Market Analysis
The global IR LED market is predicted to touch USD 2,288.88 million at a 16.10% CAGR between 2019- 2025 states the recent Market Research Future (MRFR) analysis. Infrared LEDs, simply put, are transmitters that radiate IR beams at a higher drawn-out wavelength compared to obvious light. Such gadgets include aluminium gallium arsenide or aluminium arsenide and possess around 1.4V working voltage.
Various factors are propelling the global infrared LED market share. As per the current MRFR report, such factors include growing demand for integration of remote sensing and hyper spectral imaging in automotive, consumer electronics, and other allied industries, growing popularity of such devices among end users DIY security cameras, increasing security concerns, booming smartphone industry, and increasing construction of smart commercial complexes and smart homes. Besides, technological advances in infrared LEDs in consumer electronics, automotive, lighting, imaging, and defense, low cost and high security benefits, and lower power consumption are also adding market growth.
On the contrary, low penetration of technology, declining cost of components, and the reduction in production capacity due to the shutting down of manufacturing plants and shortage of raw materials for the ongoing COVID-19 outbreak may impede the global infrared LED market growth over the forecast period.
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Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global infrared LED market based on end use, application, and spectral range.
By spectral range, the global infrared LED market is segmented into 1020nm-1720nm, 940nm-1020nm, 850nm-940nm, and 700nm-850nm. Of these, the 700nm-850nm segment will lead the market over the forecast period for the increasing use of features like iris recognition and facial recognition in consumer electronics.
By application, the global infrared LED market is segmented into surveillance, remote sensing, lighting, imaging, and biometrics. Of these, the surveillance segment will dominate the market over the forecast period for its increasing adoption in night vision cameras. Meanwhile, the imaging segment will grow at a high CAGR.
By end use, the global infrared LED market is segmented into healthcare, education, e-commerce, consumer electronics, BFSI, automotive, aerospace and defense, and others. Of these, the automotive segment will have a major share in the market over the forecast period. Meanwhile, the healthcare segment will grow at a high CAGR for the increasing use of IR LEDs in neurology and dermatology devices.
Regional Analysis
Based on region, the global infrared LED market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, & the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. Rising investments by the government, easy accessibility of skilled technical expertise, and high concentration of optoelectronics market players are adding to the global infrared LED market growth in the region.
The global infrared LED market in Europe is predicted to hold the second-largest share in the market over the forecast period. Rapid growth in the automotive industry is adding to the global infrared LED market growth in the region. Germany, France, and the UK have maximum share in the market,
The global infrared LED market in the APAC region is predicted to grow at a fast pace while that in the RoW is predicted to have sound growth over the forecast period.
Key Players
Key players in the infrared LED market report include Lumileds (US), Würth Elektronik GmbH & Co. KG (Germany), Marktech Optoelectronics (US), Luna Optoelectronics (US), Nichia Corporation (Japan), Lite-On Technology, Inc. (Taiwan), Lextar Electronics Corporation (Taiwan), OSRAM GmbH (Germany), Kingbright (Taiwan), High Power Lighting Corporation (Japan), Excelitas Technologies Corporation (US), Everlight Electronics Co. Ltd (Taiwan), Epistar Corporation (Taiwan), and Epileds Technologies (Taiwan).
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