What Has Been the Progress and Growth of the LED Driver Market in Recent Years?
The led driver market has seen considerable growth due to a variety of factors.
• The market size for LED drivers has seen a significant expansion in the past few years. The market, which was valued at $8.1 billion in 2024, is projected to reach $9.99 billion in 2025, with a compound annual growth rate (CAGR) of 23.3%. Factors contributing to this growth during the historic period include government policies and regulations, a decrease in the cost of LED components, greater environmental consciousness, increased urbanization and infrastructural development, as well as a heightened demand for energy efficiency.
What Can Be Expected from the LED Driver Market Size?
The LED Driver market is expected to maintain its strong growth trajectory in upcoming years.
• The LED driver market is projected to witness significant expansion in the coming years, skyrocketing to a market value of $21.9 billion by 2029 with a compound annual growth rate (CAGR) of 21.7%.
The projected growth within the forecast period is due to improvements in intelligent lighting systems, broader IoT integration, increasing demand for eco-friendly lights, enhancement in energy efficiency, and the rise of connected cities. The forecast period is also predicted to see a surge in the acceptance of DALI and PoE, the emergence of human-centric lighting, compatibility with innovative controls, a rise in IoT implementation in lighting, and advancements in wireless technologies.
What Are the Critical Driver Fuelling The LED Driver Market's Growth?
The growth of smart homes is anticipated to boost the growth of the LED driver market. A smart home comprises a system of network connected devices and appliances that can be remotely operated via the internet, providing the user with total control. LED drivers, which regulate and manage the power necessary for LEDs, are commonly used in these homes, suggesting that a rise in smart homes will drive market expansion. For instance, Europe-based company Oberlo, which provides drop shipping integration services, noted a 6.69% increase in US smart home households in 2021, climbing from 53.8 million homes in 2021 to 57.4 million in 2022. As such, the escalating number of smart homes is contributing to LED driver market growth.
How Is The LED Driver Market segmented?
The LED driver market covered in this report is segmented –
1) By Supply Type: Constant Current, Constant Voltage
2) By Luminaire Type: Decorative Lamps, Integral LED Modules, Reflectors, T Lamps, Type A Lamp
3) By Application: Automotive, Consumer Electronics, Lighting Outdoor Display
4) By End User: Residential Lighting, Outdoor And Traffic Lighting, Industrial Lighting, Commercial Lighting, Other End Users
Subsegments:
1) By Constant Current: Buck LED Drivers, Boost LED Drivers, Buck-Boost LED Drivers
2) By Constant Voltage: LED Power Supply Units, Linear LED Drivers, Switching LED Drivers
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What New Trends Are Influencing The LED Driver Market?
The surge of technological innovations is becoming a prominent trend within the LED driver market. Key players in this sector are concentrating their efforts towards creating novel tech-based solutions in order to solidify their marketplace standing. An example of this would be the launch of CCT-ZL2, an LED driver chip incorporating a patented CommonCathode Technology, by SiliconCore Technology Inc., a US-based LED display panel supplier in May 2022. The updated model fosters a safe and efficient way to coordinate and govern IoT devices, utilizing the LoRAWAN protocol, a long-distance, broad-area networking technology that is best suited for connecting IoT devices found in out-of-reach areas. The CCT-ZL2 is a small yet multifunctional device capable of incorporating a range of IoT devices such as sensors, actuators, and gateways.
Who Are the Key Players In The LED Driver Market?
Major companies operating in the LED driver market include:
• Texas Instruments Incorporated
• ams-OSRAM AG
• GE Current
• ROHM Co Ltd.
• Macroblock Inc.
• Semiconductor Components Industries LLC
• Cree LED
• Signify Holding
• Samsung Corporation
• Lutron Electronics Co Ltd.
• NXP Semiconductors
• STMicroelectronics
• ACE LEDS
• BOKE Drivers Co Ltd.
• Osram GmbH
• General Electric Company
• ROHM Semiconductors
• ON Semiconductor
• AC Electronics
• Hubbell Inc.
• Eaton Corporation PLC
• Crestron Electronics Inc.
• Tridonic
• Mean Well Enterprises Co. Ltd.
• Inventronics
• Philips
• LIFUD
What Is The Most Dominant Region In The LED Driver Market?
Asia-Pacific was the largest region in the LED driver market in 2024. The regions covered in the led driver market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
