The new report by Expert Market Research titled, ‘Global IR LED Market Share, Size, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2028`, gives an in-depth analysis of the Global IR LED Market, assessing the market based on its segments like technologies, spectral ranges, applications, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 48 billion (Global LED Lighting Market)
- Forecast CAGR (2023-2028): 12% (Global LED Lighting Market)
- Forecast Market Size (2026): USD 95 billion (Global LED Lighting Market)
The market for IR LED is being aided by the robust growth of automotive sectors. IR LEDs are used in the advanced electronics in vehicles which are propelling the industry growth. They are used in several outdoor applications such as night vision, pedestrian protection, and lane recognition which are further augmenting the market growth. The use of IR LED in safety alarms and surveillance cameras due to rising theft and property damage is boosting the growth of IR LED industry. The growing internet penetration and technological advancements and the increasing use of digital banking and mobile wallets require advanced security system which is aiding the market growth. In addition, the growing reliance on remotes in smart homes and smart offices are bolstering the market growth.
Industry Definition and Major Segments
An IR LED, variously known as infrared light emitting diode, is usually made of gallium arsenide or aluminium gallium arsenide and emits infrared rays ranging from 700nm to 1mm wavelength. It is invisible to the naked human eye and therefore is used in several devices such as surveillance camera, night-vision goggles, and safety alarms, among others.
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The market can categorised on the basis of its technology into the following:
- IR LED Chip
- IR LED Package
The spectral ranges of IR LED are as follows:
- 700 nm – 850 nm
- 850 nm – 950 nm
- 950 nm – 1020 nm
- 1020 nm – 1720 nm
On the basis of applications, the industry is segmented into:
- Remote Sensing
Based on the end uses, IR LED can be divided into the following:
- Aerospace and Defence
- Consumer Electronics
- Healthcare and Hospitality
The major regions of the IR LED industry are as follows:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The IR LED industry is being driven by the low energy consumption, cost-effectiveness, and low heat production by IR LED. The rising use of eco-friendly products owing to rapid climate change is expected to further aid the industry growth. The increasing use of IR LED in the latest technological advancements such as the Internet of things (IoT) and machine to machine environments (M2M) is anticipated to propel the market growth. The rising use of IR LED in various applications in the healthcare sector such as infrared therapy is catalysing the market growth. Moreover, the growing use of IR LED in several medical devices for endoscopy and blood analysis, among others which is expected to further lubricate the industry growth.
Key Market Players
The major players in the market are OSRAM Opto Semiconductors GmbH, EPILEDS Technologies, Inc., Epistar Corporation, Nichia Corporation, Kingbright Company, LLC, Everlight Electronics Co., Ltd, and ROHM Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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