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New Delhi, June 11, 2024 (GLOBE NEWSWIRE) — The worldwide LED lighting driver module market was valued at US$ 5.3 billion in 2023 and is projected to achieve US$ 16.3 billion by 2032 at a CAGR of 13.63% through the forecast interval 2024–2032.
The worldwide demand for LED lighting driver modules is pushed by power effectivity, value financial savings, technological developments, and environmental sustainability. LED lighting is significantly extra energy-efficient than conventional lighting options, consuming as much as 75% much less power and lasting 25 occasions longer in accordance with the U.S. Division of Power. This effectivity is a major motivator for each residential and industrial sectors to undertake LED lighting methods, because it interprets to substantial value financial savings in power consumption and upkeep.
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Technological developments in LED lighting driver module market have additionally performed an important function of their rising demand. As an example, the combination of good applied sciences and IoT capabilities in LED drivers permits for superior lighting management and automation, which is more and more wanted in good properties and good metropolis initiatives. The worldwide good lighting market is predicted to develop from $17.88 billion in 2023 at a CAGR of 14.6%. This progress is indicative of a broader development in the direction of clever lighting methods that require subtle driver modules to operate successfully.
Environmental considerations and regulatory insurance policies are one other important driver. Governments and organizations worldwide are implementing stringent rules to cut back carbon footprints and promote sustainability. For instance, the European Union’s directive on eco-design and power labeling goals to section out inefficient lighting merchandise, pushing shoppers and companies in the direction of LED options within the LED lighting driver module market. The worldwide LED lighting market is projected to achieve $127.84 billion by 2030, in accordance with Astute Analytica, largely pushed by these regulatory measures and the growing consciousness of environmental sustainability.
The elevated urbanization and infrastructural improvement in rising economies are propelling the demand for LED lighting driver modules. International locations like China and India are investing closely in infrastructure initiatives that incorporate energy-efficient lighting options. In response to the Worldwide Power Company (IEA), India alone is predicted to account for practically 10% of the worldwide LED market by 2030. This city enlargement coupled with authorities incentives for energy-efficient applied sciences is predicted to proceed driving the demand for LED lighting driver modules throughout the globe.
Key Findings in LED lighting Driver Module Market
| Market Forecast (2032) | US$ 16.3 billion |
| CAGR | 13.63% |
| Largest Area (2023) | Asia Pacific (45.82%) |
| By Kind | Fixed Present LED driver (58.19%) |
| By Dimming Kind | Dimmable (61.08%) |
| By Utility | Basic Lighting (77.65%) |
| By Channel | Single (54.48%) |
| By Distribution Channel | Offline (67.09%) |
| Prime Tendencies |
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| Prime Drivers |
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| Prime Challenges |
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Fixed Present LED Driver Modules to Proceed Producing Greater than 58.19% Market Income
Fixed present LED driver modules are gaining important traction within the international LED lighting driver module market on account of their superior efficiency and effectivity in comparison with their fixed voltage counterparts. One of many main causes for his or her prominence is their capacity to offer a gradual present, making certain constant brightness and increasing the lifespan of LEDs. These modules keep a set present, which prevents overdriving or underneath driving the LEDs, thus decreasing the chance of thermal runaway and potential harm. This reliability is vital, particularly in functions requiring excessive precision, corresponding to medical lighting and show applied sciences.
By way of power effectivity, fixed present LED driver modules are unparalleled. They will obtain power financial savings of as much as 50% in comparison with conventional lighting options. Research have proven that buildings using LED lighting with fixed present drivers can cut back their power consumption by 30-40%, contributing considerably to international sustainability objectives. Moreover, fixed present drivers assist dimming capabilities, which might additional improve power financial savings by 20-30% within the LED lighting driver module market. The worldwide push for inexperienced power options and discount in carbon footprint has additional propelled the demand for these environment friendly lighting methods. As an example, the European Union goals to chop greenhouse fuel emissions by a minimum of 55% by 2030, and the adoption of energy-efficient LED methods is a pivotal a part of this technique.
The technological developments in fixed present LED driver modules are driving their adoption throughout varied industries. Improvements corresponding to good lighting methods, which combine IoT and AI applied sciences, rely closely on the precision and reliability of fixed present drivers. Moreover, the automotive {industry} is more and more adopting these drivers for his or her LED headlamps and inside lighting methods on account of their capacity to offer constant illumination and improve security.
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Excessive Demand for Dimmable LED Lighting Driver Module to Take Up Over 61.08% Market Share
The demand for dimmable LED lighting driver modules has surged within the LED lighting driver module market on account of a number of compelling elements, primarily pushed by technological developments, power effectivity, and evolving shopper preferences. A lot of the shoppers go for dimmable LED drivers to boost power effectivity, which aligns with international sustainability objectives. LEDs are already extra energy-efficient than conventional incandescent and fluorescent bulbs, consuming as much as 80% much less power. The power to dim these lights additional enhances power financial savings, permitting customers to cut back energy consumption by as much as 40% when lights are dimmed, contributing to decrease electrical energy payments and diminished carbon footprints.
Other than this, the pliability and management supplied by dimmable LED drivers are extremely enticing for each residential and industrial functions. Within the residential sector, shoppers more and more need customizable lighting options that may adapt to totally different moods and actions. As an example, dimmable LEDs can create a comfortable ambiance for leisure or a brighter setting for studying and cooking. This versatility is supported by the truth that 68% of householders choose adjustable lighting of their properties. In industrial settings, corresponding to places of work and retail areas, dimmable lighting can improve productiveness and create an interesting ambiance for patrons, thereby bettering enterprise outcomes within the LED lighting driver module market. Research have proven that well-designed lighting can enhance employee productiveness by 18% and retail gross sales by as much as 20%.
the combination of good house know-how has considerably boosted the demand for dimmable LED lighting driver module. With the rise of the Web of Issues (IoT), shoppers are more and more adopting good lighting methods that may be managed by way of smartphones and voice-activated gadgets. Moreover, 72% of good house machine house owners report that lighting management is a significant profit. This development is especially robust amongst millennials, 83% of whom are all in favour of good house know-how. Thus, the convergence of power effectivity, shopper demand for customizable lighting, and the combination of good house methods collectively drive the excessive demand for dimmable LED lighting driver modules.
Basic Lighting Contribute over 77% Income to LED Lighting Driver Module Market
The dominance of common lighting functions in producing greater than 77.65% of the income for LED lighting driver modules could be attributed to international push in the direction of power effectivity and sustainability in residential, industrial, and industrial settings. LEDs eat as much as 75% much less power in comparison with conventional incandescent bulbs and last as long as 25 occasions longer, making them a extremely cost-effective answer. Governments worldwide have applied stringent rules and supplied substantial incentives to exchange standard lighting with LEDs, additional stimulating market progress. As an example, the European Union’s Ecodesign Directive mandates energy-efficient lighting, whereas the U.S. Division of Power’s Strong-State Lighting Program goals to cut back lighting power use by 50% by 2035.
Along with regulatory assist and price financial savings, technological developments have significantly enhanced the enchantment of LED lighting driver module market
for common functions. Improvements corresponding to good lighting methods and the combination of Web of Issues (IoT) know-how have expanded the performance of LED lighting, permitting for options like distant management, automated dimming, and colour tuning. These developments not solely enhance person comfort but in addition contribute to extra power financial savings and enhanced ambiance in varied environments. For instance, Philips Hue and LIFX good bulbs have seen widespread adoption in workplace areas and good properties, additional driving the demand for LED driver modules.
Furthermore, the flexibility and adaptableness of LED lighting have enabled its widespread use throughout various functions, from road lighting and automotive lighting to retail and hospitality sectors. The power to provide high-quality, constant gentle output with minimal warmth technology makes LEDs superb for varied settings. As an example, cities like Los Angeles have changed over 140,000 streetlights with LEDs, leading to power financial savings of roughly $9 million yearly. Retail giants like Walmart have additionally switched to LED lighting of their shops, decreasing power consumption by 40%.
World LED Lighting Driver Module Market Witnesses Robust Inflow of Demand in Asia Pacific
The Asia Pacific area has emerged as a powerhouse within the LED lighting driver module market on account of a number of compelling elements, together with speedy urbanization, authorities initiatives, technological developments, and the presence of main market gamers. This progress is pushed by the growing adoption of energy-efficient lighting options in international locations like China, India, and Japan. One of many main drivers of demand within the Asia Pacific area is the speedy urbanization and infrastructural improvement. International locations corresponding to China and India are investing closely in good metropolis initiatives and modernizing their infrastructure, which incorporates the adoption of LED lighting for each residential and industrial functions. As an example, the Indian authorities’s Good Cities Mission goals to develop 100 good cities, considerably boosting the demand for LED lighting driver modules. Moreover, the development {industry} in these international locations is booming, additional propelling the necessity for energy-efficient lighting options.
Authorities initiatives and regulatory insurance policies additionally play an important function in driving the demand for LED lighting driver modules within the area. Many governments within the Asia Pacific are implementing insurance policies to advertise power effectivity and cut back carbon emissions. For instance, China has set bold targets to cut back its carbon footprint, which incorporates phasing out incandescent bulbs and selling LED lighting. Equally, India’s UJALA scheme has distributed over 360 million LED bulbs, considerably decreasing power consumption and driving the demand for LED driver modules.
Technological developments and the presence of main market gamers within the area additional contribute to the expansion of the LED lighting driver module market. Firms like Nichia Company, Panasonic Holdings Company, and Signify Holding (Philips) are main the market with modern merchandise and options. The combination of good applied sciences and IoT capabilities in LED lighting methods can also be gaining traction, with the good lighting market within the Asia Pacific anticipated to develop considerably. This technological shift is creating a requirement for superior LED driver modules that may assist these good lighting options.
World LED Lighting Driver Module Market Key Gamers
- Eaglerise Electrical & Digital (China) Co., Ltd.
- ERP Energy LLC
- Euchips
- HEP TECH CO., LTD.
- Inventronics Inc.
- Lifud Expertise Co., Ltd.
- LTECH
- MEAN WELL Group
- MOSO Electronics Corp.
- Signify Holding
- TCI TELECOMUNICAZIONI ITALIA S.R.L.
- Tridonic
- Different Distinguished Gamers
Key Segmentation:
By Kind
- Fixed Present
- Fixed Voltage
By Dimming Kind
- Non- Dimmable
- Dimmable
- DALI Dimming
- 0 – 10 V Dimming
- ≤ O.1%
- 1.0% -10%
- 10 %
- Ahead Section
- Reverse Section
- Bluetooth
- DMX
- DALI Dimming
By Utility
- Basic Lighting
- Residential
- Industrial
- Industrial
- Avenue Lighting
- Horticulture Lighting
By Channel
- Single Channel
- Multi-Channel
By Distribution Channel
By Area
- North America
- Europe
- Asia Pacific
- Center East & Africa (MEA)
- South America
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