According to a recent study from market research firm Graphical Research, the Asia Pacific infrared LED marketsize is poised to expand at substantial CAGR during the forecast period. The IR LED market in Asia Pacific will see a growing consumption due to adoption of advanced security systems, thanks to the growing need for stronger data and personal security solutions. Different sectors like public infrastructure, BFSI, IT, aerospace, defense, among others will see a rise in deployment of such systems.
Advanced technologies such as IoT, smart sensors, machine learning, will increasingly adopt stronger surveillance systems, thus leading to the growth of the Asia Pacific infrared LED marketshare. Today, the need to have smarter security systems has led to the creation of smart cities that will ensure better people security.
The creation of such cities itself has brought in humongous growth prospects for the IR LED market in the APAC region. Industries manufacturing military equipment too have started adopting smarter technologies for improved weaponry. An example is that of Hubbell Lighting, which in the month of August 2020, made news for creating a platform called ‘SpectraSafe’. SpectraSafe is used for video security and has ambient light sensors will help capture low-light images with the highest resolution.
In Asia Pacific infrared LED market, the spectral segment of 940 nm-1020 nm shall also see consistent growth because of a rising number of automobile companies adopting automotive technologies like gesture control, driver monitoring, etc. Road safety is one of the major concerns, especially in countries like India.
India and many other countries like Singapore and Japan are being highly receptive towards adopting high-end and advanced technologies in different kinds of vehicles. This rise in demand in the automobile sector will work in favor of the Asia Pacific infrared LED marketoutlook.
The Banking and Financial Services Industry or BFSI in short, is another segment that is placing high demand for technologies to help increase the security of this sector. This industry is always prone to significant data loss and highly values its data privacy. This need for stringent data security is one of the major factors behind the tremendous growth and success of the concept of cybersecurity.
Today, a high number of banks across the globe are opting for digitization for banking and other financial services, as string digital security systems ensure higher data confidentiality as well as minimum to no data loss. Different automotive technologies like online payment gateways, QR code scanning, cashless payments through digital wallets, are encouraging the exponential growth of the Asia Pacific infrared LED market.
IR LED companies Everlight and Epistar shall put Taiwan in a favorable position as they are constantly innovating their LED products and services to become market leaders. For example, the Taiwanese company Everlight spent more than $30 million on the capital expenditure of IR LED and automotive LED alone. The innovations brought out by these strongholds will put the Asia-Pacific IR LED market in a speedy growth trend and will also increase its market share.
The IR LED producers are laser-focused on creating cutting edge technologies and they heavily spend on their research and development for the same. These R&D efforts and the resulting innovations will foster the Asia Pacific infrared LED markettrends.
Some of the key companies manufacturing IR LED products in the Asia Pacific region are Everlight Electronics Co. Ltd., Kingbright, Excelitas Technologies Corporation, Epistar Corporation, Lite-On Inc., among many others.