September 20, 2023 08:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insight, the global LED driver for lighting market is projected to reach a value of US$ 150.8 billion by 2033, exhibiting a CAGR of 19.4%. The market is likely to be worth US$ 25.7 billion in 2023.
The global market is experiencing substantial growth given the surging popularity of smart homes. LED technology is increasingly replacing traditional lighting options. The adoption of LED lights is increasing in various applications, such as outdoor, automotive, industrial, and horticultural lighting.
LED technology offers numerous benefits like extended lifespan, compact size, and reduced heat emission. It also offers superior energy efficiency compared to conventional products. The advantages of LED technology are anticipated to fuel the market expansion. The automotive industry is actively replacing damaged lights and focusing on substituting halogen lights with LEDs.
There is a misconception about the high installation cost of LED drivers. This misconception could result in negative trends in the market. Furthermore, the lack of standardized practices among manufacturers can create challenges for LED driver development. These challenges further hinder the expansion of the LED driver market.
Several governments across the world have initiated several smart city projects. These projects aim to create technologically advanced and environmentally friendly living spaces. Sustainable lighting plays a crucial role in these initiatives. This leads to a high demand for smart lighting solutions in these countries.
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Consumers become more conscious of the advantages of creating a comfortable and healthy lighting environment. Thus, the popularity of LED drivers that provide human-centric lighting functionality is increasing
Many cities have implemented smart street lights that use daylight sensors for automatic on/off functionality. This implementation is projected to be a prominent trend contributing to market growth. Technological improvements have driven the advancement and adoption of organic LEDs. This has increased the preference for advanced forward lighting system technologies.
Key Takeaways from the LED Driver for Lighting Market:
“The automotive industry is rapidly adopting LED drivers as it shifts away from traditional HID and halogen lighting technologies towards more advanced and energy-efficient LED lighting systems,” says a Future Market Insights analyst.
Key players in the LED driver for lighting market focus on research and development activities to introduce innovative LED driver solutions. They intend to satisfy the expanding demand for energy-efficient lighting options.
These market players are also actively seeking strategic partnerships and collaborations. They also engage in mergers and acquisitions. Their primary objective is to expand their global presence and broaden their product offerings in the market.
Top Players in LED Driver for Lighting Industry
Key Developments of Key Market Players
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LED Driver for Lighting Market Segmentation
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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