Infrared (IR) Light-emitting Diode (LED) Market Analysis through 2023-2027 | Growth and Trends Forecasts
Increasing government security initiatives for video surveillance, increasing integration of biometrics in consumer electronics, and increasing adoption of night vision technologies are major determinants propelling the advancements of the Infrared (IR) Light-emitting Diode (LED) Market. It is estimated to exhibit growth at a CAGR of 8.09% between 2022 and 2027 followed by USD 242.69 Mn market revenue growth.
Infrared Light-emitting Diode Market: Market Segments and Key Trends
When it comes to the market segments, it can be classified by type (Gallium arsenide LED and Aluminum gallium arsenide LED), application (consumer electronics, surveillance, automotive, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
APAC leads the market with 67% of the market growth set to originate from this region during the forecast period.
Senior Analyst at Technavio Quoted ~ "increasing number of smart cities is a key trend influencing the Infrared (IR) LED Market growth" As Intelligent traffic control, home surveillance, and safe and intelligent mobility are essential elements of smart cities.
Snapshot of the Infrared (IR) Light-emitting Diode (LED) Market
Moreover, the count of smart cities is expected to grow rapidly during the forecast period, thus boosting the demand for Infrared (IR) Light-emitting Diode (LED) across the market landscape.
Infrared Light-emitting Diode Market: Top Drivers to Boost Demand: Navigating through the growth drivers of the market it is observed that the increasing integration of biometrics in consumer electronics is notably driving the infrared (IR) light-emitting diode (LED) market growth. Hence, the application of biometrics in consumer electronics will increase the demand for infrared light-emitting diodes
Our report provides a detailed study of all the factors that are likely to boost the market. An understanding of the key drivers will enable clients to leverage growth opportunities to their advantage with a view to short-term and long-term business goals.
When it comes to the leading companies Cree Inc., Epileds Technologies Inc., Everlight Electronics Co. Ltd., High Power Lighting Corp., Lextar Electronics Corp., Lumileds Holding BV, Marktech Optoelectronics Inc., OSRAM GmbH, ROHM Co. Ltd., and Vishay Intertechnology Inc. are some of the major market participants.
Technavio's growth trajectory in the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to enable growth projections and insights followed by detailed profiling of the market players It also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. Request for a sample report on the Infrared (IR) Light-emitting Diode (LED) Market for more insights.
Infrared Light-emitting Diode Market: Key Highlights of the Report for 2023-2027