LED Drivers for Lighting: Industry Growth Trends and Competitive Insights to 2030

The global market for LED Drivers for Lighting is estimated at US$25.8 Billion in 2023 and is projected to reach US$98.1 Billion by 2030, growing at a CAGR of 21.0% from 2023 to 2030.

The growth in the LED drivers market for lighting is driven by several factors, including the ongoing global shift towards energy efficiency, the continued expansion of smart home technology, and increasing regulatory requirements for energy-saving technologies. As governments worldwide implement stricter energy efficiency standards, the demand for advanced LED drivers that can meet these standards is increasing. This regulatory environment, coupled with growing consumer awareness about the benefits of energy conservation, propels the adoption of LED technology across residential, commercial, and industrial sectors.

Additionally, the rising popularity of smart home ecosystems has created a robust market for smart LED drivers that can be controlled via apps and integrated with other home automation systems, providing both convenience and energy savings. Technological advancements that enable the production of more reliable and cost-effective LED drivers also contribute to market growth, making LEDs an increasingly attractive option for a wide range of lighting applications.

Collectively, these factors ensure the continued expansion of the LED drivers market, reflecting the broader trends of energy conservation, technological integration, and environmental responsibility.