IR LED Market Growing Popularity and Emerging Trends in the Industry Global Analysis by Key Players(EPISTAR, Everlight Americas, Nichia America Corporation, OSRAM & Vishay Intertechnology, Inc.) by 2024

The global IR LED market is projected to grow at a CAGR of 14.3% during the forecast period. An infrared light emitting diode (IR LED) refers to a SSL (solid-state lighting) mechanism that effuses light in the infrared range of the electromagnetic radiation spectrum. SSL mechanism utilizes semiconductor sources of illumination such as LEDs (Light Emitting Diodes), PLEDs (Polymer Light-Emitting Diodes) and OLEDs (Organic Light-Emitting Diodes), instead of electric filaments, plasma and gas.

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IR LEDs are being used in a large number of applications and devices in the surveillance industry, including CCTV camera, biometric ID solutions, image recognition and iris recognition. This makes surveillance industry the largest end user of IR LEDs.

The global IR LED market is expected to reach $784.8 million by 2023. 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.

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.

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.

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Increasing acceptance of smart technologies and focus of consumers on safety and security will continue to spearhead the global IR LED market, over the next few years. Visible LED is a part of the lighting industry, whereas IR LED is a special type of visible LED that works in infrared range of electromagnetic spectrum.

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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