LED Driver Market to Reach $79.33 Billion, Globally, by 2030

According to a new 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.

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.

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.