Vancouver, British Columbia, March 16, 2021 (GLOBE NEWSWIRE) -- The global Li-Fi market is expected to reach a market size of USD 14,913.3 Million by 2028 and register a high revenue CAGR, according to latest analysis by Emergen Research. Rising government focus on smart cities is expected to drive global Li-Fi market growth over the forecast period. Besides, increasing demand for faster data transmission is expected to stimulate global Li-Fi market growth during the forecast period. Decreasing LED prices worldwide is expected to further boost market growth going forward. The use of LEDs is being encouraged worldwide due to low energy consumption and improved lighting.
However, lack of awareness about Li-Fi technology among potential consumers is expected to hamper growth of the global Li-Fi market to some extent during the forecast period.
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Key Highlights of Report
- Increasing usage of photodetectors such as photodiodes to track and interpret images in the transmitted signal is a key factor driving revenue growth of the photodetector segment currently, which is also expected to register a significantly high CAGR of 70.3% over the forecast period.
- In terms of market share, the location-based services segment is expected to lead over the forecast period due to increasing application of location-based services in the retail sector to precisely calculate footfalls.
- In terms of revenue share, the automotive segment is expected to register significant growth over the forecast period due to increasing application of Li-Fi systems in autonomous vehicles for better connectivity.
- Factors such as well-established automotive industry and significant presence of international and domestic market players, including Lucibel SA and Signify Holding B.V., among others in countries in Europe is expected to support growth of the market in the region over the forecast period.
- Key market players include Oledcomm SAS, Panasonic Corporation, Signify Holding B.V., Velmenni OÜ, Renesas Electronics Corporation, PureLiFi Limited, Fsona Networks Corporation, Acuity Brands, Inc., Lucibel SA, and VLNComm Inc.
- In October 2019, Signify Holding B.V. and Vodafone GmbH entered into alliance to integrate 5G and LiFi networking systems, offering users ultra-high-speed cellular Internet access.
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Emergen Research has segmented the global Li-Fi market on the basis of component, application, end-use, and region.
- Component Outlook (Revenue, USD Million; 2021–2028)
-
- Photo-Detector
- LEDs
- Microcontroller
- Optical Sensing
- Others
-
- Application Outlook (Revenue, USD Million; 2021–2028)
- Underwater Communication
- Standalone Tracker
- Indoor Networking
- Smartphone
- Advance Tracker
- Location-Based Services
- Others
- End-use Outlook (Revenue, USD Million; 2021–2028)
- Healthcare
- Aerospace & Defense
- Education
- Retail
- Automotive
- Government
- Transportation
- Consumer Electronics
- Others
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- Regional Outlook (Revenue, USD Million; 2021–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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