The global LED driver market revenue is expected to reach $62,147.8 million by 2030, witnessing a compound annual growth rate of 24.4% during 2021–2030. This can be ascribed to the inflating use of LED lights in different industries, such as automotive, industrial, and horticulture, which, in turn, exalt the product demand. Moreover, the surging need for energy-efficient lighting systems and the burgeoning number of smart buildings are heightening the market growth.
Among the supply type, the constant current category recorded a larger revenue share in 2021, and it is also expected to witness a higher growth rate in the LED driver market during the forecast period. This growth can be mainly because constant current LED drivers are highly suitable for high-power lighting applications. Moreover, they sustain consistent and optimal light output, mainly for strings of LEDs, while avoiding thermal runaway conditions from happening.
With the limited current of constant current LED drivers, the life of the luminaire can be expanded, with rated output current at lower temperatures. The LED driver has a case temperature (Tc) point, the highest temperature position on the shell of the driver. Thus, creators often find these drivers easier to control, as they have low power consumption and can achieve a more consistent LED brightness level.
Based on application, the lighting category registered the largest share, of more than 30%, in the market in 2021, followed by automotive and consumer electronics. The increasing awareness regarding the benefits of LED lighting and the surging preference for green lights are the major drivers of the market outlook in this category. Further, LED manufacturers are focusing on integrating solutions, such as Wi-Fi and occupancy sensors, with the objective of attracting a huge customer base and recording a large volume of product sales.
Geographically, APAC recorded the largest market share in 2021 and is also the fastest-growing market during the forecast period. In the region, China is the largest market, due to the supportive government policies, including the provision of subsidies that helped LED manufacturers to fuel their production capacity and distributors operate their business effectively. Further, the country is one of the major producers of consumer and industrial electronics and a significant supplier of LED driver components.
Key players in the LED driver market are laying emphasis on product innovation to entice customers and achieve a higher competitive advantage. For instance:
In April 2022, Tridonic GmbH & Co KG introduced two versions of the new GEN 4 LED driver that have the externally managed components (EMC) sustainability declaration.
Similarly, in October 2020, Inventronics Inc. expanded its ESM-Dx family, by including models imparting 320W of power. The company introduced ESM-320SxxxDx, which is a programmable, Ingress Protection IP66/IP67 rated LED driver, developed to offer original equipment manufacturers (OEMs) design flexibility.
Key players in the market include ACE LEDS, Macroblock Inc., ams-OSRAM AG, Inventronics Inc., Microchip Technology Incorporated, ON Semiconductor Corporation, ROHM Co. Ltd., Texas Instruments Incorporated, Tridonic GmbH & Co KG, and Signify N.V.