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I will add that the design of the lens, reflector, etc of the IR device can be 90% of the output in that regard. Our Torch Pro is only rated at 100mW but still reaches out past 750 yards. Add a 3x magnifier and 1200+ yards is a reality.
In the end, mW is not the do all...
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This is very true.
LEDs don't have a static resistance to a voltage, or rather, their resistance changes quite a bit and isn't that predictable, so they recommend using a constant current driver in these applications.
Some power is dissipated as heat, and some as light. Negligible amounts would be dissipated as magnetic field.
Power is measured in mW/Sr - A Steradian (SR) is a conical surface taken on the inside of a hollow sphere - It's a "two dimensional" angle.
https://en.wikipedia.org/wiki/Steradian
However light intensity can vary quite a bit, and the reflector and other aspects such as the lens are critical to a good design if your objective is to illuminate things at a distance. Other objectives might be to eliminate or minimize side lobes - that is, the area around the main beam where the light source is very visible, but the light that arrives on-target isn't bright.
You can use a normal lux meter to measure IR light, if you know the sensitivity distribution of the sensor. My laser meter has a mW scale output, but there's a graph to provide a typical co-efficient that it should be multiplied by in case the light isn't at an optimal wavelength, and this is used to provide an estimate of an IR laser's power.
A single measurement in mW doesn't measure the beam width so won't provide a lot of information about how much light arrives on the objective.
If you don't have a scale, then assuming you can calibrate one, you can use a normal lux meter in many cases.
David