LED Driver Market to Acquire $62,147.8 Million Size by 2030, Says P&S Intelligence

According to the latest market research report published by P&S Intelligence, growing from $8,710.9 million in 2021, the LED driver market is expected to advance by 24.4% between 2021 and 2030, to reach $62,147.8 million by 2030.

Almost 60% of the sales revenue comes from LED drivers that use a power supply that offers a constant current, on account of the need for consistent forward current even in situations where the voltage varies. Moreover, constant-current drivers enable the functioning of high-power LEDs by keeping all the LEDs in a series lit brightly.

The highest CAGR, of 25.7%, is expected in lighting applications due to the rising usage of green LEDs for managing pain, enabling sound sleep, battling depression, and treating dermatological issues. Further, LEDs are beneficial for people with light sensitivity and migraines, in addition to containing no mercury, unlike HID lamps.

The second-highest LED driver market CAGR, of 24.5%, in the application segment will be seen in the automotive category. This is attributed to automotive OEMs and owners' rising adoption of laser lights and LEDs. Compared to conventional luminaires, LEDs offer high brightness, long lifetime, low cost, and high energy efficiency. Additionally, LEDs enable adaptive front lighting, which protects the driver of the vehicle coming in the front from the high beam.