LED Driver industry gained revenue worth nearly US$ 12.31 billion in 2021 and is anticipated to accrue returns about US$ 64.13 billion by 2028.
In addition to this, LED Driver market is prognosis to record CAGR of almost 26.1% in 2022-2028.
Apparently, growth of LED driver market over forecasting timeline is subject to rise in need of energy-efficient LED systems and use of Internet Of Things (IoT) tools in smart city projects.
Furthermore, use of standard guidelines for lighting control will expand scope of market in upcoming years. A large number of cities have installed smart street lights embedded with sensors and this has proliferated elevation in size of LED driver market. Humungous use of LED drivers in residential, industrial, and commercial sectors will extend growth horizons of LED driver industry. Reportedly, rise in construction activities has culminated into high need for LED drivers, thereby steering LED driver market trends.
LED drivers offer protection to LEDs from high voltages as well as fluctuations occurring during power supply. Moreover, these devices are devised for running on low volts as well as direct current power. Reportedly, they are utilized for maintaining voltage and current passing via LED circuit at high rate. Furthermore, this equipment find spectrum of applications in industrial, commercial, and residential sectors.
In addition to this, LED driver is an electrical equipment delivering power to range of LEDs in a controlled way. Apparently, it provides incessant power supply to LED as electrical properties vary with change in temperature for LED. It is accepted by large number of outdoor applications including street lighting, roadway lighting, tunnel lighting, and highway lighting. However, these LED drivers have become innovative along with offering high flexibility for lightning services.