NEW YORK, March 17, 2022 /PRNewswire/ -- As per Zion Market Research study,LED Driver industry gained revenue worth nearly US$ 12.31 billion in 2021 and is anticipated to accrue returns about US$ 64.13 billion by 2028. In addition to this, LED Driver market is prognosis to record CAGR of almost 26.1% in 2022-2028. Apparently, growth of LED driver market over forecasting timeline is subject to rise in need of energy-efficient LED systems and use of Internet Of Things (IoT) tools in smart city projects. Furthermore, use of standard guidelines for lighting control will expand scope of market in upcoming years. A large number of cities have installed smart street lights embedded with sensors and this has proliferated elevation in size of LED driver market. Humungous use of LED drivers in residential, industrial, and commercial sectors will extend growth horizons of LED driver industry. Reportedly, rise in construction activities has culminated into high need for LED drivers, thereby steering LED driver market trends.
Zion Market Research published the latest report titled as"LED Driver Market- By Product Type (Constant Current & AC LED And Constant Voltage), By Control Feature (Wired And Wireless), By Channel Count (Single, Dual, And Three & Above), And By End-User (Residential, Office, Retail & Hospitality, Outdoor, Healthcare & Educational Institutions, And Industrial): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2022–2028."into their research database.
LED Driver Market: Overview
LED drivers offer protection to LEDs from high voltages as well as fluctuations occurring during power supply. Moreover, these devices are devised for running on low volts as well as direct current power. Reportedly, they are utilized for maintaining voltage and current passing via LED circuit at high rate. Furthermore, this equipment find spectrum of applications in industrial, commercial, and residential sectors.
In addition to this, LED driver is an electrical equipment delivering power to range of LEDs in a controlled way. Apparently, it provides incessant power supply to LED as electrical properties vary with change in temperature for LED. It is accepted by large number of outdoor applications including street lighting, roadway lighting, tunnel lighting, and highway lighting. However, these LED drivers have become innovative along with offering high flexibility for lightning services.
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LED Driver Market: Growth Dynamics
Surge in acceptance of power efficient lighting and surge in production of programmable LED drivers will steer expansion of LED driver market. Increase in development of smart infrastructure in emerging economies will prop up expansion of LED driver market.Supportive power-efficient policies drafted by federal governments and councils promoting funding of manufacture of energy-efficient devices will open new dimensions of growth for LED driver industry. Reportedly, people are making large-scale use of smartphones, laptops, television, and tablets are making use of LED systems as the latter facilitate reduced power consumption and contributes less to electricity bills. This will result in marked growth of LED driver market. Elongated life span and portability makes LED drivers more preferable for end-users, thereby driving market trends.
Furthermore, surging industrial development and rise in population has led to massive demand for energy, thereby leading to popularity & large-scale use of LEDs. This will generate ripples of growth in LED driver business. Massive product penetration in automotive and horticulture sectors will enlarge size of growth of LED driver market. With firms such as NXO semiconductors and ON semiconductors investing largely on research activities for enhancing proficiency of lighting services, the market for LED driver is anticipated to gain traction over years to come. Sustainable lighting has become a vital parcel of smart city projects, thereby multiplying expansion of LED driver business space.
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List of Key Players ofLED Driver Market:
Key Industry Insights & Finding of the LED Driver Market Reports:
Key questions answered in this report:
Market size value in 2021
USD 12.31 Billion
Revenue forecast in 2028
USD 64.13 Billion
CAGR of almost 26.1% 2022-2028
2016 - 2021
2022 - 2028
By Product Type, By Application, and By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
General Electric Company, Osram GmbH, Rohm Semiconductors, Cree, Inc., Texas Instruments, Inc., Macroblock, Inc., Maxim Integrated, Inc., Harvard Engineering, and Atmel Corp.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Avail customized purchase options to meet your exact research needs.
Asia Pacific LED Driver Market To Expand Geometrically Over 2022-2028
Growth of LED driver market in Asia Pacific zone can be credited to surging demand for LEDs in commercial & industrial sectors in countries such as China and India. Additionally, rise in preference for LED bulbs & tubes by municipalities of these countries for saving energy will further drive regional market trends. Rise in use of LEDs in street lights and near bridges as well as public parks & highways will culminate in massive market surge in region over coming six years. Smart city projects are also supporting use of LEDs and this has catapulted LED driver market growth in Asia Pacific. Citing an instance, India has started a project referred as Street Lighting National Program (SLNP) and deployed nearly 8 million LED lights in twenty eight states including union territories under its belt. Moreover, the energy savings of nearly 5.07 billion KWh was recorded. As per Power Ministry of Country, nearly 135 million LED lights were installed under SLNP by March 2020.
Global LED Driver Market is segmented as follows:
LED Driver Market: By Product Type Outlook (2022-2028)
LED Driver Market: By Control Feature Outlook (2022-2028)
LED Driver Market: By Channel Count Outlook (2022-2028)
LED Driver Market: By End-User Outlook (2022-2028)
LED Driver Market: By Region Outlook (2022-2028)
Middle East & Africa
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