Infrared LED Market Is Projected To Expand At A Healthy Growth Rate By 2025
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 that acceptance
of facial recognition and iris recognition in consumer electronic devices in
the coming years is expected to boost demand for IR LEDs.
Segmental Analysis
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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Regional
research
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.
Competitive
Analysis
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).
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