This study experimentally investigated the void fraction components in concurrent vertical upward air–water slug flow using a non-intrusive Infrared Optical Sensing technique. Experiments were conducted under ambient conditions in a transparent PVCu pipe with an internal diameter of 27.3 mm, using air and water as the working fluids. Time-averaged void fractions, Taylor bubble fractions, and entrained bubble fractions were measured across a range of liquid superficial velocities (vSL = 0.15 m/s to 0.55 m/s) and gas superficial velocities (vSG = 0.29 m/s to 1.18 m/s). The influence of superficial velocity ratios (vSG/vSL) and flow turbulence on slug flow void components was also explored. Results revealed that Taylor bubble formation begins when the superficial gas velocity is approximately half that of the liquid (vSG ~ 0.5 vSL). Taylor bubble fractions increased with gas velocity and reached a maximum of ~ 48%. While existing literature typically reports a monotonic increase in entrained bubble fraction up to a 25% cap, this study not only confirms the maximum value but also uncovers a previously unreported critical decline beyond that point. Specifically, once the superficial gas velocity approached twice the liquid superficial velocity (vSG ~ 2vSL), the entrained bubble fraction began to decrease due to enhanced bubble coalescence, a phenomenon not captured by current entrained bubble correlations. Additionally, bubble fractions characterizing the end of bubble flow, bubble-slug transition flow, and fully developed slug flow were observed and reported in this study. These findings address key gaps in current void fraction characterizations and provide improved benchmarks for the modeling, simulation, and operation of industrial multiphase flow systems.