Global LED Driver Market
As stated in our extensive report; the Global LED Driver Market accounted for USD 5.1 Billion in the year 2022.
An electrical device called an LED Driver aids in controlling the flow of electricity to a group of LEDs. The LED Driver prevents the LEDs from failing too soon by controlling thermal runaway. The term “thermal runaway” refers to an LED’s temperature rising and its light output decreasing as the current increases. Building an LED Driver involves taking into account some factors, such as whether a constant current or constant voltage driver is required, the amount of space available, the type of LED that will be used, and the intended function of the fixture. The LED Drivers protect the LED lights from changes in current and voltage. The drivers ensure that the current & voltage going to the LED lights remain within their operational range regardless of fluctuations in the mains supply. The safety feature prohibits giving too much current or voltage, which might damage LEDs, or too little current, which could reduce light output.
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Even though there is a significant global movement towards the use of energy-efficient lighting options and predictions show that LED and compact fluorescent lamps will eventually replace 90% of the world’s indoor lighting, the use and acceptance of LED depend on the individual, their decision-making, their awareness, their lifestyle, and any related environmental concerns. The use of LED alternatives is increasing as a result of severe legislation. However, consumer awareness of the benefits of LEDs is still much lower but growing significantly. Customers should avoid buying better lighting solutions solely because of their benefits.
Key factors influencing LED Driver Market Growth
The growth of the global LED Driver market can be attributable to the following:
- The market for LED will expand as demand for programmable LED Drivers and energy-efficient lighting technologies rises. The demand for LED Drivers will be supported by the expansion of intelligent systems in emerging regions. Thanks to supporting energy-efficient rules created by the federal government and councils that promote funding for the manufacturing of energy-efficient equipment, the market for LED Drivers will grow in new directions.
- Due to their ability to enable reduced power consumption and have a lesser influence on electricity costs, reports claim that many individuals are employing LED systems in their cellphones, computers, televisions, and tablets. The market for LED Drivers will grow dramatically as a result of this.
- Due to their portability and prolonged life term, end users favor LED Drivers more, which affects market trends. Due to technological improvements in LED Driver design, small drivers can now be used in a range of light fixtures and applications.
- The need for LED Drivers has significantly increased due to the increasing use of small LEDs in lighting systems, dome lights, welcome lights, automotive headlights, and fast-acting taillights.
- Other factors driving the growth of the LED Driver industry include increased efforts to adopt energy-saving alternatives and the incorporation of strict government regulations regarding the installation of safety precautions, such as effective headlights, to prevent lights from flashing on drivers in oncoming vehicles and causing accidents.
- Recent trends in population growth and industrial expansion have also contributed to an increase in global energy consumption. Due to depleting resources and increasing energy consumption, there is currently an energy crisis on the planet.
- Several countries have enacted regulations requiring the use of consumer electronics with low energy usage to alleviate the energy problem.
- The various smart city plans being implemented by governments worldwide to cut costs and reduce emissions are also expected to greatly increase the international requirement for external forces. This implies that the demand for outside LED Drivers for outdoor lighting systems like street lights will increase.
- As the automobile industry switches from conventional HID & halogen lights to improved LED, the automotive sector has developed as a significant application area for LED Drivers.
- Hazardous HID bulbs are not permitted under the legislation of many nations. For instance, California forbids the use of aftermarket car HID lighting systems that produce visible blue light rather than the acceptable white-to-yellow range.
Asia Pacific Region to Lead the Market
Asia Pacific LED Driver market is getting more significant with maximum market share during the forecast period. The region has grown due to government subsidies, growth in the usage of LED lighting, and improved production lines in the area. The GRAM UJALA initiative, which would provide LED lights to rural areas for just Rs. 10 each, was established by the Indian government in March 2021. If rural consumers send in working incandescent bulbs, they can receive 7-watt and 12-watt LED lights with a 3-year warranty. Additionally, the Indian government distributed LED lights worth 36.78 billion INR all around the nation. Such activities are hastening the expansion of the local market.
China is a key global producer of industrial and consumer electronics and a significant distributor of LED Drivers. The market for these components is predicted to be pushed over the forecast period by customers’ rising demand for LEDs in products such as smartphones, laptops, TVs, and tablets. Additionally, technological advancements, a decline in the average cost of drivers, and other reasons have increased demand for the lighting industry. Europe and North America are set to experience growth due to the expanding use of LED lighting in both high- and low-end automotive sectors. In developed countries like the U.S. and Canada, the utilization of technologies for outdoor applications has increased. The European Union’s ban on less efficient halogen lamps and lucrative incentive programs for LED, are driving up demand for LED components on the market.
With technological advancements in LED Driver design, small drivers can now be used in a variety of light fittings, which are positively influencing the overall LED Driver market.
Some of the key players in the Global LED Driver Market include- ACE LEDS (U.S.), Microchip Technology Inc. (U.S.), Cree LED (China), GE Current – a Daintree Company (U.S.), Signify Holdings (India), SAMSUNG (Korea), Lutron Electronics Co. Ltd. (U.S.), Macroblock Inc. (Taiwan) and others.