Market Overview —
In its research report, Market Research Future (MRFR), emphasizes that over the review period, the global Infrared LED market 2020 is projected to rise exponentially, securing a significant market valuation and a healthy CAGR.Drivers and Restraints
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Infrared LEDs are commonly adopted because of advantages such as affordability, low power consumption and simple deployment. They record growing adoption across the automotive and healthcare sectors. Moreover, favorable government legislation and declining IR receiver prices improve the use of IR LEDs in various products. Increasing popularity of these devices among DIY (do-it-yourself) security cameras end-users is anticipated in support of demand from industry. Growing security issues and ever-expanding smartphone industry are meeting global demand from infrared LEDs. Growing construction of smart homes and commercial complexes in the coming years would require more secure equipment for the safety purposes. Technological developments in infrared LEDs in the fields of defense, photography, illumination, automotive and consumer electronics are expected to drive global demand for infrared LEDs. But the lack of global standards relevant to IR LEDs is expected to restrict market growth. The acceptance of facial recognition and iris recognition in consumer electronic devices in the coming years is expected to boost demand for IR LEDs.
The major market players operating in the global market as identified by MRFR are Epileds Technologies (Taiwan), Epistar Corporation (Taiwan), Everlight Electronics Co. Ltd (Taiwan), Excelitas Technologies Corporation (US), Elektronik GmbH & Co. KG (Germany), High Power Lighting Corporation (Japan), Kingbright (Taiwan), Lextar Electronics Corporation (Taiwan), Lite-On Technology, Inc. (Taiwan), Nichia Corporation (Japan), OSRAM GmbH (Germany), Luna Optoelectronics (US), Marktech Optoelectronics (US), Würth and Lumileds (US).
The Global Infrared LED Market was segmented based on spectral Range, Application, End Use and Area.
The market was segmented by Spectral Spectrum into 700nm–850 nm, 850nm–940 nm, 940nm–1020 nm and 1020nm–1720 nm. In 2018 the segment 700nm–850 nm is projected to dominate the market. The highest CAGR is also expected to be recorded over the forecast period. The main contributor to this segment's growth is the increase in consumer electronics adoption of features such as facial recognition and iris recognition.
The market was segmented by application into biometrics, imaging, illumination, remote sensing, and surveillance. It is estimated that the surveillance segment will account for the greatest market share. The main driver for the market is the growing adoption of IR LED in night vision cameras. The imaging segment is expected to record the highest CAGR over the forecast period, however.
The market was segmented by End Use into aerospace & defense, automotive, BFSI, consumer electronics, e-commerce, education, healthcare, and other industries. It is expected that the automotive segment will have the largest market share. OSRAM launched a 940 nm IR LED in 2018 which allows for facial recognition of the automotive. Nonetheless, due to the growing adoption of IR LEDs in dermatology and neurology products, the healthcare segment is expected to register an significant CAGR during the forecast era.
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The global business regional overview was performed in four major regions namely Asia Pacific, North America, Europe and the rest of the world.Asia-Pacific is expected to hold the largest share in the Infrared LED market from 2019 to 2025. The high concentration of optoelectronics market players, easy availability of proficient technical expertise, and increasing investments by the governments in the region are the key drivers of the market.
Europe is expected to hold the second-largest market share during the forecast period owing to the rapid growth in the automotive sector. Germany is the most lucrative market in the region, followed by the UK and France.
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