Originally Published on: technavio |Infrared (IR) Light-emitting Diode (LED) Market by Type, Application, and Geography - Forecast and Analysis 2023-2027
The market for infrared light-emitting diodes (IR LED) is projected to experience a substantial growth with a Compound Annual Growth Rate (CAGR) of 8.09% between 2022 and 2027, resulting in an anticipated increase of USD 242.69 million in market size. This growth can be attributed to several key factors, including the rising government security initiatives for video surveillance, the integration of biometrics in consumer electronics, and the growing adoption of night vision technologies.
This comprehensive IR LED market report provides a detailed analysis of various aspects of the market. It covers market segmentation based on the type of IR LEDs, including Gallium arsenide LED and Aluminum gallium arsenide LED. The report also delves into market segmentation by application, including consumer electronics, surveillance, automotive, and other applications. Furthermore, it provides an extensive analysis of the market based on geographical regions, including Asia-Pacific (APAC), North America, Europe, South America, and the Middle East and Africa. The report also includes historical market data from 2017 to 2021.
Key Drivers of the IR LED Market:
Increasing Integration of Biometrics in Consumer Electronics: The integration of complex eye-tracking systems into consumer devices such as smartphones, notebooks, and tablets is on the rise. These systems utilize efficient infrared light-emitting diodes for detecting user's eye movements. This technology enhances user interactions with devices through eye tracking and retinal scanning, which are facilitated by infrared light. As more consumer electronics adopt these technologies, the demand for IR LEDs will grow, driving market growth.
Significant Trends in the IR LED Market:
Rise in Smart Cities: The increasing number of smart cities is a significant trend influencing the IR LED market. Smart cities leverage digital technologies for improving communication between devices, urban infrastructure, cost reduction, enhanced quality of life, and efficient resource utilization. Surveillance and security equipment like CCTV cameras are integral to smart cities for traffic control, vehicle monitoring, license plate recognition, and parking assistance. As the number of smart cities continues to grow, the demand for surveillance systems using IR LEDs will increase, contributing to market growth.
Major Challenge for the IR LED Market:
Indoor Limitations: Indoor use of cameras with IR LEDs faces limitations due to reflective surfaces. The infrared light emitted by these diodes may bounce off reflective surfaces, such as windows, and interfere with the camera's performance. This challenge restricts the effective use of IR LEDs for indoor applications, which can negatively impact market growth.
Customer Landscape:
The report covers the adoption lifecycle of the market, from innovators to laggards, focusing on adoption rates in different regions and key purchase criteria. It also highlights the drivers of price sensitivity to assist companies in evaluating and developing their growth strategies.
Key Vendors in the IR LED Market:
Various vendors are employing strategies like strategic alliances, partnerships, mergers, acquisitions, geographical expansion, and product/service launches to enhance their market presence. Some of the major vendors include:
Adolf Wurth GmbH and Co. KG
AMS OSRAM AG
Ennostar Inc.
Epileds Technologies Inc.
Everlight Electronics Co. Ltd.
EXALOS AG
Excelitas Technologies Corp.
High Power Lighting Corp.
Kingbright Electronic Co. Ltd.
Kioxia Corp.
Lumileds Holding BV
Luna Innovations Inc.
Marktech Optoelectronics Inc.
Nichia Corp.
ROHM Co. Ltd.
TE Connectivity Ltd.
Fastest-Growing Segments:
The gallium arsenide LED segment is anticipated to experience significant market share growth during the forecast period. Gallium arsenide (GaAs) is a semiconductor known for its ability to emit light and is used in IR LEDs due to its direct bandgap. GaAs IR LEDs are fast and are employed in various applications, including military radar systems, mobile phones, and microwave ovens. Their adoption is driven by increased ruggedness, energy efficiency, and superior performance. These advantages make GaAs IR LEDs attractive for use in industries like consumer electronics, contributing to market revenue growth.
Key Regions for the IR LED Market:
Asia-Pacific (APAC) is expected to contribute substantially to the growth of the global IR LED market, accounting for 67% of the market's growth. APAC serves as a major manufacturing hub for consumer electronics and industrial products that require IR LEDs. It also boasts a significant automotive industry with renowned manufacturers like Toyota, Nissan, and Suzuki. IR LEDs are widely used in automotive applications, such as driver monitoring and gesture control. The region's growing automobile production will fuel the demand for IR LEDs, driving market growth. Additionally, the demand for consumer electronics in APAC, which serves as a manufacturing base for various electronic display products, further boosts the market for IR LEDs.
Impact of COVID-19:
The COVID-19 pandemic had a profound impact on industrial activities worldwide in 2020. Lockdowns and social distancing measures resulted in temporary facility closures and significantly affected manufacturing operations. This crisis disrupted automobile production, which is one of the sectors that heavily uses IR LEDs. However, as lockdowns were lifted and mass vaccination campaigns began, the market started to recover in 2021. The growing demand for IR LEDs from sectors such as automobiles and consumer electronics is expected to drive market growth during the forecast period.
This report provides a comprehensive overview of the IR LED market, offering valuable insights into its growth drivers, challenges, and key trends. It also covers the major vendors in the market, key segments with significant growth potential, and key regions contributing to market growth. Furthermore, the impact of COVID-19 on the market is discussed, along with future market dynamics.
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