Rising LED Driver Demand Led by Increasing Adoption of LEDs Due to Energy Efficiency
In 2021, the LED driver market generates $8,710.9 million, and it is projected to advance at a 24% CAGR, to capture $62,147.8 million revenue in 2030. It is attributed to the increasing production, and consumption of energy-efficient LED drivers, along with technological advancements in the lighting components.
Lighting is one of the rapidly growing businesses, and the usage of smart light is expected to rise in the coming years. In addition, the increasing use of lighting in various sectors such as healthcare, manufacturing, retail, and automotive boosts industry growth.
There are various governments such as China and India which increasingly focus on encouraging the deployment of smart lights instead of conventional lights, which will proliferate the production and consumption of LED drivers.
Moreover, the halogen industry concentrates on replacing halogen lights with LEDs. There is a growing demand for replacing halogen lights in industrial economies.
Under the supply types, the constant current category dominates the industry, accounting for a 60% share of the industry, and it is predicted to retain its position in the near future. It is ascribed to the growing adoption of constant current LED drivers due to their consistent forward current without getting affected by input voltage fluctuations.
Moreover, a constant current driver is the best method for increasing the consumption of high-power LEDs, as it facilitates the constant brightness across all LEDs in series. Moreover, the rising output power of constant current drivers, more specifically where long strings are used, boosts their demand.
Under the application segment, the lighting application is projected to experience significant growth in the coming future, with a rate of 25.7%. Green lights offer numerous advantages such as exposure to green light treating skin conditions, reducing pain, fighting depression, and promoting sleep.
Furthermore, APAC captures the largest share of the LED driver industry, accounting for 40%, and it is expected to dominate the industry in the coming future. Moreover, the favorable government initiatives that encourage the adoption of energy-efficient lighting, rising infrastructure projects, along with increasing competition among industry players proliferate the industry.
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