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Infrared (IR) LED Market Size
- Report ID: GMI437
- Published Date: Jul 2024
- Report Format: PDF
Infrared LED Market Size
Infrared LED Market size was valued at over USD 790 million in 2023 and is anticipated to grow at a CAGR of over 15% between 2024 and 2032. The market growth is attributed to increasing adoption of IR LEDs in healthcare devices, growing usage of IR LEDs in BFSI, increasing demand for smart home appliances, rising adoption of IR LED packages for use in surveillance & security cameras, rising integration of automotive electronics and advanced vehicle systems.
The market has experienced significant growth in recent years, driven by advancements in technology and increasing applications across various industries. Infrared LEDs, which emit light in the infrared spectrum, are used in a wide range of applications, including biometric systems, imaging, lighting, communication, and surveillance. The market is expected to continue its upward trajectory, with a compound annual growth rate (CAGR) projected to be robust during the forecast period from 2024 to 2030. According to the Infrared Data Association (IrDA) reports, the adoption of infrared communication technologies has grown by 22% annually, highlighting the increasing use of infrared LEDs in communication applications.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Infrared LED Market Size in 2023: | USD 791 Million |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 2 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 405 |
| Segments covered: | Spectral range, technology, application, end use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Another key driver is the growing demand for biometric systems. Infrared LEDs are crucial components in facial recognition systems, fingerprint scanners, and iris recognition technologies. These systems are increasingly being adopted in security and access control applications, particularly in the banking, financial services, and insurance (BFSI) sector, as well as in government and defense sectors.
The infrared LED market faces several restraints that could hinder its expansion. The high cost of infrared LED technology stands as a considerable barrier to widespread adoption, particularly in markets where cost is a decisive factor. Furthermore, environmental conditions like temperature and humidity can adversely affect the performance of infrared LEDs, potentially compromising their reliability and reducing their operational lifespan.
Additionally, high competition from alternative technologies, such as visible LEDs and laser diodes, which can offer similar functionalities at potentially lower costs. Furthermore, stringent regulations and standards related to the use of infrared LEDs in certain applications, particularly in healthcare and automotive sectors, can pose challenges for market players.
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Infrared LED Market Scope
