The global infrared LED market size is expected to grow from USD 451.18 million in 2018 to USD 951.59 million by 2025, at a CAGR of 16.10% during the forecast period. Factors such as the growing demand for LEDs in the automotive sector, favorable government regulations, growing adoption of IR LEDs in developing nations, and decreasing prices of IR receivers are expected to drive the demand for infrared LEDs across the globe.
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On the basis of spectral range, the market has been segmented into 700nm–850nm, 850nm–940nm, 940nm–1020nm, and 1020nm–1720nm. The 700nm–850nm segment dominated the market in 2018; it is expected to register the highest CAGR during the forecast period from 2019 to 2025.
On the basis of application, the market has been segmented into biometrics, imaging, lighting, remote sensing, and surveillance. The surveillance segment dominated the market in 2018, whereas the imaging segment is expected to register the highest CAGR during the forecast period from 2019 to 2025.
On the basis of end use, the market has been segmented into aerospace & defense, automotive, BFSI, consumer electronics, e-commerce, education, healthcare, and others. The automotive segment is expected to dominate the review period. The healthcare segment is expected to register the highest CAGR during the forecast period.
The key players profiled in the global Infrared LED industry research report 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), and Lumileds (US).
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The geographical analysis of the global infrared LED market has been done for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to account for a significant share of the global infrared LED market during the review period. The growth of the market in North America can be attributed to the high concentration of market players and the easy availability of proficient technical expertise in the region. Furthermore, the rise in demand CCTV cameras for surveillance applications is expected to drive the demand for infrared LEDs in the region.
In terms of market size, Europe is expected to hold the second-largest share in the Infrared LED market. The European market has been divided into the UK, Germany, France, and the rest of Europe. In Germany, a rise in demand for interior and exterior automotive lighting is driving the market growth. The region is registering a rise in the number of partnerships among the automotive players and IR LED providers.
The market in Asia-Pacific is expected to dominate the market and register the highest CAGR during the review period of 2019 to 2025. The regional market has been classified as China, Japan, India, South Korea, and the rest of Asia-Pacific. Japan and China are among the leading revenue generators in the Asia-Pacific Infrared LED market. The rapid growth of the automotive and electrical, and electronics industries in the region is expected to positively impact the market during the forecast period.
The rest of the world includes South America, and the Middle East, and Africa. Among these, the market in the Middle East and Africa is expected to register a significant CAGR during the forecast.
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