North America IR LED market is expected to reach over USD 350 million by 2024 owing to the increasing demands from the surveillance industry. The U.S. has been the major country for adopting advanced surveillance technologies such as artificial intelligence, facial recognition and surveillance automation. The demand for such technologies is increasing across airports, commercial buildings and other public buildings. Surveillance has been integral to the U.S. for law enforcement and is part of critical national infrastructure.
Driven by the rapidly surging deployment of IR LEDs across a plethora of application verticals, the global IR LED market has emerged one of the most transformative business spheres over the last few years. Companies forming a part of the automotive, consumer electronics, medical equipment, and myriad other industrial sectors are increasingly using IR assisted products.
The use of IR LED helps to maintain working stability, accuracy, improve security, and reliability. The emerging technology trends such as automated driving assistance system, IoT, augmented reality, and artificial intelligence have also had a positive influence on the product demand.
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The biometrics industry is the growing segment in the IR 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. For instance, recently GOME, one of the electronic retailers in China collaborated with Osram Opto Semiconductors to integrate the Iris recognition technology in their smartphones.
The vendors in the IR LED market space are EVERLIGHT, Vishay Intertechnology, Epistar, Rohm Semiconductor, etc. The industry is witnessing extensive investments in these components to cater to the demands from growing applications in consumer electronics. To sustain competition, players have been focusing on new product launches and targeting the consumer electronics segment for larger IR LED market share.
The extensive deployment of technology across the automotive and consumer electronics industries will have a favorable influence on the IR LED market. The involvement of many industries in digitalization for improving work efficiency, product performance, and consumer comfort also will fuel the product demand over the years ahead. In line with the shifting trends toward digitalization, IR LED market will generate a revenue of more than USD 1 billion by the end of 2024.
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