Constant Current LED Driver Market Size Hit USD 31.42 Billion at CAGR of 12.7%, By 2028

Constant Current LED Driver Market -Growing LED lighting adoption for general lighting applications and increased demand for energy-efficient lighting systems

NEW YORK, NY, UNITED STATES, April 13, 2022 /EINPresswire.com/ — The increasing adoption of LED lighting in various lighting applications, the increasing demand for energy-efficient lighting systems, and the advancements of IoT and lighting integration are anticipated to drive the growth of the market throughout the forecast timeline.

Market Size – USD 12.16 Billion in 2020, Market Growth – CAGR of 12.7%, Market Trends – Growing LED lighting adoption for general lighting applications and increased demand for energy-efficient lighting systems

The Constant Current LED Driver Market is presumed to garner a revenue of USD 31.42 Billion by 2028 from its valuation of USD 12.16 Billion in 2020, registering a CAGR of 12.7%. The increasing adoption of LED lighting in various lighting applications, the increasing demand for energy-efficient lighting systems, and the advancements of IoT and lighting integration are anticipated to drive the growth of the market throughout the forecast timeline. The stringent government policies concerned with energy-saving and energy efficiency and the rising economic development has contributed to the increased adoption of LED lighting.

The rising adoption of constant current LED drivers over constant voltage LED drivers is the aversion of breaking the maximum current specified for LEDs by the constant current LED drivers. LED drivers confer several advantages, such as higher reliability, comfortable size, and improved efficiency. These drivers maintain the constant supply of power to the LEDs as the electric properties vary during different temperatures.

Moreover, the advent of IoT based connected lighting solutions due to the rapid development of the smart building and home infrastructure and the government initiatives to improve the energy efficiency of cities has bolstered the need for constant current LED drivers, thereby adding traction to the growth of the market. However, the lack of awareness about the installation of LED drivers for lighting and the shortage of predetermined standards among different manufacturers can potentially hamper the growth of the market during the projected period.

Some of the prominent players of the industry are Atmel Corp., General Electric, Macroblock, Inc., On Semiconductor, Koninklijke Philips N.V., Atmel Corporation, Texas Instruments, Inc., Cree Inc., AC Electronics, Maxim Integrated, Inc., Osram Gmbh, Rohm Semiconductors, Harvard Engineering, and others.

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Further Key Findings from the Report Suggest:

• The Constant Current LED Driver Market is presumed to garner a revenue of USD 31.42 Billion by 2028 from its valuation of USD 12.16 Billion in 2020, registering a CAGR of 12.7%.
• The increasing adoption of LED lighting in various lighting applications, the increasing demand for energy-efficient lighting systems, and the advancements of IoT and lighting integration are anticipated to drive the growth of the market throughout the forecast timeline.
• The stringent government policies concerned with energy-saving and energy efficiency and the rising economic development has contributed to the increased adoption of LED lighting.
• The rising adoption of constant current LED drivers over constant voltage LED drivers is the aversion of breaking the maximum current specified for LEDs by the constant current LED drivers.
• LEDs have proved to be an energy-efficient alternative to traditional light sources. This has bolstered the demand for LEDs in lighting and display segments across varied industry verticals.
• However, the lack of awareness about the installation of LED drivers for lighting and the shortage of predetermined standards among different manufacturers can potentially hamper the growth of the market during the projected period.
• Based on the power, the 10-60W segment is anticipated to grow significantly in terms of revenue and CAGR during the forecast period. This can be attributed to the growing need to use dim lights for aesthetic appearance in restaurants, theatres, shops, and offices
• Based on the end-user, the architecture segment is anticipated to account for the largest market share in the forecast years owing to the extensive use of LEDs in the sector, thereby driving the need for constant current LED drivers.
• Based on the driver types, the internal segment is presumed to grow at the fastest CAGR during the forecast period. This can be attributed to the rapid urbanization and modernization of the commercial sector, driving the need for LED lighting in various industry verticals such as automotive, architectural, and construction industries.
• Based on the regional analysis, the APAC market is estimated to be the fastest-growing region, registering a CAGR of 13.1%, of the constant current LED drivers market during the forecast period. This can be attributed to the rapid urbanization in emerging economies like China, Japan, and India. Moreover, increasing disposable income, economic development, and the increasing government initiatives for energy-saving lighting can drive the growth of the market in the region.
• In August 2020, Mean Well Enterprises Co. Ltd. released a series of programmable output drivers conferred with high-power efficiency and broader dimmer compatibility.

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/constant-current-led-driver-market

For the purpose of this study, Reports and Data has segmented the Constant Current LED Driver Market on the basis of power, AC input voltage, dimming type, end-use, driver type, and region:

By Power (Revenue, USD Million; 2018-2028)

• 0-10W
• 10-60W
• 60-100W
• >100W

By AC Input Voltage (Revenue, USD Million; 2018-2028)

• Less than 120 V
• 120-299V
• 300 and above

By Dimming Type (Revenue, USD Million; 2018-2028)

• No Dimming
• 0-10V (1-100%)
• 0-10V
• 10-100%
• 01-100%
• 1-100%
• Bluetooth 1-100%
• For/Rev Phase
• Others

By End-Use (Revenue, USD Million; 2018-2028)

• Architecture
• Commercial Lighting
• Airports and Dockyard
• Healthcare
• Office
• Horticulture
• Retail
• Others

By Driver Type (Revenue, USD Million; 2018-2028)

• External
• Internal

By Region (Revenue, USD Million; 2018-2028)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key Advantages of Constant Current LED Driver Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Constant Current LED Driver industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Constant Current LED Driver market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

Tushar Rajput
Reports and Data
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