LED Driver Market To Reach $91.19 Billion By 2030 | CAGR 9.3%

LED Driver Market Growth & Trends

The global LED driver market size is expected to reach USD 91.19 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 9.3% from 2024 to 2030. LEDs have emerged as an energy-efficient alternative to traditional light sources, and their application in lighting and display segments across industries has increased across the globe. LEDs steadily capture a larger percentage of the market across the lighting and display segments. LED lighting products are environmentally friendly and offer more energy efficiency, lower heat output, smaller form factor, and directionality. LED lighting is a cutting-edge and futuristic option as it consumes up to 80% less energy and produces 90% less heat than incandescent bulbs.

Furthermore, LED bulbs have a ten times longer life lifetime than compact fluorescent lights (CFLs) and a significantly longer life span than incandescent lamps. LED lighting products are also used in the vertical farming industry as they can be customized in accordance with the spectrum and intensity requirements of various fruits and vegetables. LED-based arrays are appealing as they are self-illuminating, and their size and configuration can be adjusted to the installation's available area. Furthermore, LED-based signage can be customized to meet multiple height/width ratios by employing standard-size modules provided by vendors. Moreover, the modules are governed by a few industry standards, owing to which vendors have their unique form factors and connectivity options that may be incompatible with others.

According to a Technical report by the Joint Research Center (JRC), the science and knowledge service of the European Commission, the plummeting cost of LED lights is the key driver behind their widespread adoption in various applications, such as residential, commercial, and architectural lighting. The plummeting costs have made LED lights more accessible and economically viable for a broader range of users and have contributed to their growing popularity. Leading manufacturers are cooperating with other companies to supply public lighting systems connected to remote management for energy savings and efficient maintenance in towns worldwide. For instance, in May 2022, Semiconductor Components Industries, LLC partnered with NIO Inc. to offer VE-Trac, a Silicon Carbide Module for their electric vehicles (EVs), which allows for increasing the range and efficiency.

A World Green Building Council study revealed that improving ventilation and indoor air quality can boost worker productivity by 8%-11% while enhancing the lighting conditions can increase productivity by 23%. Thus, the preference for smart buildings is expected to increase in the coming years. According to industry experts, the count of smart buildings globally is projected to grow from 45 million in 2022 to 115 million by the year 2026, translating into a substantial increase of over 150%. A strong emphasis on the development of secure and energy-efficient infrastructure prioritizing the well-being and productivity of occupants is expected to drive this growth.

 Request a free sample copy or view report summary: LED Driver Market Report

LED Driver Market Report Highlights

• The driver integrated circuits (ICs) segment dominated the overall market accounting for a market share of 41.8% in 2023. Driver ICs are developed to maximize the efficiency of LED drivers by using techniques like pulse-width modulation (PWM) or constant current regulation

• The type A lamp segment dominated the market with a revenue share of 31.6% in 2023. Type A LED drivers often incorporate features, such as constant current regulation, dimming compatibility, protection mechanisms, and power efficiency, to ensure the reliable and efficient operation of the LED lamps

• The constant current segment is anticipated to grow at a CAGR of over 9.3% from 2024 to 2030. For general lighting applications, a constant current driver is more reliable than a constant voltage driver

• The automotive segment is anticipated to witness strong growth at a CAGR of nearly 9.5% over the forecast period owing to the increased EV adoption in Europe and Asia Pacific

• Asia Pacific dominated the industry contributing to over 28.6% of the global revenue in 2023. Government regulations in the region are likely to boost the demand for energy-efficient lighting, thus driving the regional market growth

LED Driver Market Segmentation

Grand View Research has segmented the global LED driver market on the basis of component, luminaire type, supply type, application, and region:

LED Driver Component Outlook (Revenue, USD Million; 2017 - 2030)

• Driver IC

• Discrete Component

• Others

LED Driver Luminaire Type Outlook (Revenue, USD Million; 2017 - 2030)

• Decorative Lamps

• Reflectors

• Type A Lamp

• Others

LED Driver Supply Type Outlook (Revenue, USD Million; 2017 - 2030)

• Constant Current

• Constant Voltage

LED Driver Application Outlook (Revenue, USD Million; 2017 - 2030)

• Consumer Electronics

• Lighting

• Automotive

• Outdoor Displays

LED Driver Regional Outlook (Revenue, USD Million; 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

• Asia Pacific

  • India

  • China

  • Japan

  • Taiwan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • Kingdom of Saudi Arabia (KSA)

  • U.A.E.

  • South Africa

List of Key Players of LED Drivers Market

• ACE LEDS

• Microchip Technology Inc.

• Cree LED

• HLI SOLUTIONS, INC.

• Signify Holding

• SAMSUNG

• Lutron Electronics Co., Inc.

• Macroblock, Inc.

• Analog Devices, Inc.

• NXP Semiconductors

• Semiconductor Components Industries, LLC

• ams-OSRAM AG

• ROHM CO., LTD.

• STMicroelectronics

• Texas Instruments

• Eaglerise Electric & Electronic (China) Co., Ltd.