New York, US, July 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Infrared LED Market information by Spectral Range, by Application, by End User and Region – forecast to 2027” the Market is expected to grow from USD 2,288.88 Million in 2018 to USD 4,827.54 Million by 2025, at a CAGR of 16.10%.
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Dominant Key Players on Infrared LED Market Covered Are:
- Epileds Technologies (Taiwan)
- Epistar Corporation (Taiwan)
- Everlight Electronics Co. Ltd (Taiwan)
- Excelitas Technologies Corporation (US)
- High Power Lighting Corporation (Japan)
- Kingbright (Taiwan)
- OSRAM GmbH (Germany)
- Lextar Electronics Corporation (Taiwan)
- Lite-On Technology, Inc. (Taiwan)
- Nichia Corporation (Japan)
- Luna Optoelectronics (US)
- Marktech Optoelectronics (US)
- Würth Elektronik GmbH & Co. KG (Germany)
- Lumileds (US)
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Infrared LED Market Drivers
Growing Trend of Smart Offices and Smart Homes to Boost Market Growth
The rising trends for smart offices and smart home in various developing nations will boost the market growth over the forecast period. The IR technology is experiencing a growing implementation in smart homes for lightings, music systems, and remote control of TVs.
Besides, the growing adoption of infrared LED displays across the healthcare and automotive sectors, favorable government legislation, declining IR receiver prices that is improving the use of IR LEDs in different products, growing popularity of these devices among DIY security cameras end-users, growing security issues, ever-expanding smartphone industry, growing construction of commercial complexes, technological developments in infrared LEDs in consumer electronics, automotive, illumination, photography, and defense, and acceptance of iris recognition and facial recognition in consumer electronic devices are also adding market growth.
Opportunities
Increasing Adoption in Healthcare Sector to offer Robust Opportunities
Increasing adoption of infrared LED will offer robust opportunities for the market in the forecast period. This is owing to its ability of assisting in medical therapies such as wound treatment and skin treatment. The IR LED in medical therapies use several light wavelengths between 750nm-1,000nm resting on the inflamed or injured body part. Such devices are used for endoscopy applications & blood analysis and these use the wavelength ideal for human tissues.
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Restraints
Lack of Global Standards to act as Market Restraint
The lack of global standards pertinent to IR LEDs may act as a market restraint over the forecast period.
Challenges
Low Penetration of Technology to act as Market Challenge
The low penetration of technology in several regions may act as a market challenge over the forecast period.
Segmentation of Market Covered in the Research:
By spectral range, the 700nm-850nm segment will dominate the market over the forecast period and at the highest CAGR for the rise in the adoption of features like iris recognition and facial recognition in consumer electronics.
By application, the surveillance segment will lead the market over the forecast period for the growing adoption of IR LED in night vision cameras while the imaging segment will grow at the highest CAGR.
By end use, the automotive segment will spearhead the market over the forecast period while the healthcare segment will develop at a significant CAGR over the forecast period for its growing adoption in neurology and dermatology devices.
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Regional Analysis
APAC to Head Infrared LED Market
The Asia Pacific region will head this market in the forecast period. High concentration of optoelectronics players, increasing investments by the government, and easy availability of proficient technical expertise are adding to the global infrared LED market growth in the region. Besides, the rising consumer electronics sector in countries like Taiwan, South Korea, India, and China, the changing lifestyles of consumers, and growing need for more advanced electronics are also adding to the growth of the market.
Industry Update
A research team headed by professors of POSTECH’s chemical and mechanical engineering and professors from department of Material Science & Engineering at Korea University have created a transparent radiative cooler which transmits visible light while reflecting near-infrared light and also radiate heat in the atmospheric window that had a wavelength range between 8-13 micrometers.
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COVID-19 Impact on the Global Infrared LED Market
Owing to the pandemic, the majority of auto players across the globe have shut down their manufacturing plants and also reduced their production capacity. This is mostly due to the uncertainty in raw material supply and fall in demand from consumers. This may decline the IR LED market share in the auto industry. The outbreak has adversely impacted various industries, either negatively or positively. The technology sector is highly affected. Along with tackling with the challenges occurred by the outbreak it is also relooking on the strategies and operating plans, post-pandemic. In the LED industry, maximum production activities happen in China which is the home of the raw materials and also the origin to spread the virus across various countries of the world. All these are impacting market growth.
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