Dover, DE -- (SBWIRE) -- 05/03/2016 -- Li-Fi market size is anticipated to reach USD 9 billion by 2023, at over 80% CAGR from 2016 to 2023. Rapid growth potential across optical wireless communication applications is forecast to drive the industry over the forthcoming years.

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Li-Fi is also known as VLC (Visible Light Communication). This technology offers bidirectional, high speed, networked & mobile wireless communication capabilities. Escalating demand for high speed data transfer and data safety is predicted to fuel Li-Fi market demand over the forecast period. Furthermore, factors such as no bandwidth limitation, RF spectrum bandwidth crunch, less energy consumption, and greener technology are expected to fuel demand from 2016 to 2023.

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This technology uses visible light as a medium of communication. It offers significant effectiveness when compared to other technologies such as Bluetooth, WiMAX, and Wi-Fi as it involves RF (Radio Frequency) band usage. Increasing data usage rates is likely to cause bandwidth crunch. In order to tackle this condition, industry participants are now focusing on alternative technology such as VLC or FSO (free space optics). This in turn is likely to drive the Li-Fi market demand over the next seven years.

VLC systems are capable of achieving 800 Mbps data transfer rates over a short range communication network. Increasing research and development in the sector is likely to result in development of Gigabit networks for long range communications. Furthermore, increasing implementation of solid state lighting provides potential growth opportunities for efficient dual use lighting & communication systems.

Visible light spectrum is unlicensed, plentiful, and free of charge, thus it can effectively address RF spectrum crunch effect. This technology offers high robustness and efficiency than radio technologies. In addition, this technology offers high network security as its signals are less prone to leakages beyond its indented environment. Furthermore, this technology enables in connecting various things to the internet and increases the number of applications available over the network.

External light sources such as normal bulbs, opaque materials and sun light in the transmission path is likely to cause interruption in the communication. Limited network coverage and reliability may hamper VLC market demand over the forecast period. High installation cost associated with these systems is anticipated to obstruct the large-scale implementation of these systems. This in turn may negatively impact the industry share.

Appropriate implementation of this technology aids in reducing operating costs such as maintenance charges and electricity bills. This is likely to offer massive growth avenues over the next seven years. Furthermore, this technology is predicted to penetrate M2M communication, power over Ethernet (PoE), smart cities, ubiquitous networks, wireless sensor networks, and augmented reality. Factors such as high network speed accompanied by last-mile connectivity are expected to propel demand through 2023.

On the basis of application, the Li-Fi market can be categorized into indoor networking, ITMS (intelligent traffic management systems), in-flight entertainment, underwater communication and LBS (location based service). Image sensor, infrared emitters, opto-couplers, and LED are the key components.

Asia Pacific VLC market is projected to exhibit potential growth prospects from 2016 to 2023. Surging research and development across the region is likely to justify growth. North America is forecast to witness considerable growth rates through 2023. U.S. Li-Fi market is predicted to hold the majority share and is estimated to be valued at over USD 12 billion by 2023.

Industry participants accumulating significant Li-Fi market share include pureVLC, LVX System, Oledcomm, Outstanding Technology, ByteLight, and Nakagawa Laboratories.

Other emerging players in the industry are Tokyo Electric Power, NEC Corporation, Rise Corporation, and Matsushita Electric Works.

Numerous consortiums and institutes such as University of Edinburgh, Li-Fi Consortium, Visible Light Communication Consortium (VLCC), University of Oxford, UC-Light Center, Smart Lighting Engineering Research Centre, and Keio University are now focusing on innovations and commercialization of this technology. The industry is poised to witness large scale associations, innovative product launches, mergers and partnerships among tier one players.