Global Li-Fi Market is projected to expand at 70% CAGR over the forecast period (2017-2024), according to Market Research Future (MRFR) in its latest report. The market can achieve a size of USD 51 Billion by 2023. Light fidelity or Li-Fi is a wireless communication technology that uses light for transmitting data between devices. The large spectrum of connectivity and advantage of higher bandwidth than Wi-Fi can drive its demand among customers. The technology can work in environments with electromagnetic sensitivity such as nuclear power plants, hospitals, and aircraft cabins.
The COVID-19 pandemic has caused a slowdown in the demand of Li-Fi. Disruptions in the supply chain and restrictions on trade can affect the industry growth. Focus of customers towards purchase of essential commodities is likely to deter the market. On the other hand, hospitals requiring communication technologies for relaying information to doctors have found reliability in Li-Fi. Nav Wireless Technology Pvt Ltd., an Indian company, has developed the technology for transmission of crucial patient data through LED lights. The company has received clearance from Ahmedabad’s Civil Hospital for installing plug-n-play LED lights for covering exclusively COVID-19 cases. Monitoring of ventilators and other key equipment using this method can limit the risk of virus proliferation among doctors.
Adoption of LED Lighting System
Adoption of LED lights and its associated ecosystem by customers can drive the market demand exponentially. Eco-friendly nature of the light and its support via government initiatives can bode well for the market. Low power consumption and durability of LEDs can drive its use. Increasing use of smartphones and the impending need for connectivity and high bandwidths can drive the market demand exponentially. Development of smart homes and cities are likely to encourage the market expansion in the coming years as countries aim to modernize their infrastructure. The aim towards a low carbon economy and slashes prices of LEDs by policymakers can bode well for the market.
Smart Lighting Solutions for Major Sectors
Smart lighting solutions being embraced by major sectors for saving on energy expenses is expected to bring forth growth opportunities for the global Li-Fi market. Lighting has played a major role in the retail industry by influence customer purchasing decisions and experience. Light levels have been reportedly used to raise the ambience of offices and improve productivity.
Poor Li-Fi Penetration through Walls
Li-Fi cannot pass through walls owing to its mode of travel being narrow-focused beams. Its range is limited by physical barriers and can deter users from adopting the technology.
Optical Sensing Segment to Dominate Global Market
The optical sensing segment is likely to dominate the global market owing to being used for enhancing the capabilities of Li-Fi. The faster transmission of data and penetration through walls can drive the segment data over the assessment period.
LEDs to Garner Significant Market Demand
Increasing deployment of LEDs in industries and commercial establishments can boost the global Li-Fi market. Demand for LEDs in Li-Fi systems due to high energy output, low consumption rate, and durability of this component can drive the segment over the assessment period. Adoption of arrays of LEDs in a Li-Fi system can support the segment.
Advance Tracker to Gain Mileage
The advance tracker application is likely to gain speed among industries as Industry 4.0 increases its proliferation. The reliable nature of Li-Fi for ensuring optical communication with low latency can drive the segment growth in the global Li-Fi market.
Retail Sector to Lead in Global Market
The retail sector can be the leading end-user of the global Li-Fi market owing to the use of location-based services for providing accurate information within indoor premises. Establishment of malls and warehouses as well as measurement of footfall and visualization of pedestrians can drive the demand in the sector.
Automotive Sector to Possess Huge Potential
The automotive sector is predicted to present huge potential for the global Li-Fi market. Integration of vehicle-to-vehicle (V2V) communication and advances in machine learning can drive the need for Li-Fi for exchanging data and preventing potential accidents. V2V can distinguish between humans and inanimate objects and enhance decision-making in self-driving cars. Moreover, the use of Li-Fi tracking fleets and providing coverage in confined areas can bolster the market growth.
North America to Lead in Global Market
North America is expected to lead the global Li-Fi market owing to high demand for energy-efficient devices and high speed communication. Establishment of infrastructure and implementation of advanced technologies with better connectivity for better connectivity can drive the market expansion in the region. The U.S. and Canada are countries able to contribute the maximum to the market. Development of green buildings and increase in shelf-life of LEDs can drive the creation of commercial schematics.
The global Li-Fi market is emphasized by rising number of acquisitions and partnerships likely to be witnessed among companies. Expansion plans and product development are being undertaken by industry leaders for gaining advantage in the market. Standardization of Li-Fi protocols and support by governments for increasing its use are likely to boost the competition in the industry. The large number of internet users and demand for hi-speed data transmission has led to its investment by major companies such as Philips and General Electric.
Oledcomm (France), Panasonic Corporation (Japan), Koninklijke Philips N.V. (the Netherlands), PureLiFi Limited (U.K), LightPointe Communications, Inc. (U.S.), LightBee Corporation (U.S.), Velmenni (Tartu), FSONA Networks (U.K), Acuity Brands, Inc. (U.S.), General Electric (U.S.), and others are key players in the global Li-Fi market.
The global Li-Fi market report by MRFR outlines the scope and prospects of the industry for the forecast period. The report is compiled with the assistance of primary and secondary research and aims to provide competitive intelligence to investors, businessmen, and new entrants. Qualitative and quantitative assessment of market dynamic variables such as drivers, trends, challenges, and restraints with respect to prominent regions are used in projecting accurate market size and growth rate. It is segmented in the following manner:
|Market Size||51 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Application, By End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Oledcomm (France), Panasonic Corporation (Japan), Koninklijke Philips N.V. (the Netherlands), PureLiFi Limited (U.K), LightPointe Communications, Inc. (U.S.), LightBee Corporation (U.S.), Velmenni (Tartu), FSONA Networks (U.K), Acuity Brands, Inc. (U.S.), General Electric (U.S.)|
|Key Market Opportunities||Smart lighting solutions being embraced by major sectors for saving on energy expenses.|
|Key Market Drivers||