I have successfully installed node-red on openWRT device which has ARM Cortex v7 processor.
When I run the node-red, its opening the port on 1880 on IP 127.0.0.1. As a result I am creating a port forwarding rule from 192.168.1.1:1880 to 127.0.0.1:1880 for UI access.
But when I enter the IP 192.168.1.1:1880, node-red is getting crashed on openWRT and it outputs
"Illegal Instruction".
I am able to access UI. Sorry for the post. It was a silly mistake.
If not for this silly mistake, as I have seen in number of forums about problems in compilation and ARM processor related questions when installing on openWRT.