Infrared (IR) LED Market Revenue and Demand by 2023 With Key Players - EPISTAR, Everlight Electronics, Nichia Corporation, OSRAM and Vishay Intertechnology, Inc.

The global IR LED market is expected to reach $784.8 million by 2023 and is growing at a CAGR of 14.3% during the forecast period. Decreasing price of IR receivers, increasing use of IR sensors, growing use of IR LEDs in military applications and surging demand from surveillance industry are some of the major factors driving the global IR LED market.

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Infrared LEDs are widely being used in various applications and devices of surveillance industry, due to which this industry is contributing the largest revenue to the global IR LED market. There has been a huge increase in the adoption of security cameras. These cameras are integrated with number of rings of IR LEDs to offer night vision capabilities. Increasing popularity of these cameras is expected to generate higher demand for IR LEDs, especially in China, the major producer of such cameras. Growth of the Chinese IR LED market is likely to propel the growth of the IR LEDs market in Asia-Pacific.

IR receivers and IR LEDs can together work as IR sensors, which also states that the increase or decrease in the individual prices of IR receivers and IR LEDs will impact the overall price of such formed sensors. The price of IR receivers has declined in the recent past, which consequently has augmented the demand for overall IR sensors, including IR LED.

Increased usage of IR sensors in several industries, including aerospace and defense, oil and gas, chemical-mining and pharmaceutical, is a key factor accelerating the demand for IR LEDs globally. North America has been the largest revenue contributor to the global IR sensor market, which led to higher demand for IR LEDs in the region. Growing demand for IR sensors in the U.K., France, Italy and Germany is likely to drive the market for IR LEDs in the European Union, over the next few years. However, Asia-Pacific is expected to report the highest growth in the adoption of IR sensors during the forecast period, which is likely to spearhead the growth of the IR LED market in this region.

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Some of the major companies operating in the global IR LED market include EPILEDS, EPISTAR, EVERLIGHT, NICHIA., OSRAM Opto Semiconductors and Vishay Intertechnology.

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