The global infrared LED market is anticipated to grow at a CAGR of 15.0% during the forecast period (2022-2028). Infrared LED also known by the name as infrared light emitting diode, is a solid-state lighting (SSL) device that emits light in the infrared range of the electromagnetic radiation spectrum. IR LEDs allow for cost-effective, efficient production of infrared light, which is electromagnetic radiation in the 700 nm to 1mm range. The market growth is majorly attributable to the growing integration of automotive electronics and advanced vehicle systems that use infrared LED. Its growing applications in security and surveillance also substantially contributed to the growth of the global infrared LED market.
Another key trend that drives the market growth includes the growing use of infrared LED in various medical therapies. For instance, the use of infrared LED in phototherapy devices to enhance the immune system is one of the promising market opportunities provided by this LED. For instance, in March 2020, Independence LED Lighting announced its collaboration with QuietMIND Foundation, which is a nonprofit research foundation to increase the development of infrared (IR) phototherapy devices, aids to enhance the immune system and fight against corona virus.
Some key players operating in the market include Epistar Corp., Nichia Corp., and Koninklijke Philips NV, among others. The market players are eyeing on strengthening their position in the market by adopting various strategies as mergers and acquisitions, partnerships, collaborations, new product launch and development in the existing product portfolio, and so on. For instance, in October 2019, Everlight Electronics announced the launch of three new IR LED products for driver face recognition and smart automation feature in vehicles.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Spectral Range
- By Application
- By End-Use
- Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape: Epistar Corp., Nichia Corp., and Koninklijke Philips NV, among others.
A full report is available at: https://orionmarketreports.com/global-infrared-led-market/110076/
Global Infrared LED Market Report by Segment
By Spectral Range
- 700nm-850nm
- 850nm-940nm
- 940nm-1020nm
- 1020nm-1720nm
By Application
- Biometrics
- Imaging
- Lighting
- Remote Sensing
- Surveillance
By End-Use
- Aerospace and Defense
- Automotive
- BFSI
- Consumer Electronics
- Education
- Healthcare
- Industrial
- Retail
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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