Wednesday, November 13, 2024

LED Driver IC Market Forecasted to Hit USD 16.05 Billion by 2032, Fueled by Growing Demand for Energy-Efficient Lighting Solutions

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LED Driver IC Market Forecasted to Hit USD 16.05 Billion by 2032, Fueled by Growing Demand for Energy-Efficient Lighting Solutions
The LED Driver IC market is experiencing significant growth, escalating from USD 3.79 billion in 2023 to an expected USD 16.05 billion by 2032, with a compound annual growth rate (CAGR) of 17.46%. This surge is primarily fueled by the proliferation of smart cities and a shift toward energy-efficient LED lighting in residential, commercial, and industrial sectors. The consumer electronics sector leads the market, accounting for 41% market share, driven by increased demand for LED technology in devices like smartphones and televisions. North America currently holds a substantial market share due to its technological advancements, while the Asia-Pacific region is anticipated to grow rapidly, propelled by industrialization and urbanization. Key players in the market focus on developing innovative and eco-friendly solutions, and the demand for LED driver integrated circuits capable of supporting smart functions is projected to rise as IoT technology advances.
Original source:
https://indiashorts.com/led-driver-ic-market-size-to-reach-usd-16-05-billion-by-2032-driven-by-rising-demand-for-energy-efficient-lighting-solutions-research-by-ss-insider/181921/

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