Infrared (IR) LED Market Size By Spectral Range (700nm-850nm, 850nm-940nm, 940nm-1020nm, 1020nm- 1720nm), By Application (Biometrics, Imaging, Lighting, Remote Sensing, Surveillance), By End-use (Aerospace & Defense, Automotive, BFSI, Consumer Electronics, Education, Healthcare, Industrial, Retail), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Taiwan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024
Infrared (IR) LED Market is set to exceed USD 1 billion by 2024. The expanding surveillance industry across the world is projected to witness a high demand for IR LED components. CCTV security camera demand is driven by the rising investments in the government infrastructure for public safety. Infrared security cameras can deliver improved videos in no-light conditions and low light conditions. This has motivated the manufacturers to integrate advanced features into their products such as night vision capabilities augmenting the IR LED market. For instance, Reolink Argus has introduced a wide range of IR LED CCTV cameras that come in categories such as battery powered, wired and wireless.
The factors contributing to the industry growth include an increasing demand for these components for remote sensing, integration in hyper spectral imaging and the emergence of advanced iris and facial recognition technologies. Improvements in cooled IR detector technology have ensued rapid expansion of IR remote sensing instruments. These include environmental applications, imaging and surveillance. Furthermore, the flourishing smartphone industry is positively impacting the infrared LED market. There has been an extensive demand for biometrics in smartphones for more security. Smartphone providers have started incorporating these technologies into their latest models such as Samsung S8, Microsoft 950 XL, Vivo etc driving the infrared LED market.
Technological advancements in the automotive industry have fuelled the adoption of advanced driver assistance systems (ADAS), safety systems and telematics. These components are required for implementing these technologies and making them operative driving the IR LED market. Moreover, the technology is required for incorporating night vision and blind spot features into the automotive systems. This growing application of the technology for interior and exterior lighting applications in cars are benefiting the infrared LED market.
North America is anticipated to witness a lucrative growth over the forecast period owing to the high adoption of these components by the automotive companies. The U.S. is one of the largest automotive markets with over 17 million units’ light vehicles sales in 2017. The U.S. smartphone industry is a major contributor to the evolving infrared LED market. This is due to the high disposable income of the people and subsequent high purchasing power. The country invests extensively in R&D and innovation to develop new innovative technologies which is further supporting the IR LED market in the region.
Prominent players in the IR LED market include Epistar, Osram, Vishay, Nichia, Everlight. The industry is highly diverse with many regional and international players. These players are investing in expanding their production capabilities to meet the increasing demands from the consumer and automotive industry. For instance, OSRAM in February 2018 invested over USD 400 million in a new LED chip factory in Malaysia for increasing production. The companies are also launching new Infrared LED components designed specific for consumer electronics sector and automotive sector of different wavelengths.