LED drivers convert higher voltage, alternating current to low voltage, direct current. They also keep the voltage and current flowing through an LED circuit at its rated level. For the mentioned reasons, every LED light source requires a driver.
Statistics:
The global LED Driver market is estimated to account for US$ 6439.2 Mn in terms of value by the end of 2022.
Drivers:
Technological advancements in the design of LED drivers have enabled development of compact drivers that can be utilized in a variety of light fixtures and applications. Increasing use of compact LEDs in interior lighting, dome lights, courtesy lights, vehicle headlights, and fast-acting taillights has led to significant increase in demand for LED drivers. This is expected to drive the growth of the global LED Driver market.
Opportunity:
Rising initiatives to adopt energy-saving alternatives and implementation of strict government regulations about installation of safety measures, including strong headlights, to avoid blinding drivers in oncoming vehicles and causing accidents. This is expected to boost the growth of global LED Driver market.
Recent Development:
In October 2020, the company CREE INC., declared the sale of its LED products business unit to the SMART global holdings Inc. for around US$300 million, comprising of the fixed upfront and the varied payments and the contingent considerations. The similar thing was targeted to shut in the first calendar quarter of the year 2021and the SMART is anticipated to patent and encompass the Cree LED brand name into the SMART portfolio of the business.
Restraint:
Producers are facing challenges due to absence of industry-defined standards to test characteristics of LED lights. This is leading to increase in sales of inexpensive and inefficient alternatives. This is further anticipate to hamper the growth of global LED Driver market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/led-driver-market-5125
Global LED Driver Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak had to led to an adverse impact on the development of the LED Driver market due to the supply chain, sharing the raw materials for the manufacture of the LEDs and the drivers started from the Asian regions, the region was notably influenced over months as the region was under the hold of pandemic.
Key Takeaways:
The global LED Driver was valued at US$ 5274.5 Mn in 2021 and is forecast to reach a value of US$ 47789.10 Mn by 2030 at a CARG of 28.4% between 2022 and 2030.
Constant Current and AC LED Segment held the dominant position in the global LED Driver market in 2021, accounting for 62.2% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Key Trends/Takeaways:
Trend 1:
The Yangtze River International Conference Center lighting design dependent on DALI dimmable LF-AADxxx series LED drivers to meet energy efficiency demands. The precise control of the lighting energy of the DALI lighting control system and its combination with the building’s high-performance curtain walls and environmental protection landscapes propels the market. The Yangtze River International Conference Center has been awarded the highest grade mark of China Green Building Evaluation and Certification System. This is expected to act as key trend in the growth of global LED Driver market.
Trend 2:
ZigBee is the most general protocol for wireless communication in networked lighting. This technology is relatively mature after a persistent development. Apart from these advantages in network architecture, ZigBee is also more power-saving. Zigbee LED driver is a professionally designed power supply for LED luminaires, compliant with the Zigbee 3.0 protocol. This is anticipated 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
