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  • Published On : Jul 2022
  • Code : CMI5125
  • Industry : Semiconductors
  • Pages : 169
  • Formats :

An electrical device that helps in delivering power to a string of LEDs in a regulated manner is known as an LED driver. It helps to prevent the LEDs from having a premature failure by controlling the thermal runaway. The thermal runaway is a phenomenon in which the increase in temperature of the LED, the forward voltage VF, and light decreases by increasing the current.

Statistics:

The LED Driver market was valued at US$ 5,274.5 Mn in 2021 and is forecast to reach a value of US$ 47789.10 Mn by 2030 at a CAGR of 28.4% between 2022 and 2030.

Figure 1: Global LED Driver Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030

LED Driver  | Coherent Market Insights

Key Developments:

In August 2020, Eaton declared a recycling program that permits the end users to dispose of aged, obsolete, or the destroyed power capacitor units. The program comprises of the onsite material pick up and assists any unit, irrespective of age, the original producer or the situation. The capacitor unit recycling procedure will differ based on the material, infrastructure and the age of unit.

In June 2020, the company ACUITY BRANDS INC. made planned alliance agreement with the Ushio America Inc. Ushio accepted to offer Acuity Brands with its Care 222 UV disinfection design, that utilizes the filtered excimer to produce 222nm far- UVC light that is able to inactive the virus and the bacteria on indoor surfaces.

Figure 2: Global LED Driver Market Share (%), By Region, 2021

LED Driver  | Coherent Market Insights

Market Drivers:

Driver 1:

The rising number of smart homes has led to an increase in demand for IoT-based connected lighting solutions which are driving the growth of the global LED Driver Market. For instance, as per a report surveyed by the earthweb.com there are 258.54 million in 2021.

Driver 2:

LEDs are widely being used as an alternative to traditional light. LEDs have better advantages than traditional lighting products. These advantages include longer life of LED, higher energy efficiency than conventional products, miniaturization, and lower heat output. This is expected to drive the growth of global LED Driver market.

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LED Driver Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 5274.5 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 28.4% 2030 Value Projection: US$ 47789.10 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product: Constant Current and AC LED, Constant Voltage
  • By Control Feature: Wired, Wireless
  • By Channel Out: Single, Dual, Three and above
  • By the End-user: Residential, Office, Retail and Hospitality, Outdoor, Healthcare & Educational Institutions, Industrial, Other End Users
  • By Geography: North America, Europe, Asia-Pacific, Rest of the World
Companies covered:

Hubbell Incorporated, Osram GmbH, Signify Holding, Autec Power Systems, Lutron Electronics Co. Inc., Hatch Lighting, Eaton Corporation Plc, Cree Inc., AC Electronics (ACE), Allanson International, MEAN WELL Enterprises Co. Ltd, Acuity Brands Lighting Inc., Enedo Plc, Crestron Electronics Inc. and ERP Power LLC

Growth Drivers:
  • Rising demand for energy efficient lighting system
  • Rising government rules and regulations 
Restraints & Challenges:
  • Lack of awareness
  • Huge expenditure for the Advanced process 

Market Restraint:

Restraint 1:

There is a false notion regarding the high cost for the installation of LED drivers and hence the market may experience some negative trends. This is expected to hamper the growth of the global LED Driver market.

Restraint 2:

The lack of common standards amongst the manufactures may create challenges for the development of the LED Drivers. This further is projected to hinder the growth of global LED Driver Market.

Market Opportunities:

Opportunity 1:

The constant voltage driver is used in applications that need many LED lights to be connected in series. The constant voltage driver evenly distributes the voltage, resulting in uniform illumination across the lights. LED drivers with a constant voltage offer more versatility than those with a variable voltage. This is expected to offer lucrative opportunities in the growth of global LED Driver Market.

Opportunity 2:

For several applications, it is desirable to use constant current drivers as they provide more control and offer the ability to design a uniform brightness and clear display. These devices only use a constant current driver, so they have high energy efficiency. Constant current LED drivers are favored because they give a constant forward current regardless of the input voltage fluctuations. This is further expected to act as a key trend in the growth of the global LED Driver Market.

Market Key Takeaways/Trends:

Trend 1:

The light-emitting diode driver has become an essential part of industrial and commercial lighting and has helped to reduce electricity costs considerably. The growing reach of LED lights in several applications, such as outdoor, automotive, industrial, and horticultural lighting, is further supporting the growth of the market for LED drivers.  This is projected to act as a key trend in the development of the market.

Trend 2:

Governments of several countries have launched smart city projects to develop technologically advanced and ecological living places. Sustainable lighting forms an essential part of such projects. Thus, the demand for IoT-based smart lighting solutions is growing high in such countries. Many cities have also installed smart street lights that turn on and off using daylight sensors. This projected to act as a leading trend in the growth of global LED Driver market. 

Competitive Landscape:

Major companies involved in the global LED Driver market are Hubbell Incorporated, Osram GmbH, Signify Holding, Autec Power Systems, Lutron Electronics Co. Inc., Hatch Lighting, Eaton Corporation Plc, Cree Inc., AC Electronics (ACE), Allanson International, MEAN WELL Enterprises Co. Ltd, Acuity Brands Lighting Inc., Enedo Plc, Crestron Electronics Inc. and ERP Power LLC

The LED s offer very low voltage and the safety for the LEDs. Individual LED bulbs to function at the voltages scaling from 1.5 to 3.5 volts and currents till a maximum of 30mA. The domestic bulb may comprise of various bulbs in series and also in parallel combinations and which need a whole voltage of in between 12 and 24 V direct current.

Market Dynamics:

The demand for external drivers is expected to increase significantly across the globe owing to various smart city initiatives under which governments worldwide are looking to reduce energy consumption and gain cost benefits. This is expected to drive the growth of the global LED Driver market. For instance, as per International Energy Agency, in November 2021, over 50% of buildings sector lighting markets globally were covered by LEDs. Several prominent vendors in the market are progressively focusing on providing innovative solutions targeted at the residential sector. This is anticipated to offer lucrative opportunities in the growth of global LED Driver Market. For instance, in August 2020, ERP Power LLC, which offers small, smart, and connected LED drivers and light engines for the lighting industry. It declared one of the world’s smallest programmable output drivers with industry-leading power efficiency and broad dimmer compatibility.

On Contrary, the Covid-19 pandemic has slowed down the work at the residential areas. The halt in the supply of materials led to delay in the transportation. This is expected to hamper the growth of global LED Driver Market.

Key features of the study:

  • This report provides in-depth analysis of the global LED Driver market, and provides market size (US$ 5,274.5 Mn ) and compound annual growth rate (28.4%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global LED Driver market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Major companies involved in the global LED Driver market are Hubbell Incorporated, Osram GmbH, Signify Holding, Autec Power Systems, Lutron Electronics Co. Inc., Hatch Lighting, Eaton Corporation Plc, Cree Inc., AC Electronics (ACE), Allanson International, MEAN WELL Enterprises Co. Ltd, Acuity Brands Lighting Inc., Enedo Plc, Crestron Electronics Inc. and ERP Power LLC
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global LED Driver market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global LED Driver market.

Detailed Segmentation:

  • Global LED Driver Market, By Product:
    • Constant Current and AC LED
    • Constant Voltage
  • Global LED Driver Market, By control Feature:
    • Wired
    • Wireless
  • Global LED Driver Market, By Channel Count:
    • Single
    • Dual
    • Three and above
  • Global LED Driver Market, By End User:
    • Residential
    • Office
    • Retail and Hospitality
    • Outdoor
    • Healthcare & Educational Institutions
    • Industrial
    • Other End Users
  • Global LED Driver Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World
  • Company Profiles:
    • Signify Holding
    • Lutron Electronics Co. Inc
    • Hubbell Incorporated
    • Eaton Corporation Plc
    • Acuity Brands Lighting Inc
    • Crestron Electronics Inc.
    • ERP Power LLC
    • MEAN WELL Enterprises Co. Ltd
    • Cree Inc.
    • AC Electronics (ACE)
    • Osram GmbH
    • Autec Power Systems
    • Enedo Plc
    • Hatch Lighting
    • Allanson International

Frequently Asked Questions

The global LED Driver market is estimated to be valued at US$ 6439.2 Mn in 2022 and is expected to exhibit a CAGR of 28.4% between 2022 and 2030.
The rising energy efficient lighting systems demand is anticipated to drive the growth of the market.
Office segment is the leading End User in the market.
Lack of awareness is the key factor hampering the growth of the market.
Major companies involved in the market are Hubbell Incorporated, Osram GmbH, Signify Holding, Autec Power Systems, Lutron Electronics Co. Inc., Hatch Lighting, Eaton Corporation Plc, Cree Inc., AC Electronics (ACE), Allanson International, MEAN WELL Enterprises Co. Ltd, Acuity Brands Lighting Inc., Enedo Plc, Crestron Electronics Inc. and ERP Power LLC

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