Infrared LED Market to growing at 15% CAGR from 2018 to 2024: Global Market Insights Inc. Infrared (IR) LED Market was estimated at over USD 400 million in 2017, and is set to exceed USD 1 billion by 2024; according to a new research report by Global Market Insights, Inc. The global shipments are set to grow at over 17% CAGR between 2018 and 2024. The IR LED market is projected to witness a significant growth over the forecast period owing to the increasing demand for cameras with night vision capabilities and remote sensing in automotive and consumer electronic industry.
The demand infrared LED market in the automotive industry has grown owing to the increasing usage of these components in the exterior and interior lighting applications. Moreover, the industry has tremendous opportunities for growth in the future with their integration in wearable devices such as AR/VR and with the emergence of IoT enabled devices.
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.
The biometrics industry is the growing segment in the infrared LED market. This is attributed to the growing adoption of iris and facial recognition in electronic devices. This increasing adoption is being propelled by mobile payment services that create the need for secure and reliable authentication for users. Several LED manufacturing companies are taking advantage of these opportunities and are launching advanced components for biometric applications.
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