LED Driver Market

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2022
Rising LED Driver Demand Led by Increasing
Adoption of LEDs Due to Energy Efficiency
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In 2021, the LED driver market generates 8,710.9
million, and it is projected to advance at a 24
CAGR, to capture 62,147.8 million revenue in
2030. It is attributed to the increasing
production, and consumption of energy-efficient
LED drivers, along with technological
advancements in the lighting components. Lighting
is one of the rapidly growing businesses, and the
usage of smart light is expected to rise in the
coming years. In addition, the increasing use of
lighting in various sectors such as healthcare,
manufacturing, retail, and automotive boosts
industry growth. Request for sample pages of this
report https//www.psmarketresearch.com/market-an
alysis/led-driver-market/report-sample There are
various governments such as China and India which
increasingly focus on encouraging the deployment
of smart lights instead of conventional lights,
which will proliferate the production and
consumption of LED drivers. The technological
advancements promote organic LED's development
and application and result in increased adoption
of modern lighting system technologies in LEDs
for automotive application of bend headlights.
The constantly rising sales of automobiles, along
with the replacement of damaged lights leads to
LED driver industry propulsion.
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Moreover, the halogen industry concentrates on
replacing halogen lights with LEDs. There is a
growing demand for replacing halogen lights in
industrial economies. Under the supply types, the
constant current category dominates the industry,
accounting for a 60 share of the industry, and
it is predicted to retain its position in the
near future. It is ascribed to the growing
adoption of constant current LED drivers due to
their consistent forward current without getting
affected by input voltage fluctuations. Moreover,
a constant current driver is the best method for
increasing the consumption of high-power LEDs, as
it facilitates the constant brightness across all
LEDs in series. Moreover, the rising output power
of constant current drivers, more specifically
where long strings are used, boosts their
demand. Under the application segment, the
lighting application is projected to experience
significant growth in the coming future, with a
rate of 25.7. Green lights offer numerous
advantages such as exposure to green light
treating skin conditions, reducing pain, fighting
depression, and promoting sleep. In addition,
green lights support people with migraine and
photophobia. These lights lack mercury unlike
other lights such as HID lamps. Therefore, all
such factors contribute to the increasing demand
for LED drivers.
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Moreover, the automotive application is projected
to experience the next-significant growth in the
LED driver industry, rising at a rate of 24.5,
due to the growing adoption of laser lights and
LEDs in automobiles. Such products massively
replace conventional lights leading to their
enhanced features, long life, high-energy
efficiency, high brightness, and affordable
cost. Browse full report at https//www.psmarketr
esearch.com/market-analysis/led-driver-market Furt
hermore, APAC captures the largest share of the
LED driver industry, accounting for 40, and it
is expected to dominate the industry in the
coming future. Moreover, the favorable government
initiatives that encourage the adoption of
energy-efficient lighting, rising infrastructure
projects, along with increasing competition among
industry players proliferate the
industry. Therefore, the rising adoption of LED
lights due to their high efficiency, long life,
and low-cost boost the LED driver industry.
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