LED Driver Market Size, Industry Share, Growth Forecast 2028

LED Driver Market: Industry Perspective

The global LED driver market size was worth around USD 12.31 billion in 2021 and is predicted to grow to around USD 64.13 billion by 2028 with a compound annual growth rate (CAGR) of roughly 26.1% between 2022 and 2028.

The report analyzes the global LED driver market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the LED driver industry.

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LED Driver Market: Overview

LED drivers offer protection to LEDs from high voltages as well as fluctuations occurring during power supply. Moreover, these devices are devised for running on low volts as well as direct current power. Reportedly, they are utilized for maintaining voltage and current passing via LED circuit at high rate. Furthermore, this equipment find spectrum of applications in industrial, commercial, and residential sectors.

In addition to this, LED driver is an electrical equipment delivering power to range of LEDs in a controlled way. Apparently, it provides incessant power supply to LED as electrical properties vary with change in temperature for LED. It is accepted by large number of outdoor applications including street lighting, roadway lighting, tunnel lighting, and highway lighting. However, these LED drivers have become innovative along with offering high flexibility for lightning services.

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LED Driver Market: Growth Drivers

The surge in acceptance of power-efficient lighting and a surge in the production of programmable LED drivers will steer the expansion of the LED driver market. An increase in the development of smart infrastructure in emerging economies will prop up the expansion of the LED driver market. Supportive power-efficient policies drafted by federal governments and councils promoting funding of the manufacture of energy-efficient devices will open new dimensions of growth for the LED driver industry. Reportedly, people are making large-scale use of smartphones, laptops, televisions, and tablets are making use of LED systems as the latter facilitates reduced power consumption and contributes less to electricity bills. This will result in the marked growth of the LED driver market. Elongated life span and portability make LED drivers more preferable for end-users, thereby driving market trends.

Furthermore, surging industrial development and a rise in population have led to a massive demand for energy, thereby leading to the popularity & large-scale use of LEDs. This will generate ripples of growth in the LED driver business. Massive product penetration in the automotive and horticulture sectors will enlarge the size of the growth of the LED driver market. With firms such as NXO Semiconductors and ON Semiconductors investing largely in research activities for enhancing proficiency of lighting services, the market for LED drivers is anticipated to gain traction over the years to come. Sustainable lighting has become a vital parcel of smart city projects, thereby multiplying the expansion of LED driver business space.

Increasing demand for LED lighting by households to improve energy consumption is supporting the demand for LED drivers in the residential sector. Outdoor & traffic sectors are the early adopters of LED as it leads to huge electricity savings. Outdoor & traffic lighting include roadway street lights, lighting, highway and tunnel lighting, and so on. LED technology has also progressed in areas such as light distribution pattern, thermal properties, LED capacity and forward voltages, as LED manufacturers continue to push the boundaries of LED.

High penetration of LED in lighting applications in retail outlets, office complexes, street lights, and rapidly growing usage within the residential lighting applications for households are the major drivers for the growth of the LED driver market. Since the past decade, mobile backlight, display, landscape lighting, and TV backlight have shown widespread adoption of this type of technology.

LED Driver Market: Segmentation

The global LED driver market is divided by product type, control feature, channel count, end-user, and region.

Based on Product Type, the global LED driver market is divided into constant current & AC LED and constant voltage. The Constant Current & AC LED segment dominates the LED driver market due to its essential role in high-performance and industrial lighting applications. However, the Constant Voltage segment continues to expand, driven by increasing demand for LED strips, signage, and decorative lighting solutions.

On the basis of Control features, the global LED driver market is bifurcated into wired and wireless. The Wired segment dominates the LED driver market due to its stability, reliability, and strong presence in large-scale industrial and commercial applications. However, the Wireless segment is witnessing rapid growth, driven by increasing demand for smart lighting, IoT integration, and flexible lighting control solutions.

In terms of End-users, the global LED driver market is categorized into residential, office, retail & hospitality, outdoor, healthcare & educational institutions, and industrial.

LED Driver Market: Report Scope

LED Driver Market: Regional Landscape

Asia Pacific LED Driver Market To Expand Geometrically Over 2022-2028

Growth of the LED driver market in the Asia Pacific zone can be credited to surging demand for LEDs in commercial & industrial sectors in countries such as China and India. Additionally, the rise in preference for LED bulbs & tubes by municipalities of these countries for saving energy will further drive regional market trends. The rise in the use of LEDs in street lights and near bridges as well as public parks & highways will culminate in a massive market surge in the region over the coming six years.

Smart city projects are also supporting the use of LEDs and this has catapulted LED driver market growth in the Asia Pacific. Citing an instance, India has started a project referred to as the Street Lighting National Program (SLNP) and deployed nearly 8 million LED lights in twenty-eight states including union territories under its belt. Moreover, the energy savings of nearly 5.07 billion KWh were recorded. As per the Power Ministry of the Country, nearly 135 million LED lights were installed under SLNP by March 2020.

LED Driver Market: Competitive Landscape

Some mammoth players have strongly influenced the growth of the market and will continue to do so even in the ensuing years. They are:

• General Electric Company
• Osram GmbH
• Rohm Semiconductors
• Cree, Inc.
• Texas Instruments, Inc.
• Macroblock, Inc.
• Maxim Integrated, Inc.
• Harvard Engineering
• Atmel Corp.

The global LED Driver Market is segmented as follows:

By Product Type

• Constant Current & AC LED
• Constant Voltage

By Control Feature

• Wired
• Wireless

By Channel Count

• Single
• Dual
• Three & Above

By End-User

• Residential
• Office
• Retail & Hospitality
• Outdoor
• Healthcare & Educational Institutions
• Industrial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa