Infrared LEDs are special purpose LEDs which produce infrared light of varied wavelengths. It has applications in optical systems, burglar alarm systems, water proof video cameras, medical treatment appliances, and remote control handsets. The global infrared LED market report by Market Research Future (MRFR) contains an overview of the industry, drivers, restraints, opportunities, trends, and competitive intelligence for the period of 2019 to 2025 (forecast period). The impact of the COVID-19 pandemic on the market has been expounded in great detail.
Market Scope
The global Infrared LED Market is expected to grow at a CAGR of 16.10% during the forecast period. Its size can expand from USD 2,288.88 million in 2018 to USD 4,827.54 million by 2025.
The purchase of wearables which contain IR LEDs can drive the market growth exponentially. This is exemplified by the integration of short-wave infrared lights and IR LEDs in Apple Watch by the company for measuring pH levels through their sweat. The use of these electric devices due to low heat generation and low power consumption can bode well for the market over the forecast period. Development of smart homes and offices can provide new growth opportunities to market players.
The COVID-19 pandemic has disrupted the production of IR LEDs globally owing to China being one of the biggest producers. The lifting of lockdown rules during the pandemic can play a major role in boosting the market growth. IR LEDs can help in analyzing and tracking the flow of people in airports, buildings, malls, and banks for maintain accurate distance and prevent community transmission of the virus among the masses. The ability of these electric devices in detecting temperatures can bode well for the market.
Segmentation
The global infrared LED market has been segmented based on spectral range, application, and end use.
By spectral range, the market has been segmented into 700nm–850nm, 850nm–940nm, 940nm–1020nm, and 1020nm–1720nm. The 700nm–850nm segment is expected to dominate the market in 2018. It is also expected to register the highest CAGR during the forecast period. The key driver for the growth of this segment is the rise in the adoption of facial recognition and iris recognition in consumer electronics.
By application, the market has been segmented into surveillance, biometrics, lighting, remote sensing, and imaging. The surveillance segment is expected to account for the largest market share. The integration of IR LEDs in night vision cameras is the key market driver of the segment. However, the imaging segment is expected to register the highest CAGR during the forecast period.
By end use, the market has been segmented into healthcare, aerospace & defense, automotive, e-commerce, BFSI, consumer electronics, education, and others. The automotive segment is projected to hold the largest market share. Production of infrared LEDs for automotive interior and exterior applications can fuel the market demand over the forecast period. In 2018, OSRAM launched a 940nm IR LED that enables automotive facial recognition. However, the healthcare segment is expected to register a significant CAGR during the forecast period owing to the growing adoption of IR LEDs in dermatology and neurology devices.
Regional Analysis
By region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
APAC is expected to hold the largest share in the infrared LED market over the forecast period. The high concentration of optoelectronics market players, availability of proficient technical personnel, and increasing investments by governments in the region owing to emphasis on energy-efficiency are 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 followed by the UK and France.
Competition Outlook
Luna Optoelectronics, Lumileds, Lite-On Technology, Inc., Excelitas Technologies Corporation, Lextar Electronics Corporation, Nichia Corporation, Epistar Corporation, Everlight Electronics Co. Ltd, Würth Elektronik GmbH & Co. KG, Marktech Optoelectronics, High Power Lighting Corporation, Epileds Technologies, OSRAM GmbH, and Kingbright are key players of the global IR LED market.
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Source- Market Research Future