New York, US, July 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Li-Fi Market Analysis by Component (Image Sensor, Visible Light Diode), By Application (Location Based Service, Indoor Applications, Outdoor Applications), By Vertical (Transportation, Automotive, Defense, Healthcare) - Forecast 2030” valuation is poised to reach USD 2311.7 Million by 2030, registering an 37.5% CAGR throughout the forecast period (2020–2030).
Li-Fi Market Overview
The increasing use of LED lights in light fidelity owing to its easy obtainability, low-slung price, extensive life span, and fewer energy consumption will offer robust opportunities for the market over the forecast period.
Li-Fi Market Report Scope:
| Report Metric | Details |
| Market Size | USD 2311.7 Million by 2030 |
| CAGR | 37.5% From |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | General Electric Company (U.S.), Toshiba Corporation (Japan), NEC Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), fSONA Networks (Canada), Nitto Denko Corporation (Japan), Panasonic Corporation (Japan), Casio Computer Co. Ltd.(Japan), Qualcomm Inc. (U.S.), Fujitsu Ltd. (Japan) |
| Key Market Opportunities | Increasing Use of LED Lights in Light Fidelity to offer Robust Opportunities |
| Key Market Drivers | Developments in Retail Sector to Boost Visible Light Communication Market Growth |
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Drivers
Developments in Retail Sector to Boost Market Growth
The developments in the retail sector will boost market growth over the forecast period. Retail firms are moving beyond the traditional ways of giving customers with a shopping experience by using visible light communications (VLC). They may now alert customers using VLC technology, as the technology assists them in delivering accurate and timely findings. Retailers are eager to take use of the potential of VLC as they prepare to combat the growing popularity of online retail.
Lack of Technological Awareness to act as Market Restraint
The lack of technological awareness and high repair & installation cost may act as market restraints over the forecast period.
Competing Technologies to act as Market Challenge
Competing technologies and lack of infrastructure for wireless technology especially in emerging countries may act as market challenges over the forecast period.
Li-Fi Market Segments
The global visible light communication/Li-Fi market is bifurcated based on vertical, application, and component.
By component, the Light Fidelity market is segmented into visible light diode and image sensor.
By application, the visible light communication market is segmented into outdoor applications, indoor applications, and location based service.
By vertical, transportation will lead the market over the forecast period.
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Li-Fi Market Regional Analysis
North America to Spearhead Li-Fi Market
Due to surge in investment in R&D in innovative technical solutions like sustainable energy projects, artificial intelligence, and big data analytics, North America is the most important market for VLC. Telus Corp, BCE Inc.'s Bell Mobility, and Rogers Communications Inc. are investing extensively in R&D operations in VLC, as well as 5G technologies, in order to improve their market share among wireless and internet service providers in the region. Li-Fi technology installation is predicted to strengthen the US economy, assist in economic growth, & offer job possibilities. The US is the first country to deploy 5G wireless networks, making it a worldwide test bed for the LTE apps and services. Because data transmission governs all key sectors in the US, including the government sector, the lighting industry is embracing new ground-breaking commercial potential through VLC. Furthermore, government initiatives like "Gigabit Communities," which aims to make the United States one of the world's most high-capacity and super-fast broadband networks, boost VLC adoption.
The increase can be ascribed to expanding data traffic and communication system adoption, as well as the accessibility of advanced infrastructure. Overuse of the RF spectrum has increased data traffic, opening up new growth opportunities for VLC communication systems. The region's major providers are heavily spending in R&D projects in VLC and 5G technologies, boosting their market share amid wireless and online service providers. Furthermore, increased LED use in the US is fuelling market growth.
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APAC to Have Favorable Growth in Li-Fi Market
By 2025, APAC had the biggest share of the VLC market. During the forecast period, the VLC market in APAC is predicted to develop at the fastest rate. Factors boosting the market in APAC include expanding manufacturing facilities, upgraded infrastructure, and a developing computer-aided design (CAD) industry. The APAC region is also predicted to be the fastest-growing market for VLC throughout the forecast period, thanks to recent breakthroughs and rising expenditure on the VLC-related R&D activities. End-user industries including automotive, consumer electronics, and aerospace and defence, and are also expected to provide significant prospects for VLC or Li-Fi solution suppliers. Because of increased awareness among smartphone users, the VLC market in the APAC region is expected to grow significantly. By 2024, the region is predicted to contribute for about 30% of total revenue. The presence of significant firms is projected to boost demand in this area. The increase in LED installations in industrial & commercial environments can be ascribed to regional growth trends. Vehicle taillights and headlights, & traffic signal lights, are gradually being replaced by LEDs. The aforementioned characteristics, as well as the growing use of location-based services, will have a beneficial impact on the regional VLC market outlook.
COVID-19 Analysis
The COVID-19 pandemic has wreaked havoc on the economy in a number of ways. Its focus has likewise shifted to a digital economy. The Covid-19 influenced the visible light communication (VLC) market positively. As wireless communication technologies advance and network infrastructure providers spend heavily in Li-Fi technology.
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Visible Light Communication Market Competitive Analysis
Dominant Key Players on Light Fidelity Market Covered are:
- General Electric Company (U.S.)
- Toshiba Corporation (Japan)
- NEC Corporation (Japan)
- Samsung Electronics Co. Ltd. (South Korea)
- fSONA Networks (Canada)
- Nitto Denko Corporation (Japan)
- Panasonic Corporation (Japan)
- Casio Computer Co. Ltd.(Japan)
- Qualcomm Inc. (U.S.)
- Fujitsu Ltd. (Japan)
The market is both competitive along with being fragmented due to the presence of several important foreign and domestic enterprises. These industry giants have used joint ventures, global expansions, contracts, collaborations, new product releases, partnerships, and other inventive strategies to stay ahead of the competition while also meeting the rising needs of their clients. Furthermore, the players are heavily spending in research and development.
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