The global infrared lighting module market is estimated to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the rising demand for consumer electronics market and increasing need for infrared lighting modules in industries such as automotive, healthcare, and electronics.
Infrared lighting module is utilized in various consumer electronics such as sensing devices, smartphones with IR, remote controls, and digital cameras. Its low power consumption, simple design, less international regulatory barriers, and high noise immunity has driven the market growth. Factors such as rapid globalization, industrialization and increasing per capita income is further propelling the global infrared lighting module market.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing demand for the product in consumer electronics, automotive, and healthcare industries is driving the growth of the global infrared lighting module market.
- Macroeconomic factors such as increasing purchasing power and urbanization are positively influencing the market growth
- Increasing adoption of infrared lighting modules by SMEs to mitigate the security risks is stimulating the growth of the market.
- Restraints such as lower speed in contrast to conventional RF and wired transmission, light and weather sensitivity, shorter range, easy interference caused by materials and objects, which blocks the transmission, have proven to be demerits for the global infrared lighting module market.
- Rapidly developing regions such as Asia Pacific, the Middle & East Africa, and Latin America are boosting the market growth.
Global Infrared Lighting Module Market Segment Insights
IR remote receivers segment to account for a large market share
Based on the types, the market is fragmented into remote control module receivers, IrDA communication modules, tilt sensors, photo reflectors and photo interrupters, IR remote receivers, and IR emitters. The IR remote receivers segment is anticipated to account for a large market share during the forecast period. IR remote receivers are portable wireless devices that are used to operate audio, video, and other electronic equipment within a room using light signals in the infrared range.
Healthcare devices segment to grow at a significant rate
On the basis of product types, the global infrared lighting module market is divided into toys and games with remote control modules, printers, electronic devices, healthcare devices, automotive industries for counters, measurement, motor encoders, and Security. In 2020, the healthcare devices segment account for a considerable market share owing to evolving healthcare infrastructure in developing countries. This segment is anticipated to grow at a significant rate during the forecast period due to its rising use of IR medical devices include, blasting cancer cells, laparoscopic surgery, sepsis detection, and diagnosing brain trauma.
Multimedia equipment segment to acquire a major market share
Based on applications, the market is segregated into multimedia equipment, testing equipment such as encoders, IC/LSI testers, banking terminals such as ATMs, medical/healthcare equipment, CD/DVD/MD players, VCRs, TVs, and audio amplifiers, gaming products, vending machines, office automation equipment including fax machines, copiers, and printers. The multimedia segment to acquire a major market share during the forecast period. Multimedia equipment industry was one of the early adopters of the infrared lighting module technology. However, the healthcare equipment segment is anticipated to exhibit a high CAGR due to substantial technological innovation in the recent years.
The market in Asia Pacific to exhibit a high CAGR
Based on the regions, the global infrared lighting market is segregated into North America, Asia Pacific, Latin America, Europe, and Middle & East Africa. North America and Europe accounted for a major market share owing to early adoption of the infrared module technology in electronic devices. On the other hand, the market in Asia Pacific market to exhibit a high CAGR owing to rapid technological advancements in emerging economies such as India and China.
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