Dublin, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The "Global FSO & VLC/Li-Fi Market by FSO Component, FSO Application, FSO Vertical, VLC Component (LED, Photodetector, Microcontroller, Software), Transmission Type, VLC Application, and Region (Americas, Europe, Asia-Pacific, RoW) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global FSO & VLC/Li-Fi market is projected to grow from USD 3.3 billion in 2023 to USD 18.2 billion by 2028, registering a CAGR of 40.3% during the forecast period.
Market for healthcare and underwater communication applications to grow at higher CAGR during forecast period
The FSO market for healthcare applications and the VLC market for underwater communication applications are expected to grow with the highest CAGR during the forecast period. FSOs are hugely deployed in healthcare applications where wireless communication through radio waves is not allowed due to potential health hazards.
On the other hand, underwater communications rely on acoustic technologies that limit the speeds to a fraction of terrestrial wireless systems. RF does not work underwater, but visible light can support high-speed data transmission over short distances in this environment. VLC can be a safe alternative to RF communication and serve the purpose of this untapped application area.
Asia-Pacific to witness highest growth among other regions during forecast period
Asia-Pacific is expected to dominate the FSO & VLC/Li-Fi market during the forecast period. The region is projected to account for the largest share of the FSO and VLC by 2025. The FSO and VLC market here is expected to grow at the highest CAGR during the forecast period.
Increasing manufacturing facilities, advanced infrastructure, and the growing computer-aided design (CAD) industry are driving the FSO market here.
Also, with the recent developments and increased expenditure on VLC-related R&D activities, the Asia-Pacific region is expected to be the fastest-growing market for VLC during the forecast period. Similarly, end-user industries such as automotive, aerospace & defense, and consumer electronics are expected to create huge opportunities for VLC or Li-Fi solution providers.
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 246 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.3 Billion |
| Forecasted Market Value (USD) by 2028 | $18.2 Billion |
| Compound Annual Growth Rate | 40.3% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Effective Alternative to RF Technology for Outdoor Networking
- Limited Last Mile Connectivity
- Ability to Offer Faster and Safer Data Transfer
- High Growth of LEDs due to Low Energy Consumption
Restraints
- High Installation Cost for FSO Solutions
- Suited Only to Short-Range Communication Applications
Opportunities
- Increasing Preference for FSO Over RF in Space Programs
- Growing Adoption of Li-Fi in Various Industries
- Emergence of New Applications Such as IoT and 5G
Challenges
- Reliability Issues due to Fading of Signals During Propagation
- Lack of Technological Awareness
Companies Mentioned
- Acuity Brands, Inc.
- Airlinx Communications, Inc.
- Caci International Inc.
- EC System
- Fraunhofer HHI
- fSONA Networks Corp.
- Global LiFi Tech
- Infinity Technology Services
- Irnas D.O.O.
- JSC Mostcom
- Lightbee
- Lucibel SA
- Lumefficient
- LVX System
- NextLiFi
- Oledcomm SAS
- Panasonic Corporation
- PureLiFi
- Redline Infrastructure
- Signify Holding
- Trimble Hungary Kft.
- Velmenni
- Vlncomm
- Wireless Excellence Limited
For more information about this report visit https://www.researchandmarkets.com/r/4rgveb-fso-and?w=12
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