(Light Fidelity) Li-Fi Market size worth over $8 Bn by 2030
Published Date: June 8, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Li-Fi Market size is set to surpass USD 8 billion by 2030, according to a new research report by Global Market Insights, Inc.
The Li-Fi market growth is driven by its rising implementation in the field of healthcare. The ability of the technology to operate without radio frequencies is augmenting market demand in the sector. The visible light spectrum used by Li-Fi eliminates the health risks posed by EM waves and offers a safe, high-speed internet connectivity to patients and doctors.
Growing implementation of Visible Light Communication (VLC) or Li-Fi technology in smart city development projects across the globe will support the market growth. Government authorities are leveraging advanced wireless technologies to improve infrastructure, efficiency, convenience, and lifestyle for residents. These applications are generating a rapid demand for high-quality communication networks. The potential of this technology to improve energy distribution and decrease traffic congestion through IoT-enabled devices is proliferating the market size.
Low degree of awareness about the technology may restrain the market growth. Misconceptions related to Li-Fi, such as the technology being the line-of-sight and the requirement of special type of LEDs for data transmission, are expected to challenge the industry growth. Market trends show that the impact of this restraint will lessen over the coming years with growing consumer demand for wireless connectivity. Companies operating in the market are focusing on educating potential customers through blogs and infographics application in the commercial sector.
The growing spread of COVID-19 across the globe has affected the Li-Fi market. Nationwide lockdowns and restrictions on international trade enforced by countries including the U.S., Italy, UK, and India are impacting the raw material supply and manufacturing operations in the region. Moreover, the decrease in business growth of several industries and rising financial insecurity is hampering the adoption of technologically advanced solutions such as Li-Fi. However, market players are continuing their R&D activities in Li-Fi technology with limited number of employees. However, the market will experience a steady growth in 2021, after the containment of COVID-19.
Browse key industry insights spread across 209 pages with 178 market data tables & 28 figures & charts from the report, “Li-Fi Market Size By Component (Microcontroller, Photodetector, LED), By Application (Indoor Networking, Aerospace, Automotive, Healthcare, Location Based Services, Underwater Communication, Defense & Security, Intrinsically Safe Environments), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2030” in detail along with the table of contents:
The increasing demand for high sensitivity and low response time in signal detection
The photodetector segment is anticipated to reach USD 3.5 billion by 2030. The growth of market can be attributed to their ability to detect high-power signals emitted from the transmitter LEDs. Photodetectors are being increasingly used in Li-Fi-enabled devices such as integrated chips and dongles to decode the information-rich signals received from the LED transmitter units and feed them to the microcontrollers for further processing.
Proliferation of in-flight entertainment services in aerospace for improved passenger experience
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The aerospace segment is expected to witness the growth rate of over 40% from 2020 to 2030, owing to increasing demand for in-flight connectivity. The potential of this technology to enhance the in-flight entertainment systems and improve cabin and fuselage design is driving the market demand. It provides a highly safe method of communication as it does not interfere with the wireless networks used by the pilots for navigation & ground communication purposes.
Rising adoption of LEDs in commercial and industrial sector in North America
The North America Li-Fi market revenue is predicted to cross USD 2.5 billion by 2030. The proliferation of advanced high-power LEDs in commercial, industrial, and residential facilities will support the market demand in the region. According to a 2017 report by the U.S. Department of Energy, LED penetration grew to 12.6% of all lighting. Moreover, the launch of technically advanced products in the U.S. pose robust growth opportunities for the market.
Market leaders are focusing on strategic collaborations with several industry players to implement Li-Fi systems and grow their customer base. For instance, in February 2019, PureLiFi partnered with Zumtobel, a European supplier of professional lighting solutions. The partnership aided the companies to leverage their combined expertise to develop high-quality lighting solutions with a stable, secure, and fast internet connection.
Key players in the Li-Fi market include SLD Laser, VLNComm, pureLifi, Oledcomm, Renesas Electronics Corporation, Signify, Integrated Systems Technologies, Inc., Zero1, Lucibel, Acuity Brands and Lightbee S.L.
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