Infrared LED Market Scope
The global infrared LED market Size is expected to grow at a CAGR of 16.10% during the forecast period. Its size can expand from USD 2,288.88 million in 2018 to USD 4,827.54 million by 2025.
The purchase of wearables which contain IR LEDs can drive the market growth exponentially. This is exemplified by the integration of short-wave infrared lights and IR LEDs in Apple Watch by the company for measuring pH levels through their sweat. The use of these electric devices due to low heat generation and low power consumption can bode well for the market over the forecast period. Development of smart homes and offices can provide new growth opportunities to market players.
The COVID-19 pandemic has disrupted the production of IR LEDs globally owing to China being one of the biggest producers. The lifting of lockdown rules during the pandemic can play a major role in boosting the market growth. IR LEDs can help in analyzing and tracking the flow of people in airports, buildings, malls, and banks for maintain accurate distance and prevent community transmission of the virus among the masses. The ability of these electric devices in detecting temperatures can bode well for the market.
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Infrared LED Market Regional Analysis
By region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
APAC is expected to hold the largest share in the infrared LED market over the forecast period. The high concentration of optoelectronics market players, availability of proficient technical personnel, and increasing investments by governments in the region owing to emphasis on energy-efficiency are key drivers of the market.
Europe is expected to hold the second-largest market share during the forecast period owing to the rapid growth in the automotive sector. Germany is the most lucrative market followed by the UK and France.
Infrared LED Market Overview
Infrared LEDs are special purpose LEDs which produce infrared light of varied wavelengths. It has applications in optical systems, burglar alarm systems, water proof video cameras, medical treatment appliances, and remote control handsets. The global infrared LED market report by Market Research Future (MRFR) contains an overview of the industry, drivers, restraints, opportunities, trends, and competitive intelligence for the period of 2019 to 2025 (forecast period). The impact of the COVID-19 pandemic on the market has been expounded in great detail.
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Infrared LED Market Competition Outlook
Luna Optoelectronics, Lumileds, Lite-On Technology, Inc., Excelitas Technologies Corporation, Lextar Electronics Corporation, Nichia Corporation, Epistar Corporation, Everlight Electronics Co. Ltd, Würth Elektronik GmbH & Co. KG, Marktech Optoelectronics, High Power Lighting Corporation, Epileds Technologies, OSRAM GmbH, and Kingbright are key players of the global IR LED market.
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