Global LED Driver for Lighting Market to Reach $98.1 Billion by 2030
The global LED drivers market is experiencing significant growth, driven by burgeoning demand for LED lighting solutions. Within the market, type A lamps are dominating, although lamps with integrated modules are poised to drive further expansion. The outdoor segment is anticipated to experience the fastest growth due to increasing adoption in outdoor lighting applications.
However, despite the positive trajectory, the market faces key challenges that require addressing. The competitive landscape is intense, with players worldwide vying for market share, representing a mix of strong, active, niche, and trivial market presences.
Type A-Lamps, one of the segments analyzed in the report, is projected to record 17.9% CAGR and reach US$35.5 Billion by the end of the analysis period. Growth in the T-Lamps segment is estimated at 17.2% CAGR for the next 8-year period.
LED drivers play a crucial role in regulating and powering LED lighting systems, with constant current LED drivers dominating the market. Europe and the US currently lead the LED drivers market, while the Asia-Pacific region is expected to exhibit the fastest growth.
The LED Driver for Lighting market in the U.S. is estimated at US$4.3 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$27.2 Billion by the year 2030 trailing a CAGR of 21.5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.4% and 14.3% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 20% CAGR.
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