The global IR LED market is expected to reach $784.8 million by 2023, registering a CAGR of 14.3% during 2017 – 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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As per the findings of the research, the market for IR LED is expected to register the highest growth in Asia-Pacific, 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 market.

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.

Increasing security concerns in developing as well as developed countries is driving the demand for surveillance devices and biometrics systems, globally. IR LEDs are being used in CCTV cameras, biometric ID applications, infrared imaging and various other applications in the surveillance industry.

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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 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.

China has been the largest revenue contributor to the global lighting industry, accounting for over 40% of the global production. A gigantic increase in the acceptance of security cameras has been observed across the globe. These cameras are integrated with number of rings of IR LEDs to offer night vision capabilities. Increasing popularity of these cameras is expected to generate higher demand for IR LEDs, especially in China, where majority of these cameras are being manufactured. Growth of the Chinese IR LED market is likely to propel the growth of the IR LED market in Asia-Pacific. Investment in research and development to launch new products and applications of IR LED in the emerging countries of Asia-Pacific, including Taiwan, Vietnam and South Korea, is the major factor propelling the growth of the IR LED market in the region.

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Some of the major companies operating in the global IR LED market include EPILEDS, EPISTAR, EVERLIGHT, NICHIA., OSRAM Opto Semiconductors and Vishay Intertechnology.