Pune, India -- (SBWire) -- 11/30/2018 --The global Li-Fi market is expected to grow at approx. USD 51 Billion by 2023, at 70% of CAGR between 2017 and 2023. Factors such as low power consumption and high durability is increasing the usage of LED lighting system in LI-FI.
Li-Fi market (Visible Light Communication Market) Research Report 2018 published By Market Research Future, provides information on Global Li-Fi market Parts By Industry Analysis, Market Growth and Opportunity Assessment, Segmentation By Component (LED, Optical Sensing, Microcontroller, Photo Detector), By Application (Smartphone, Standalone Tracker, Advance Tracker) and By End User - Forecast 2023
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Competitive Dashboard
The key vendors contributing to the global Li-Fi market are Panasonic Corporation (Japan), Acuity Brands, Inc. (U.S.), LightPointe Communications, Inc. (U.S.), General Electric (U.S.), Koninklijke Philips N.V. (the Netherlands), Oledcomm (France), PureLiFi Limited (U.K), Velmenni (Tartu), LightBee Corporation (U.S.), FSONA Networks (U.K) and others.
Market Highlights
The global Li-Fi (light fidelity) market is estimated to reach the valuation of approximately USD 51 billion by 2023, reports Market Research Future (MRFR). At 70% CAGR, the market is set to expand phenomenally during the forecast period (2017-2023). Li-Fi refers to a visible light communication (VLC) technology that uses light as medium to deliver high-speed communication.
Major companies like General Electric and Philips are investing into Li-Fi market due to increasing number of internet users and growing demand for high speed data transmission. Other companies like LightBee and Velmenni are coming up with innovative solutions to drive the growth of Li-Fi market. LightBee implies automotive control access and Car2car communications modules associated with the vehicle led lights and the vehicle unit control or other vehicle led car. So wireless communication can be established by means of LED light for security distance purposes, reporting car to car traffic incidents, or simply as a personal garage control access. Whereas, Oledcomm is a leading provider of Li-Fi network interface devices enabling high-speed wireless data communication using the LED lighting network. They design and manufacture Li-Fi router solutions for LED based lighting systems.
North America region holds the largest market share of global Li-Fi market followed by Asia Pacific and Europe. The market in North America region is mainly dominated by the U.S. and Canada and is attributed to the increasing demand for energy efficient devices and increasing demand for high speed communication in the region. The region also has a well-established infrastructure which allows easy implementation of advanced technologies and provides better connectivity.
Market Segmentation
The Li-Fi market can be segmented based on component, application, and end-user.
LED sub-segment to beat other components
Component-wise, the market is segmented into light emitting diode (LED), optical sensing, microcontroller, photo detector and others. Among these, led is estimated to be the largest market owing to its usage in combining illumination with the ability to modulate brightness that can be received and used as data.
The applications in the global market are smart phones, standalone tracker, advance tracker and others.
Retail to emerge as top contender amongst end-users
By end-user, the market is segmented into aerospace, automotive, education, healthcare, retail, government and others. Among these, the retail segment will manage to grow at the highest rate during the assessment period. LiFi in a retail store enables all possible data transfer, be it from the store front end or in store customer interaction, and also in back office. The technology ensures speed, security, energy efficiency along with data density which is mandatory in the retail industry.
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Industry News
Li-Fi will soon be launched on nextLiFi's retail brand LIFIC (Li-Fi Communications) as a brand marketing strategy. This will be a new form of digital signage that will be made available to brands and retailers streaming real-time advertising on a new secure wireless infrastructure. This infrastructure uses light interacting with handsets and IoT devices. In other words, it will provide retailers the ability to send promotions to consumer's handsets by displaying daily specials and offers within a shopping complex.
Drivers and Trends
RF Spectrum Crunch to trigger the market
The advances in the internet of things (IoT) and emergence of 5G are likely to increase the burden on the radio frequency (RF) spectrum. This increased pressure has subsequently led to accelerated demand for Li-Fi based communication. Simply put, combination of factors like massive bandwidth in light of growing RF spectrum crunch coupled with high degree of security, availability, and energy efficiency is anticipated to propel the global Li-Fi market size.
On top of that, the reason why Li-Fi technology is so attractive is its unlimited capacity of visible light that is a lot bigger than the radio signal. Moreover, increasing application of location-based service is cited as a key driver of the LiFi market. For instance, rising demand from end-use industries such as hospitals, medical centers, and schools is bound to fuel the growth of the industry during the appraisal period.
The report suggests that the overall growth of the market will remain unaffected by the low degree of awareness about the technology. Industry experts forecast that the negative impact of the restraints will nullify over the time period with increasing consumer demand for wireless connectivity and higher data rates.
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Industry Trends
Technological advancements to be a popular trend
VLNComm (U.S) has recently developed the industry's fastest, most affordable and most innovative Li-Fi LED lighting panel. The LumiNex panel is capable of 108Mbps download speeds and the coverage is 516 square feet.
This revolutionary development portrays the capabilities of Li-Fi in the form of technological advancements. The evolution in technology enables the users to appreciate the complementary nature of Li-Fi in various applications.
Regional Analysis
MRFR report has analyzed the global Li-Fi market in regions of Asia Pacific (APAC), North America, Europe and Rest of the World.
North America forecasted to be the leading region
The North America region has captured the maximum market share globally, reasons being the increasing demand for energy efficient devices coupled with growing demand for high speed data communication in various industries. The fact that Li-Fi can be used in homes, commercial building, aircraft, and streets has propelled the appeal of the market in the region.
Asia-Pacific is expected to expand at the fastest growth rate during the forecast period. The high growth in the region is on account of increasing demand for internet connectivity combined with poor radio communications infrastructure particularly in rural areas of countries such as India.
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Europe is also expected to grab onto a substantial share of the global Li-Fi market with United Kingdom (U.K), France and Germany leading the pack. The market size in the region is massive due to increasing deployment of Li-Fi systems in street light and small-scale commercial offices along with retail, museums.
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Li-Fi Market Size, Sales, Trends, Historical Analysis, Opportunity Assessment, Future Scope and Potential of Industry by 2023
Global Li-Fi Market is expected to grow at approximately USD 51 Billion by 2023, Li-Fi Market is growing at 70% of CAGR between 2017 and 2023, Li-Fi market has been segmented on the basis of component, application and end user | Li-Fi Industry