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IR LED Market in 850nm- 940nm Wavelengths Segment Are Projected to Grow at a CAGR of Over 17% from 2018 to 2024

Author : Ronak Bora | Published Date : 2019-05-16 

The 850nm- 940nm wavelengths in the IR LED market are expected to grow at a CAGR of over 17% from 2018 to 2024, due to the increasing applications of these components in numerous applications. They are being widely integrated in the automotive systems, fueling the demand for components with this wavelength in the automotive and industrial sectors.

Driven by the rapidly surging deployment of IR LEDs across a plethora of application verticals, the global IR LED market has emerged one of the most transformative business spheres over the last few years. Companies forming a part of the automotive, consumer electronics, medical equipment, and myriad other industrial sectors are increasingly using IR assisted products. The use of IR LED helps to maintain working stability, accuracy, improve security, and reliability. The emerging technology trends such as automated driving assistance system, IoT, augmented reality, and artificial intelligence have also had a positive influence on the product demand.

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In most of the countries, in order to control the chances of accidents, automakers have been developing connected cars in which IR LEDs have been used prominently. It is thus rather overt that the advent of technically advanced features in every end-use sector will stimulate the IR LED market share. In line with the surging use of sensors in the various products, equipment, and vehicular systems, giants in IR LED market have been investing in the enhancement of their product ranges.

As evident, the IR LED market provides opportunities for gaining primary healthcare benefits, but the ability of these components to assist in medical therapies also cannot be ignored. Apparently, IR LEDs are being used in blood analysis and endoscopy applications, whereas their utility in therapeutic devices are being explored more rapidly.

Studies have proven than IR panels have been applied to improve wound healing process and provide pain relief therapies through heating, as IR LEDs are a heating source that do not dry out air. Larson Electronics, for instance, boasts of an IR LED product designed especially for treatments in the dermatology and neurology domains, with wavelengths suitable to infiltrate human tissues and assist recovery at cell level.

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North America IR LED market is expected to reach over USD 350 million by 2024 owing to the increasing demands from the surveillance industry. The U.S. has been the major country for adopting advanced surveillance technologies such as artificial intelligence, facial recognition and surveillance automation. The demand for such technologies is increasing across airports, commercial buildings and other public buildings. Surveillance has been integral to the U.S. for law enforcement and is part of critical national infrastructure.

The vendors in the IR LED market space are EVERLIGHT, Vishay Intertechnology, Epistar, Rohm Semiconductor, etc. The industry is witnessing extensive investments in these components to cater to the demands from growing applications in consumer electronics.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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