LED Driver Market to be Worth $30.8 Billion by 2030 at CAGR 23.5%: Grand View Research, Inc.
SAN FRANCISCO, June 30, 2022 /PRNewswire/ -- The global LED driver market size is estimated to reach USD 30.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 23.5% from 2022 to 2030. LEDs have evolved as an energy-efficient alternative for conventional light sources during the last decade, and their use in lighting and display segments across industries is increasing.
Key Industry Insights & Findings from the report:
Read 125-page market research report for more latest industry insights, "LED Driver Market Size, Share & Trends Analysis Report By Supply Type (Constant Voltage, Constant Current), By Application (Automotive, Consumer Electronics, Lighting), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
LED Driver Market Growth & Trends
LED lighting equipment is increasingly replacing traditional lighting products due to a variety of advantages, including longer life, higher energy efficiency, better environmental friendliness, miniaturization, reduced heat output, and directionality. Furthermore, the increasing number of smart buildings and homes in developed countries is driving up demand for IoT-based linked lighting systems. Several governments have initiated Smart City efforts to increase the energy savings of inhabited cities, which is expected to further boost the market.
From 2017 to 2021, the demand for constant current LED drivers grew at an exponential rate; these drivers are frequently employed in high-brightness and exterior lighting applications. The LED driver's major application segment is consumer electronics; demand for LEDs has surged in the television and display panel segments. Leading manufacturers are cooperating with other companies to supply public lighting systems that are connected to remote management for energy savings and efficient maintenance in towns all over the world.
For instance, in November 2021, Lutron Electronics Co., Inc. announced the launch of RadioRA 3. It is a lighting control system that connecs a wide variety of connected domestic products-keypads, switches, and capacitive touch dimmers to a contemporary light bar design. RadioRA 3 revolutionized how installers and consumers experience home lighting systems with the line of wall controls, including IoT (Internet of Things) connectivity and light bar design.
For applications in the low- to mid-power range, there is a growing demand for a driver with reduced power loss, a smaller system package, and lower cost while yet delivering good dependability. LED Driver manufacturers have been implementing Primary-Side Regulation (PSR) to reduce costs by removing secondary response circuitry, as well as Power-Factor Correction associated electronics, for greater power quality, to meet the criteria of cost reduction.
LED Driver Market Segmentation
Grand View Research has segmented the global LED driver market based on supply type, application, and region:
LED Driver Market - Supply Type Outlook (Revenue, USD Million, 2017 - 2030)
LED Driver Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
LED Driver Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in the LED Driver Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.