The growing number of smart homes has increased demand for IoT-based connected lighting solutions, which is propelling the worldwide LED Driver Market forward. LEDs are commonly utilised as an alternative to conventional lighting. LEDs outperform traditional lighting products in terms of efficiency. These benefits include LED's longer life and better energy efficiency than traditional lighting, Miniaturization and reduced heat output. This is projected to propel the worldwide LED Driver market forward. There is a misconception about the high cost of installing LED drivers, and as a result, the industry may encounter certain unfavourable trends. This is projected to slow the worldwide LED Driver market's growth. The absence of common standards across manufacturers may provide difficulties in the development of LED drivers. This is expected to further impede the expansion of the worldwide LED Driver Market.
According to Coherent Market Insights, the LED Driver Market was valued at US$ 5,274.5 Mn in 2021 and is forecast to reach a value of US$ 47789.10 Mn by 2030 at a CAGR of 28.4% between 2022 and 2030.
Key Leaders in the LED Driver Industry:
1. Hubbell Incorporated
Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. Its brand portfolio includes Hubbell, Kellems, Bryant, Burndy, CMC, Bell, TayMac, Wiegmann, Killark, Hawke, Aclara, Fargo, Quazite, Hot Box, etc. The company was founded in 1888 and is headquartered in Shelton, Connecticut.
2. Osram GmbH
OSRAM CONTINENTAL modern lighting technologies with electronics and software and for the automotive lighting industry. The company was founded in 2018, headquartered in Bayern, Germany.
3. Autec Power Systems
Autec Power Systems specializes in designing and producing power supply and LED driver product solutions. The company was founded in 1989, headquartered in California, U.S.
4. Hatch Lighting
Hatch Lighting designs and manufactures advanced electronic power supplies for lighting applications. They offer a full range of LED drivers, emergency lighting products, surge protection devices, ballasts, and transformers to meet the needs of the ever-evolving lighting industry. The company was founded in 1985, headquartered in Florida, U.S.
5. Eaton Corporation Plc
Eaton Corporation plc operates as a power management company worldwide. Eaton Corporation plc was founded in 1911 and is based in Dublin, Ireland. In August 2020, Eaton declared a recycling program that permits the end users to dispose of aged, obsolete, or the destroyed power capacitor units. The program comprises of the onsite material pick up and assists any unit, irrespective of age, the original producer or the situation.
6. Cree Inc.
McKim & Creed is a civil engineering company that offers engineering, surveying, and planning services. The company was founded in 1978, headquartered in North Carolina, U.S.
7. AC Electronics (ACE)
AC Electronics designs and creates power lighting solutions such as LED drivers, lighting modules, and retrofit kits. AC Electronics is headquartered in Arlington, Texas and was founded in 1996.
8. Allanson International
Allanson is a leader in bringing technology and engineering together to provide innovative solutions for customers in sign lighting, HVAC. The company is headquartered in Ontario, Canada, founded in 1926.
9. Acuity Brands Lighting Inc.
Acuity Brands Inc is the parent company of Acuity Brands Lighting and other subsidiaries, which provide lighting products for commercial, institutional, industrial, and residential applications. These products include luminaires, lighting controls, lighting components, and integrated lighting systems that use a combination of light sources. Customers include electrical distributors, electric utilities, retail home improvement centers, and lighting showrooms. A majority of the firms' revenue is generated in the United States. The company was founded in 2001. In June 2020, the company ACUITY BRANDS INC. made planned alliance agreement with the Ushio America Inc. Ushio accepted to offer Acuity Brands with its Care 222 UV disinfection design, that utilizes the filtered excimer to produce 222nm far- UVC light that is able to inactive the virus and the bacteria on indoor surfaces.
*Definition-An LED driver is a type of electrical device that helps send electricity to a string of LEDs in a controlled manner. It helps to avoid LEDs from failing prematurely by managing thermal runaway. The thermal runaway is a phenomena in which the increase in temperature of the LED, the forward voltage VF, and light drops by increasing the current.
