Infrared (IR) LED Market Size, Share, Trends and Competitive Analysis Forecast to 2024
The global IR LED market is
expected to reach $784.8 million by 2023, registering a CAGR of 14.3% by 2023.
An IR LED refers to infrared light emitting diode, which appears similar to the
common LED, with the only difference that it emits light in infrared range of
the electromagnetic radiation spectrum. Such LEDs are mainly composed of
gallium arsenide or aluminium gallium arsenide. These LEDs, along with IR
receivers, are usually used as sensors. IR LEDs are widely being used in the
biometric ID applications, military applications and surveillance applications.
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As per the
findings of the research, the market for IR LED is expected to register the
highest growth in Asia-Pacific, during the forecast period. The emerging
countries in Asia-Pacific, including India, China and Vietnam, are making huge
investments in new product launches in the IR LED market.
Surveillance industry has been contributing the largest revenue to the
global IR LED market. IR LED offers night vision capability in military
applications to provide effective vision in unclear atmospheric conditions,
such as fog, smoke, dust and airborne obscurant. Night vision refers to the
ability to see in total darkness, which is made possible by an amalgamation of
acceptable intensity range and sufficient spectral range of electromagnetic
spectrum.
Increasing security concerns in developing as well as developed
countries is driving the demand for surveillance devices and biometrics
systems, globally. IR LEDs are being used in CCTV cameras, biometric ID
applications, infrared imaging and various other applications in the
surveillance industry.
Geographically, Asia-Pacific has been the largest contributor to the
global IR LED market and is also expected to register significant growth,
during the forecast period. The growth of infrared based products, such as IR
LED, IR emitter and receiver, in Asia-Pacific can be mainly ascribed to the
growth of emerging economies of the region, including China and India.
Moreover, Asia-Pacific has emerged as a hub for major original equipment manufacturers
(OEMs) for miscellaneous infrared-related products, which makes it a booming
market for IR LED.
China has been the largest revenue contributor to the global lighting
industry, accounting for over 40% of the global production. A gigantic increase
in the acceptance of security cameras has been observed across the globe. These
cameras are integrated with number of rings of IR LEDs to offer night vision
capabilities. Increasing popularity of these cameras is expected to generate
higher demand for IR LEDs, especially in China, where majority of these cameras
are being manufactured. Growth of the Chinese IR LED market is likely to propel
the growth of the IR LED market in Asia-Pacific. Investment in research and
development to launch new products and applications of IR LED in the emerging
countries of Asia-Pacific, including Taiwan, Vietnam and South Korea, is the
major factor propelling the growth of the IR LED market in the region.
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Some of the major companies operating in the global IR LED market
include EPILEDS, EPISTAR, EVERLIGHT, NICHIA., OSRAM Opto Semiconductors and
Vishay Intertechnology.
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