IR LED Market Growing At 13 Percent CAGR
According to the new "˜Global Infrared Light-emitting Diode Market 2017-2021' report by Technavio, the infrared LED market is projected to reach $475.3 million by 2021, at a CAGR of close to 13 percent during the forecast period.
The top three revenue-generating application segments are surveillance, consumer electronics, and automotive
The surveillance segment generates over 40 percent of the overall revenue. These light sources are used for low light levels and night vision applications in CCTV cameras. "The healthy growth of the CCTV camera market will result in constant demand for infrared LEDs," says Navin Rajendra, one of the lead analysts at Technavio for lighting research.
Video quality is a major criterion among end-users, and the integration of infrared LEDs have advanced capability of night vision in CCTV cameras. The demand for CCTV cameras with night vision ability has been increasing as governments across the globe are investing more towards security to enhance safety and instill a sense of wellbeing among its citizens.
The consumer electronics segment is projected to grow at a CAGR of close to 16% over the forecast period, driven by the various value-added features such as information security and vital health statistics that they add to the products. Increasing emphasis on consumer safety in consumer electronics products is becoming important, leading to the integration of advanced software such as iris recognition which uses infrared LEDs. Another emerging application for IR LEDs is from the wearable electronics market, especially the health management sector, where vital health statistics need to be monitored.
"The automotive industry is experiencing innovation in the field of safety systems, infotainment, advanced driver assistance systems, telematics, and autonomous driving. These features actively involve the integration of infrared LEDs for their operation, thereby driving the global market," says Navin.
Additionally, forward-looking infrared systems are being integrated into automobiles to improve night vision. As the automotive industry is moving toward autonomous driving and other automated features, infrared LEDs will be increasingly incorporated to ensure seamless operation of the vehicle.