The global IR LED market is expected to reach $784.8 million by 2023, registering a CAGR of 14.3% during 2018 – 2023. An IR LED refers to infrared light emitting diode, which appears similar to the common LED, with the only difference that it emits light in infrared range of the electromagnetic radiation spectrum. Such LEDs are mainly composed of gallium arsenide or aluminum gallium arsenide. These LEDs, along with IR receivers, are usually used as sensors. IR LEDs are widely being used in the biometric ID applications, military applications and surveillance applications.
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Surveillance industry has been contributing the largest revenue to the global IR LED market. IR LED offers night vision capability in military applications to provide effective vision in unclear atmospheric conditions, such as fog, smoke, dust and airborne obscurant. Night vision refers to the ability to see in total darkness, which is made possible by an amalgamation of acceptable intensity range and sufficient spectral range of electromagnetic spectrum.
Geographically, Asia-Pacific has been the largest contributor to the global IR LED market and is also expected to register significant growth, during the forecast period. The emerging countries in Asia-Pacific, including India, China and Vietnam, are making huge investments in new product launches in the IR LED industry. The growth of infrared based products, such as IR LED, IR emitter and receiver, in Asia-Pacific can be mainly ascribed to the growth of emerging economies of the region, including China and India. Moreover, Asia-Pacific has emerged as a hub for major original equipment manufacturers (OEMs) for miscellaneous infrared-related products, which makes it a booming market for IR LED.
The global IR LED market is highly fragmented due to the presence of large number of regional and international players across the globe. Due to the fragmented nature of the market, the competition among the global and regional players is high. It has also been observed that several large players are losing their market share owing to the new entrants, especially from China. 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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