Surge in adoption of energy-efficient lighting and rise in development of programmable LED drivers fuel the growth of the global LED driver market.
PORTLAND, Ore., Sept. 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "LED Driver Market by Luminaire Type (Decorative Lamps, Reflectors, Type A Lamp and Others) Supply Type (Constant Current and Constant Voltage) Component (Driver IC, Discrete Components, and Others), and Industry Vertical (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global LED driver market generated $7.40 billion in 2020, and is expected to garner $79.33 billion by 2030, witnessing a CAGR of 27.2% from 2021 to 2030.
Drivers, restraints, and opportunities
Surge in adoption of energy-efficient lighting, rise in development of programmable LED drivers, and increase in implementation of smart infrastructure in developing regions fuel the growth of the global LED driver market. However, high costs of installation hinders the market growth. On the other hand, emergence of IoT enabled lighting solutions presents new opportunities in the coming years.
The manufacturing area in this sector witnessed a major loss during the initial phase of the lockdown owing to project delays and suspension of facilities.
The demand from the end using sectors, especially, automotive suffered severely. On the other hand, shortage of raw material occurred due to disruptions in the supply chain.
However, the government bodies are coming up with new and effective measures to help the industry maintain economic stability, and the market therefore, is expected to recoup soon.
The type A lamps segment to maintain its leadership status during the forecast period
Based on luminaire type, the type A lamps segment accounted for the largest share in 2020, contributing to nearly one-third of the global LED driver market, and is projected to maintain its leadership status during the forecast period. This is attributed to the fact that type A lamp offers the simplest installation process. However, the decorative lamps segment is projected to portray the largest CAGR of 30.3% from 2021 to 2030. Decorative lamps comes in different color and lighting pattern which adds the beauty to the space. This factor drives the demand for decorative lamps.
The constant current segment to continue its dominance in terms of revenue during the forecast period
Based on supply type, the constant current segment contributed to the highest share in 2020, holding more than three-fifths of the global LED driver market, and is estimated to continue its dominance in terms of revenue during the forecast period, as constant current driver is used drive high power LED's because it maintains a consistent brightness across all LEDs in-series. However, the constant voltage segment is projected to manifest the highest CAGR of 28.6% from 2021 to 2030. These drivers are designed for a single direct current output voltage that switch the alternating current voltage to a low direct current voltage.
Europe, followed by North America, to continue its lead position by 2030
Based on region, Europe, followed by North America, held the highest market share in 2020, contributing to nearly one-third of the global LED driver market, and is projected to continue its lead position by 2030. The increasing demand for smart lighting solutions based on IOT and longer life span is driving the adoption of LED driver in his region. However, Asia-Pacific is expected to witness the fastest CAGR of 29.8% during the forecast period. The increase in technological advancements and rapid urbanization in developing countries, such as India, China, and Japan boosts the growth of the market in this province.
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