devices that play an important role in delivering regulated, constant and reliable power supply to LED lights for ensuring smooth functioning and preventing premature failure of LEDs. LED lighting drivers control LEDs and allow users to vary their intensity according to the requirement. These devices offer various advantages for LEDs with a compact footprint, reliable operation, and enhanced efficiency over the dimming curve.

Amid the COVID-19 crisis, the global market for LED Driver for Lighting is projected to reach USD 31.3 billion by 2024, registering a compounded annual growth rate (CAGR) of 23.7 % over the analysis period. Europe represents the largest regional market for LED Driver for Lighting, accounting for an estimated 26.0 % share of the global total. The market, estimated at USD 2.8 billion in 2019 is projected to reach USD 10.2 billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest-growing regional market with a CAGR of 28.2 % over the analysis period.

Growth in the global is set to be fueled by the increasing adoption of LED lighting for their high energy efficiency and associated cost saving. Global demand for LED lighting drivers is fueled by the replacement of traditional light sources like incandescent and CFLs by LEDs coupled with government initiatives to increase awareness regarding the use of energy-efficient as well as cost-saving lighting systems. Product innovations and technological advancements to improve the efficiency of lighting systems along with increasing use of LED lightings in various applications like automotive, outdoor, horticulture, and industrial are poised to further drive the market. In addition, increasing demand for LED lighting in general lighting applications, integration of lighting systems and IoT, and implementation of standard protocols related to lighting control are propelling the LED driver market.

Increasing investment in the advertisement is expected to considerably drive the adoption of digital signage and create the need for LED drivers. Europe and the US are expected to witness increasing LED Lighting adoption as the regions embark on the much-needed energy efficiency drive helped by a multitude of energy-saving regulations. Furthermore, tax incentives, clean energy alternatives, and energy subsidies are the few other factors that are drawing these countries towards LED lighting uptake, in turn driving the demand for LED drivers for lighting. Growth in the Asia-Pacific region is attributed to technological advancements, declining prices of LEDs, economic development, government policies, and rapid urbanization across developing countries like China, India, and Japan.

The market for constant current type is forecast to dominate market share over the analysis period, driven by features such as increased control, clear display, and uniform brightness. Constant current LED drivers are designed for LEDs that require a fixed output current and a range of output voltages. Applications that require several LED lights to be connected in series make use of constant current LED drivers. With the ability to maintain a more consistent level of brightness across all LED series, the constant current driver is the most ideal method to drive high-power LEDs. The precise control of the current enables a more accurate projection of failure rates.

Click here to view the report.

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  • Country: United States
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