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Global LED Driver Market to Grow at 19.20% During 2022-2027, Impelled by Enhanced Focus on Sustainable Development

Published on Jan 04, 2022

According to the latest report by IMARC Group, titled "LED Driver Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global LED driver market size reached US$ 8.17 Billion in 2021. A light-emitting diode (LED) driver refers to an electrical circuit that is utilized for regulating the voltage of a string of LEDs or an LED. It is a specialized power supply system that aids in controlling the power level required by LEDs. It is generally classified into internal and external LED drivers, wherein internal drivers are usually inbuilt in domestic bulbs and external drivers are equipped with roadways and commercial lighting systems. It is easy to use, reliable and offers an excellent electromagnetic compatibility (EMC) performance in a cost-efficient manner.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global LED Driver Market Trends:

The global market is primarily driven by the escalating demand for LED lighting solutions. This is supported by the rising awareness regarding sustainable development among the masses and the growing preference for energy-efficient lighting solutions. Along with this, increasing investments by private and public agencies in the development of smart city projects are also providing an impetus to the market growth. Moreover, numerous leading players are heavily investing in the replacement of conventional bulbs with LEDs in vehicles to offer excellent luminous efficiency for improving road safety. The market is further driven by the rising infrastructural development projects across the globe. Other factors, including continual product innovations, extensive research and development (R&D) activities conducted by key players and the emergence of digital-out-of-home (DOOH) advertising solutions, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 19.20% during 2022-2027.

Market Summary:

  • On the basis of the component, the market has been segmented into driver IC, discrete components and others.
  • Based on the luminaire type, the market has been categorized into decorative lamps, reflectors, type A lamp, T lamp, integral led modules and others.
  • On the basis of the supply type, the market has been bifurcated into constant current and constant voltage.
  • Based on the end-user, the market has been segregated into residential, commercial, and industrial.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players?include AC Electronics, ams AG, Hatch Lighting, Lutron Electronics Co. Inc., Macroblock Inc., Maxim Integrated Products Inc. (Analog Devices Inc.), Microchip Technology Inc., NXP Semiconductors N.V., Rohm Co. Ltd., Semiconductor Components Industries LLC, Signify N.V., SMART Global Holdings Inc. and Texas Instruments Incorporated.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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