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IR LED Market size to grow at over CAGR 9% from 2016 to 2023: Global Market Insights Inc.(November 14, 2016)
Infrared LED market size is expected to grow at over CAGR 9% from 2016 to 2023. Surging adoption of electronic devices among consumers is likely to drive industry demand. Rapid growing popularity of these devices among consumer DIY (do-it-yourself) security cameras is also anticipated to contribute in global revenue.
Surveillance applications were worth over USD 100 million in 2015, which find prominence in the near infrared LED market. Companies such as Osro Opto and Epitex cater to the surveillance segment. The automotive industry is predicted to grow at over 10% CAGR from 2016 to 2023.
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The optoelectronics market size was more than USD 30 billion in 2015, which is set to exceed USD 55 billion by 2023.
Rapid technology advancements accompanied by growing adoption of these products in various industry sectors such as defense, lighting, imaging, surveillance, automotive, as well as consumer electronics is anticipated to propel global infrared LED market growth from 2016 to 2023.
These devices are also known as infrared transmitters. Features offered such as low power consumption, low cost and high security benefits are predicted to fuel the infrared LED market share, over the next seven years. These devices are used in combination with receivers to produce infrared sensors owing to its ability of addressing wide range of applications such as cameras, remote controls wireless mouse and telecommunication modules.
As these products offer high security benefits when compared to traditional ones, manufacturers are now increasing their focus on its implementation in surveillance systems and various multimedia devices such as tablets and mobile phones. Rising integration of these products in smartphones for iris recognition is anticipated to be an emerging trend in IR LED market growth. Furthermore, potential implementation of these devices in CCTVs (close circuit televisions) and surveillance systems is forecast to boost the industry demand from 2016 to 2023.
These devices are now greatly used in handheld devices for mobile payment technologies as well as identity verification. In addition, rising safety concerns among both developed and developing countries is forecast to drive demand for biometrics systems and surveillance devices. Other sectors such as defense, healthcare, residential and education are likely to positively impact demand. Major industry trends include emergence of smart technologies and escalating customer focus regarding safety and security.
On the basis of application, the industry can be segmented into automotive, defense, consumer electronics, imaging, lighting, surveillance, & others.
These devices are made of aluminum gallium arsenide or gallium arsenide. It has operating voltage of around 1.4 V and requires current less than 20 mA. It emits light at longer wavelength at a range of 760nm and hence it is invisible to the human eye. Automotive application is expected to record high growth rates due to massive implementation of sensors in vehicles. Rapid development of various technologies such as light tunnel and rain sensors will drive revenue. Other applications in automobiles include parking, lane detection, driver drowsiness and proximity sensors.
Asia Pacific IR LED market is projected to witness substantial growth prospects over the forecast period. The regional growth can be attributed to increasing adoption and penetration of these products in a wide range of applications such as automotive, smartphone, surveillance systems, and other segments over the forecast period. Europe is likely to exhibit considerable rates owing to presence of significant automobile sector across the region. Regions facing political turmoil as well as social issues are forecast to have the highest contribution on the product demand through 2023.
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Industry players accumulating substantial global IR LED market share include Nichia, Kingbright Electronics, Osram Opto Semiconductors, Epistar, High Power Lighting, and Everlight Electronics.
Other prominent players include Lextar Electronics, Royal Philips, Excelitas Technologies, Opto Diode, Fluke, Ushio Epitex, Epileds, ROHM Semiconductors, Fairchild Semiconductors International, EPITEX, Larson Electronics, and High Power Lighting.
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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.
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