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(Light Fidelity) Li-Fi Market size exceeded USD 70 million in 2019 and is poised to grow at a CAGR of over 50% between 2020 and 2030. Rapidly increasing smartphone penetration coupled with growing consumption of data will drive the market growth.
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Increasing utilization of connected devices in business establishments has led to a growing demand for indoor distributed networks. Indoor wireless connectivity through Li-Fi enables business users to make calls, send & receive email, and access the internet at high speeds. The ability of Li-Fi to transfer high volumes of data without any interference from existing radio frequencies will augment the market demand.
The growing trend of implementing Li-Fi technology in applications such as healthcare and security is providing a positive outlook for the market. It is encouraging government authorities to invest in R&D initiatives to spur the industry growth.
One of the major factors hampering the Li-Fi market growth is the high implementation cost. The enhanced performance of these systems is achieved through high-power LEDs, photodetectors, and microcontrollers. The high cost of these components adds up to the overall cost of Li-Fi systems, impacting their demand. Moreover, the complex architecture of these systems requires the services from trained professionals for installation and maintenance, thereby challenging the industry growth. However, market players are focusing on reducing the production cost of Li-Fi components to encourage its commercialization.
|Market Size in 2019:||USD 70 million (2019)|
|Forecast Period:||2020 to 2030|
|Forecast Period 2020 to 2030 CAGR:||50%|
|2030 Value Projection:||USD 8 Billion (2030)|
|Historical Data for:||2016 to 2019|
|No. of Pages:||209|
|Tables, Charts & Figures:||206|
|Segments covered:||Component, Application|
|Pitfalls & Challenges:|
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The outbreak of COVID-19 health crisis in January 2020 has led to a slowdown in the growth of market, posing several industry challenges. Disruptions in supply chain and restrictions on movement have impacted international trade. This has caused a disturbance in manufacturing and business operations of industry players, hampering the market revenue. Moreover, increasing consumer inclination towards purchasing essential commodities is expected to restrict the adoption of new technologies such as Li-Fi, impacting the market size in 2020.
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The LED component segment held a market share of around 45% in 2019 and is anticipated to reach USD 600 million by 2025. This growth can be attributed to rising deployment of LEDs in commercial establishments and industries. Several benefits of LEDs such as durability, low power consumption, and high energy output are proliferating their demand in the Li-Fi systems. These advantages are contributing to the wide adoption of LEDs in the form of arrays for Li-Fi system infrastructure, supporting the market growth.
Location-based services segment in the Li-Fi market will grow at the CAGR of around 50% through 2030, owing to ability of Li-Fi networking system to provide precise location information services in indoor environments. It provides comprehensive mapping tools for the measurement and accurate visualization of pedestrian traffic in retail stores. It optimizes indoor & outdoor floor plan information to provide customers with directions to their area of interest using their smartphones.
The Li-Fi technology is anticipated to witness demand from automotive industry to facilitate Vehicle to Vehicle (V2V) communication in connected cars. The ability of V2V communication to exchange data with other vehicles aids in preventing potential crashes and congested traffic jams. V2V communication enabled by Li-Fi technology will also assist autonomous cars to distinguish between living and inanimate objects. This ability will further enhance the decision-making capabilities in autonomous cars. The growing integration of advanced technologies into modern vehicles will drive the adoption of Li-Fi in the automotive sector.
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The Europe Li-Fi industry valuation crossed USD 30 million in 2019 where UK held around 28% of the revenue share. The regional industry is witnessing a high growth due to increasing number of internet users and high data consumption in the region.
According to the Central Intelligence Agency Factbook, there are 62.9 million active internet users in the UK as of 2019. This is encouraging telecom operators in the UK to implement Li-Fi technology. For instance, in August 2018, European telecom operator O2 began the trial of Li-Fi technology in the UK in partnership with PureLiFi. The company implemented LiFi-XC system consisting of several LiFi-enabled LED bulbs in a room at its Slough headquarters. The system allows data transmission from an LED light bulb. The adjustments in the intensity of the bulb provide high-speed, bidirectional exchange of data.
The market players are laying emphasis on establishing partnerships and strategic collaborations to expand their business operations and gain a competitive edge. For instance, in October 2019, PureLiFi announced its partnership with Getac, a manufacturer of rugged tablets and PCs for military, manufacturing, and automotive industries. This partnership aided the company to test the Li-Fi technology for implementation in wireless devices for defense and security applications.
Companies are also focusing on new product launches to expand their product portfolio. For instance, in June 2019, Signify launched its Trulifi transceiver, a Li-Fi-enabled device to be mounted on the surface of LEDs and luminaires. This device provides data transmission speed up to 150 Mbps. This aided the company to enhances its product portfolio.
Key players operating in the industry include Integrated System Technologies Ltd., Lightbee S.L., Lucibel, NAV Technologies, Signify, PureLiFi, SLD Laser, Velmenni, VLNComm, Renesas Electronics Corporation, General Electric, Oledcomm and Fujitsu.
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