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Global IR LED Market to be Supported by LED Lighting Market, which is Expected to Grow at a CAGR of 12% During 2022-2027, Aided by the Flourishing Healthcare Sector

According to a new report by EMR titled, ‘Global IR LED Market Report and Forecast 2022-2027’, the global IR LED market is supported by the global LED lighting market, which attained a value of about USD 48 billion in 2020. The market is further expected to grow at a CAGR of 12% in the forecast period of 2022-2027.

The market in North America is being driven by the rising prevalence of smart offices and smart homes. The demand for high-security devices in countries like the United States, which use advanced IR LED technology, is significantly increasing and further propelling the market growth. Europe also holds a significant share of the market due to the rising demand for safety alarms and surveillance cameras due to its growing geriatric population. The Asia Pacific market is expected to witness robust growth due to the increasing production and demand for electronic goods in India, China, South Korea, and Japan. The escalating disposable income is increasing the demand for advanced and premium electronic devices that operates remotely; this is further invigorating the growth of the industry in the region. In addition, favorable government policies and increasing investments for consumer goods and automotive production in countries like China, India, and Indonesia are expected to further propel the market growth in the forecast period.

The increasing competition among the leading players to develop new and more advanced products positively impacts industry growth. OSRAM Opto Semiconductors GmbH (ETR: OSR), one of the critical companies, presented the world’s smallest broadband infrared LED for spectroscopy applications in September 2020. It covers a broad wavelength range of emitted light and can analyse any object through it. The software processes the emitted light and compares it with documented information stored in the cloud to produce the measurement results. Due to its small size can be used in smartphones and spectroscopy and provide more efficient results than its predecessors. Such developments are expected to fuel the market growth in the forecast period.

Market Analysis by Technology, Spectral Range, Application, End-Use, and Region:

  • The market based on technology can be divided into IR LED chip and IR LED packages.
  • Based on spectral range, the industry can be divided into IR LED are 700 nm – 850 nm, 850 nm – 950 nm, 950 nm – 1020 nm, and 1020 nm – 1720 nm, among others.
  • The applications for IR LED include biometrics, imaging, lighting, remote sensing, and surveillance, among others.
  • Based on end uses, the market is categorised into aerospace and defence, automotive, consumer electronics, commercial, industrial, healthcare and hospitality, and retail, among others.
  • The regional markets for IR LED include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • The use of IR LED in the production of advanced electronics in the automotive sector is aiding the market growth.
  • The market is driven by the rising craze of smart homes and smart offices operated by a remote using IR LED.
  • The increasing use of IR LED in therapy and medical devices in the healthcare sector is boosting industry growth.
  • The growing use of IR LED in the Internet of things (IoT) and machine-to-machine environments (M2M), owing to its cost-effectiveness, is propelling market growth.
  • Favourable government policies and increasing investments in the production of automobiles in developing countries like China and Japan are catalysing the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global IR LED industry for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the technologies, spectral ranges, applications, end uses, and regions of IR LED.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global IR LED industry are OSRAM Opto Semiconductors GmbH, EPILEDS Technologies, Inc., Epistar Corporation, Nichia Corporation, Kingbright Company, LLC, Everlight Electronics Co., Ltd, and ROHM Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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