- Global Market Insights have projected a high growth rate for infrared LEDs market
- The remote sensing application segment held a market share of around 10 per cent in 2019
The Infrared LED Market is set to grow from its current market value of more than $500 million to over $1 billion by 2026; as reported in the latest study by Global Market Insights, Inc. The infrared LEDs are utilized in cameras, remote controls for televisions, as well as are useful in several types of electronic devices.
“The infrared LED market is anticipated to witness significant growth over the coming time period owing to ongoing technological advancements, high demand from automotive sector, as well as rising adoption of CCTV and surveillance cameras across the industrial sector,” read the report.
Becoming common in the IoT applications
Since infrared LED is used in combination with different types of sensors, these are now becoming common to the IoT applications as well as M2M (machine-to-machine) environments as well. Apart from these, the IR LED is used in applications such as smoke detector, transmission system, infrared applied systems, opto electronic switch, industrial equipment and infrared remote-control devices.
With respect to end-use, the infrared LED market is bifurcated into consumer electronics, retail, aerospace & defense, healthcare, automotive, industrial, BFSI, and education. The industrial end-use segment held a market share of over 15 per cent in 2019 owing to the growing adoption of CCTV and surveillance cameras in manufacturing process.
From a regional frame of reference, the Middle East & Africa IR LED market witnessed a growth rate of nearly 10 per cent in 2019 due to high investment in infrastructure and commercial sector.
In terms of application, the overall infrared LED market is categorized into lighting, surveillance, biometrics, remote sensing, and imaging. Among these, the remote sensing application segment held a market share of around 10 per cent in 2019 owing to the growing adoption of IR LED lightning systems in automotive applications.