company news about LED Driver Market Trends

The global LED driver market reached a value of US$ 8.17 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.87 Billion by 2027, exhibiting at a CAGR of 19.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

The escalating demand for LED lighting solutions on account of a significant rise in power consumption, increasing global population, changing climatic conditions, and improving lifestyles of individuals represents one of the key factors impelling the market growth. In addition, inadequate power generation that has led to higher electricity prices is facilitating the adoption of energy-efficient LED lighting solutions worldwide. This, along with the rapid expansion of smart city projects and initiatives undertaken by government of numerous countries to encourage the use of energy-efficient technologies and ban inefficient lighting solutions, is contributing to the market growth. Apart from this, the growing emphasis on relacing conventional bulbs with LEDs in modern vehicles for high luminous efficiency and increasing safety is catalyzing the demand for LED drivers across the globe. This can also be attributed to boosting sales of passenger vehicles worldwide on account of rapid urbanization and improving urban road infrastructure. Furthermore, the rising number of outdoor events, coupled with the emergence of digital-out-of-home (DOOH) advertising, is augmenting the use of LED modular displays. This, in confluence with the growing awareness about the importance of energy conservation, is creating a positive influence on the market.