The global LED driver market is projected to be worth USD 62,147.8 million by 2030, growing at a CAGR of 24.4%. This growth can be credited to the technological improvements in lighting components along with the growing consumption and production of power-effective LED drivers.
In the coming few years, the lighting application category is projected to experience the fastest development, growing at a CAGR of 25.7%. Green lights are useful for all from treating skin circumstances to lessening pain, fighting depression, and promoting sleep.
Furthermore, they can aid individuals who are going through migraine and photophobia (light sensitivity) and they do not comprise mercury, unlike their counterparts, like high-intensity discharge (HID) lamps. Therefore, such factors are propelling the demand for LED drivers for this application throughout the world.
In recent years, the APAC region generated the highest revenue share of above 40% in the LED driver market, and the region is also projected to be in the leading position in the future as well. The supportive government steps to encourage power-efficient lighting, the growing competition among companies resulting in product revolution, and the growing count of infrastructure projects are the key factors progressing the development of the industry.
Europe and North America were the third- and second-highest revenue generators in the industry in the recent years, respectively. This can be credited to the thriving penetration of lighting solutions in the industrial and commercial sectors, mainly automotive. Furthermore, the rising personal per-capita income and the growing count of owner-occupied housing units help the utilization of these solutions in these regions.
Hence, the technological improvements in lighting components along with the growing consumption and production of power-effective LED drivers are the major factors propelling the LED driver market.
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