Programmable LED Drivers Market Size

Programmable LED Drivers Market size was over USD 11.56 billion in 2023 and is poised to cross USD 248.08 billion by 2036, witnessing more than 26.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of programmable LED drivers is estimated at USD 14.02 billion. The growth of the market can primarily be attributed to the increasing consumption of electricity worldwide. According to the International Energy Agency, in the year 2019, world total final consumption of electricity was estimated to be ~80.2 EJ.

The characteristic of programmable LED drivers to provide self- contained power supply to LED modules for optimal light output, dimming curve, and lowest dimming percentage, allowing the driver to match the output of existing luminaires or serve as a flexible platform for new luminaire designs with low energy consumption are responsible for its increasing programmable LED drivers market demand. The requirement for specialized power supplies is completely looked after by the LED drivers with different currents in different applications and requiring different intensities. The surge in the use of LED bulbs and LED lightings is attributed to its benefits such as low energy consumption, greater efficiency, longer lifespan, design flexibility, and the ability to operate in harsh conditions. The demand for programmable LED drivers is on the rise amongst the building sector, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global programmable LED drivers market during the forecast period. For instance, in the year 2021, approximately 50% of buildings sector lighting markets were covered by LEDs globally.