Selbyville, Delaware, May 02, 2023 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Short Wave Infrared LED Market was estimated at USD 250 million in 2022 and is expected to surpass a valuation of $ 550 million by 2032, progressing at a CAGR of 5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Rising integration of sensors in healthcare sector is a key driver behind market growth. SWIR LED technology is extensively used in wearable devices such as fitness bands and smartwatches to monitor vital signs such as blood oxygen levels, heart rate, and others. When used in sensor-based fluorescence bioimaging, this technology offers deep tissue penetration and reduces scattering of photons as compared to traditional imaging techniques, making it suitable for healthcare sector.
Owing to its superior image acquisition capability, SWIR LED technology is also widely used in medical imaging-based diagnosis applications such as Near-infrared imaging for tumor detection and visualization of tissue anatomy.
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Longer usable range of 850nm-950nm SWIR LEDs to fuel spectral range segment growth
On the basis of spectral range, short wave infrared LED market from 850nm-950nm segment held over 45% industry share in 2022. SWIR LEDs within this range demonstrate a longer usable range which favors their adoption in security applications. These LEDs also offer invisibility balance and superior performance for use in darkness. In fact, 850nm SWIR LEDs offer good illumination in dark settings, which makes it a standard wavelength for CCTV cameras while 940 nm SWIR LEDs are suitable for remote control applications.
Key reasons for short wave infrared LED market growth:
- Growing sensor integration in the healthcare industry
- Rising automation in industries
- Adoption of smart infrastructure in the education sector
- Innovations in surveillance & security systems
Surging implementation of online banking to foster biometrics application segment expansion
Based on application, short wave infrared LED market size from biometrics segment is anticipated to record a valuation of over USD 100 million by 2032. SWIR LEDs are widely used in biometrics for facial, iris, and retinal recognition. Growing implementation of online banking systems has bolstered the demand for biometrics for user authentication, paving way for segment growth. In fact, in August 2021, Santander Group, a Spanish financial services company chose Facephi Biometria, a Spain-based software firm, as the identity verification systems provider to help its clients access their accounts securely using biometrics.
Better illumination of SWIR LED to fuel automotive end-use segment development
In terms of end-use, short wave infrared LED market share from automotive segment is poised to grow at over 10% CAGR from 2023 to 2032. SWIR LED technology boasts of higher range, longer lifespan, and better illumination when compared to traditional lighting systems, making it suitable as an automotive lighting solution. It is commonly used in brake lights, headlights, and other lighting applications. Moreover, these LEDs can see beyond the visible spectrum, which favors their adoption for vehicle detection in security applications.
Strong presence of market leaders to strengthen Asia Pacific SWIR LED industry trends
Asia Pacific short wave infrared LED market is expected to grow at over 5% CAGR through 2023 to 2032, fueled by the strong presence of industry giants such as Epistar, Optotech, Taiwanese, and Lextar, among others. These enterprises are growingly focusing on product innovations, outlining the regional scenario. In fact, in January 2022, Epistar Corp., a Taiwanese manufacturer of LEDs, announced that optical power of its 1300 nm LED has the potential to reach 25mW, which is 28% higher as compared to other products, making it highest output SWIR LED globally.
Product innovations to define competitive scenario for SWIR LED market share
The list of major short wave infrared LED industry players includes names such as DOWA Electronics Materials Co., Ltd., Everlight Electronics Co Ltd, Brightek (Europe) Limited, Excelitas Technologies Corporation, Lite-On Inc., and Marktech Optoelectronics, among others. These firms are increasingly focusing on product innovations to gain a competitive edge over their peers.
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Moreover, SEDAR integrates an imaging sensor and SWIR light source in a single device. This technology is based on the company’s research on affordable CMOS-based SWIR devices to offer an alternative to expensive Indium Gallium Arsenide or InGaAs SWIR sensors.
Partial chapters of report table of contents (TOC):
Chapter 3 Short Wave Infrared LED Market Insights
3.1 Impact of COVID-19
3.2 Russia- Ukraine war impact
3.3 U.S.-China trade ware
3.4 Industry ecosystem
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key initiative and news
3.9 Regulatory landscape
3.10 Industry impact forces
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.4 Competitive positioning matrix
4.5 Strategic outlook matrix
Chapter 5 Market, By Spectral Range
5.1 Key trends, by spectral range
5.2 700nm-850nm
5.3 850nm-950nm
5.4 950nm-1020nm
5.5 1020nm-2500nm
Chapter 6 Market, By Application
6.1 Key trends, by application
6.2 Biometrics
6.3 Imaging
6.4 Lighting
6.5 Remote sensing
6.6 Surveillance
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
