Infrared LED Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Spectral Range (700nm-850nm, 850nm-940nm, 940nm-1020nm, 1020nm- 1720nm), By Application (Biometrics, Imaging, Lighting, Remote Sensing, Surveillance), By End Users (Automotive, Consumer Electronics, Healthcare, Industrial) And By Geography - Forecasts From 2022 To 2027
- Published : Nov 2022
- Report Code : KSI061612953
- Pages : 130
The infrared LED market was valued at US$555.519 million in 2020 and is expected to grow at a CAGR of 10.95% over the forecast period to reach a total market size of US$1,149.391 million in 2027.
An infrared LED is a solid-state lighting device that emits light in the infrared range of the electromagnetic radiation spectrum. Infrared LED has several uses in different industries. Infrared is used in CCTV cameras owing to its night vision feature. With the huge demand for CCTV for security, the market for infrared LED is also growing. Its demand in the consumer electronics sector is also boosted with the introduction of facial and iris recognition systems in mobile devices.
Infrared sensors have several uses in the automotive industry, such as proximity, parking, lane detection, and others. The automotive driver assistance system is further boosting demand for infrared LED. Several companies are expanding their productions, and several companies are entering the market to meet the growing demand for infrared LED. Infrared LED lights are used in military applications, owing to their night vision feature for identifying the position of weapons, target spot, searching for criminals and bombs, and others. The absence of global LED standardization is a challenge for the market. However, increasing acceptance of smart technologies, and security concerns will drive the market for Infrared LED lights.
Geographically, the Asia Pacific region is expected to have a significant market share. Increasing investments of governments towards infrastructure and security are key factors for increasing demand in the region. China is one of the major producers of CCTV cameras. The European region market is driven by countries like the United Kingdom, France, Italy, and Germany. Germany also has a significant share in the IR LED market owing to huge demand from the automotive industry.
The rising trend for smart homes and smart offices in several developing nations has provided opportunities for the IR LED market players. The market is expanding because of the increasing usage of IR technology in smart homes for applications like remote control of TVs, music systems, and lighting. About 47% of US residents will own smart home technologies in 2022, according to the National Council for Home Safety and Security. This has led to the creation of cutting-edge smart home products that incorporate IR technology and are anticipated to propel market expansion.
Further, the 850nm-940nm spectral range segment in the infrared LED market is expected to hold dominant shares of the market. The growth is primarily linked to its expanding use in the automobile sector for gesture control and night vision, among other features. Many automobile industry firms have started incorporating cutting-edge electronic technologies into their vehicles as a result of the growing concern for safe driving in developing countries. This is anticipated to boost infrared LED incorporation between 950 and 1,020 nm and have a favourable impact on market demand. For instance, Everlight Electronics announced the introduction of three infrared LED devices in October 2019 for the integration of driver facial recognition and smart automation features into automobiles. This growing use of these LEDs is thus expected to boost the market growth.
Asia Pacific region to dominate the market shares
The Asia Pacific region is estimated to hold dominant shares in the Infrared Led Market. The presence of densely populated countries like China and India, increasing disposable income, and changing lifestyles are some factors driving the market growth. Further, the growing investments and funding in the region for the development of new products are further expected to drive growth. For instance, Sharewin Investment funded a Chinese start-up named Maxic Technology for the development of wireless charging chips and LED drivers. Further, SHINEON, an infrared LED manufacturer, has been developing new technology, which would be intended for noise detection filtering and TWS detection in the ear. Additionally, OSRAM and CONTINENTAL’s joint venture for developing intelligent light solutions in the automotive sector is expected to fuel the global market, driving its growth of the market. Thus, these developments are predicted to have a positive impact on the IR LED market.
Additionally, the region's expanding use of mobile payment solutions and online banking has led to a rise in the implementation of biometric apps. For clients to complete their digital transactions, these LEDs provide outstanding dependability and security verification, offering substantial growth prospects. The figure vein authentication system, which employs IR LED technology to scan the finger and recognize each user's specific vein pattern, was integrated into about 160 ATM machines in 18 districts of China, according to a February 2018 announcement by the Bank of China Hong Kong.Thus, developments like these in the region are expected to augment the growth in the IR LED market.
COVID-19 Impact on the Infrared LED Market
The outbreak of the COVID-19 pandemic had a varied effect on the market. owing to the pandemic, the majority of the auto players worldwide shut down their manufacturing plants and reduced their production capacity. This was majorly owing to uncertainty in raw material supply and a decline in demand from consumers. Thus, this led to a decline in the IR LED market share in the automotive industry.
But when coronavirus infections increased globally, new and improved healthcare monitoring methods were created. In order to develop breakthrough medical equipment and systems to contain the spread of the virus, research institutes and businesses developed partnerships and agreements for collaboration. For instance, in March 2020, Independence LED Lighting partnered with the QuietMIND Foundation, a non-profit research organisation, to further the development of infrared phototherapy systems that would help to strengthen the immune system and fight against the virus. This had a positive impact on the market in the healthcare segment.
Infrared LED Market Scope:
|Market Size Value in 2020||US$555.519 million|
|Market Size Value in 2027||US$1,149.391 million|
|Growth Rate||CAGR of 10.95% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Spectral Range, Application, End Users, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Vishay Intertechnology, Inc., OSRAM Opto Semiconductors, Opto Tech Corporation, Kingbright Electronic Co., Ltd., Everlight Electronics Co. Ltd., High Power Lighting Corporation, Lumileds Holding B.V., ProLight Opto Technology Corporation, OptoSupply Limited|
|Customization Scope||Free report customization with purchase|
- By Spectral Range
- 1020nm- 1720nm
- By Application
- Remote Sensing
- By End Users
- Consumer Electronics
- By Geography
- North America
- United States
- South America
- Middle East and Africa (MEA)
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Driver
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. INFRARED LED MARKET, BY GEOGRAPHY
5.2. North America
5.2.1. United States
5.3. South America
5.5. Middle East and Africa (MEA)
5.5.1. Saudi Arabia
5.6. Asia Pacific
5.6.3. South Korea
6. COMPETITIVE ENVIRONMENT AND ANALYSIS
6.1. Major Players and Strategy Analysis
6.2. Emerging Players and Market Lucrativeness
6.3. Mergers, Acquisitions, Agreements, and Collaborations
6.4. Vendor Competitiveness Matrix
7. COMPANY PROFILES
7.1. Vishay Intertechnology, Inc.
7.2. OSRAM Opto Semiconductors
7.3. Opto Tech Corporation
7.4. Kingbright Electronic Co., Ltd.
7.5. Everlight Electronics Co. Ltd.
7.6. High Power Lighting Corporation
7.7. Lumileds Holding B.V.
7.8. ProLight Opto Technology Corporation
7.9. OptoSupply Limited
Vishay Intertechnology, Inc.
OSRAM Opto Semiconductors
Kingbright Electronic Co., Ltd.
Everlight Electronics Co. Ltd.
High Power Lighting Corporation
Lumileds Holding B.V.
ProLight Opto Technology Corporation
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