LED Driver Market Trends

Growth Drivers

Increasing Investment in Smart-City Applications – the increasing number of smart cities and the replacement of aging infrastructure worldwide is bolstering the demand for LED drivers with most streets and outdoor areas being upgraded to light-emitting diode (LED) lighting. For instance, as per forecasts, the majority of outdoor streetlights globally are expected to be converted to LED lamps by 2030. With around 300 million streetlights worldwide, most of the work is still ahead to upgrade aging infrastructure.
Net Zero Emissions by 2050 Scenario – As per International Energy Agency’s (IEA) roadmap, transforming the global buildings sector and reducing global carbon emissions by implementing and enforcing regulations in the buildings sector to ensure the switch in the global lighting market to 100% LED by 2025 is anticipated to compel the adoption of LED lighting at a faster pace, which is expected to propel the market growth.

Challenges

Lack of Standardization: With a lack of proper standardization, interoperability issues arise and lead to compatibility issues. This is known to be a growth-hindering factor.
Possibility of Failures of LED Drivers prematurely
Slow Rate of Penetration in Underdeveloped Countries

LED Driver Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~20%
Base Year Market Size (2022)	~ USD 8 Billion
Forecast Year Market Size (2035)	~ USD 70 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

The increasing elimination of fluorescent lighting and the growing adoption of LEDs as the main lighting technology are the major factors driving the growth of the LED driver market.

The market size of LED drivers is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are Inventronics Inc., Signify Netherlands B.V., Smart Global Holdings, Inc., Microchip Technology Inc., and Lutron Electronics Co.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by driver type, luminaire type, component, control feature, application, end-user, and by region.

The constant current segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The possibility of premature failures of LED drivers owing to high internal operating temperature is estimated to be the growth hindering factor for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

LED Driver Market Trends