Global Programmable LED Drivers Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global programmable LED drivers market is estimated to garner a revenue of ~USD7 billion by the end of 2031 by growing at a CAGR of ~27% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 79 billion in the year 2021. The growth of the market can primarily be attributed to the increasing consumption of electricity worldwide.According to the International Energy Agency, in the year 2019, world total final consumption of electricity was estimated to be ~80.2 EJ.
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The characteristic ofprogrammable LED drivers to provide self- contained power supply to LED modules for optimal light output, dimming curve, and lowest dimming percentage, allowing the driver to match the output of existing luminaires or serve as a flexible platform for new luminaire designs with low energy consumption are responsible for its increasing market demand. The requirement for specialized power supplies is completely looked after by the LED drivers with different currents in different applications and requiring different intensities. The surge in the use of LED bulbs and LED lightings is attributed to its benefits such as low energy consumption, greater efficiency, longer lifespan, design flexibility, and the ability to operate in harsh conditions. The demand for programmable LED drivers is on the rise amongst the building sector, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global programmable LED drivers market during the forecast period.For instance, in the year 2021, approximately 50% of buildings sector lighting markets were covered by LEDs globally.
Global Programmable LED Drivers Market: Growth Drivers and Challenges
Upsurge in the demand for LED lightning products – owing to its affordability as well as wider choice of prices and innovative products available for consumers, the demand for programmable LED drivers is escalating. For instance, as per 2021 statistics, more than 40 billion cumulative sales of LED lighting product wererecorded in the past five years generating economies of scale.
Increasing Demand from Automotive Industry–it was found that, in the year 2020, in the United States, ~42,000deaths were registered on the road, out of which almost 50% of all accidents occurred at night despite 25% less traffic on the road due to limited visibility. The demand for programmable LED driver is propelled owing to the features offered by programmable headlights,assisting drivers to improve driver visibility during evening and night storms.
Upsurge in the Number of Digital Signage – creating the demand for programmable LED drivers attributed to the rise in the number of LED displays for advertising of products, business and services to attract consumers. For instance,in the year 2020, digital signage aided in increasing the average purchase amount by 29%, and alsoresulted in 45% customer satisfaction creating 32% growth in repeat buyers, in the United States.
Adhering to the new regulations mandating the use of high-efficacy LED lamps—to remain in line with the Net Zero Emissions by 2050 Scenario, which ensures that by 2025 all countries sell only LEDs—the use of programmable LED drivers is increased. For instance, LEDs accounted for ~51% of global lighting sales in 2020, with integrated LED luminaires making up an increasing share.
- Possibility of Premature Failures ofLED Drivers Owing to High Internal Operating Temperatures
- Thickness of Device Display and High Number of Tracks in Comparison to other Types of Modules
- Lack of Awareness about the Applications ofProgrammable LED Drivers
Theglobal programmable LED driversmarket is segmented and analyzed for demand and supplyby driver type into constant current LED drivers and constant voltage LED drivers. Out of these segments, constant voltage LED drivers segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing number of hotels using LEDs and curb the carbon emission level worldwide. For instance, the hotel industry is expected to reduce carbon emissions by 66% and 90% by 2030 and 2050, respectively, in order to keep global warming below the 2°C threshold agreed upon in the 2016 Paris Agreement. To produce the same amount of light, LED lighting consumes ~40% less power than fluorescents, and 80% less power than incandescent bulbs.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.â€¯â€¯
Global Programmable LED Drivers Market Regional Synopsis
Regionally, the global programmable LED driversmarket is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, backed by the increasing adoption of LEDs in common applications in the region.According to the U. S. Department of Energy, Office of Energy Efficiency and Renewable Energy statistics, from 2016 to 2018, approximately 2,325 million units LED products installations were recorded in various applications, uplifting LED penetration to 30% of all general illumination lighting in the United States.
The global programmable LED drivers market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global programmable LED driversmarket includes the following segments:
By Driver Type
By Power Level
Top Featured Companies Dominating the Global Programmable LED Drivers Market
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Koninklijke Philips N.V.
- Fulham Company, Ltd.
- Shanghai Moons' Electric Co., Ltd.
- Enedo Plc
- Endeavor Business Media, LLC
- Hangzhou Moonlight Box Technology Co., Ltd.
- Hatch Lighting
- Eaton Corporation plc
- Smart Global Holdings, Inc.