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DUBLIN, Sept. 11, 2023 /PRNewswire/ -- The "LED Driver Market Size, Share & Trends Analysis Report By Luminaire Type (Reflectors, Type A Lamp), By Application (Automotive, Lighting), By Component (Driver IC, Discrete Component), By Supply Type, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global LED driver market is on a remarkable growth trajectory, poised to achieve a substantial valuation of USD 91.18 billion by 2030. This impressive expansion is projected to occur at a robust CAGR of 9.1% between 2023 and 2030.
LEDs Illuminate a Greener Future
Light-emitting diodes (LEDs) have rapidly emerged as an energy-efficient alternative to traditional lighting sources. Their widespread adoption in various industries, particularly in lighting and displays, has transformed the global market landscape. LED lighting products offer numerous advantages, including environmental friendliness, energy efficiency, reduced heat emission, compact form factor, and directional lighting. LED lighting is at the forefront of energy-efficient solutions, consuming up to 80% less energy and emitting 90% less heat than incandescent bulbs.
Furthermore, LED bulbs boast an impressive ten times longer lifespan than compact fluorescent lights (CFLs) and significantly outperform incandescent lamps. The versatility of LED lighting extends to the vertical farming industry, where customized spectra and intensity requirements for various fruits and vegetables are met. LED-based arrays, known for their self-illuminating properties, offer adjustable sizing and configurations to fit available installation spaces. Moreover, LED-based signage can be tailored to accommodate various height and width ratios through the use of standard-size modules offered by vendors, albeit with unique form factors and connectivity options.
A technical report by the Joint Research Center (JRC), the science and knowledge service of the European Commission, highlights the precipitous decline in LED lighting costs as a key driver behind their widespread adoption. This cost reduction has made LED lights more accessible and economically viable for a broader range of users, contributing to their surging popularity. Leading manufacturers are forging partnerships to supply energy-efficient public lighting systems with rmote management capabilities in towns worldwide. For instance, in May 2022, Semiconductor Components Industries, LLC collaborated with NIO Inc. to introduce VE-Trac, a Silicon Carbide Module for electric vehicles (EVs), enhancing their range and efficiency.
Smart Buildings Elevate Productivity
A study by the World Green Building Council has shown that improved ventilation and indoor air quality can boost worker productivity by 8%-11%, while enhanced lighting conditions can increase productivity by an impressive 23%. Consequently, the preference for smart buildings is expected to soar in the coming years. Industry experts predict that the number of smart buildings globally will surge from 45 million in 2022 to 115 million by 2026, marking a substantial increase of over 150%. The robust emphasis on developing secure and energy-efficient infrastructure that prioritizes occupants' well-being and productivity is set to fuel this growth.
Key Companies in the LED Driver Market
Some of the key companies operating in the LED driver market include:
Key Market Highlights
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