New York, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global visible light communication market size is estimated to attain at ~38% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022.This growth in market revenue is set to be influenced by the growing demand for automobiles. Global auto sales increased dramatically in 2022, rising from over 65 million vehicles in 2021 to roughly 66 million vehicles. As a result, the demand for visible light communication is also projected to grow.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-5021
Furthermore, there is a lot of potential for Internet of Vehicle applications with visible light communication (VLC). The automotive sector is expected to represent the biggest market opportunity for 5G IoT solutions by 2023. In the same year, it accounted for over 52 percent of the total 5G IoT endpoint opportunity. Internet of Vehicles (IoV) has emerged to be among the application avenues that garner a lot of interest with the proliferation of 5G technology. Vehicle to Everything (V2X) will be the subject of future research, not only for connecting vehicles but also for interfacing vehicles with other terminals. High speed, low latency, high stability, and high dependability are required in application situations like vehicle location, autopilot, and real-time traffic monitoring.
Growing Population to Boost the Growth of the Global Visible Light Communication Market
The entire population of the world in 2023 was over 8,045,311,446; this represents an increase of nearly 0.87% (or over 70,206,290) over the population of roughly 7,975,105,155 in 2022. Therefore, this has further increased the demand for modern vehicles. Further, the quality of life in this region is also growing which has boosted the preference for the modern day. Consequently, the market revenue for visible light communication is also increasing.
Visible Light Communication Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Investment in Solar Energy to Influence the Market Expansion in North America Market
The visible light communication market in North America is set to gather the highest revenue by the end of 2035. This growth of the market in this region is set to be influenced by rising investment in solar energy. Over the past few decades, the United States has witnessed a notable increase in investment in renewable energy technologies. Compared to over 28 billion dollars in 2013, investments reached close to 48 billion dollars in 2022. Hence, this has influenced the growth of solar-based visible light communication in this region.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-5021
Surge in Smart Cities Initiatives to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for visible light communication is poised to have significant growth in the market over the coming years. This growth is set to be dominated by rising smart city initiatives. Compared to the earlier projection of about USD 0.205 Million, which included less than half the funding from the government and the remaining amount coming from internal and external sources as well as other central government schemes, the overall cost of these SCM projects is over USD 1791 Billion.
Visible Light Communication, Segmentation by Application
- Consumer Electronics
- Defense & Security
- Transportation
- Public Infrastructure
- Life Sciences
The public infrastructure segment is expected to generate the highest revenue in the market over the coming years. This growth of the segment is set to be encouraged by the rising construction of offices. Worldwide, there were believed to be over 93,000 office buildings in 2022.
Visible Light Communication, Segmentation by Component
- Photodetectors
- Microcontrollers
- LED
- Software & Services
The LED segment is projected to have significant growth in the market over the coming years. The main element to influence the segment growth is the rising construction of streets. For instance, by 2050, there is projected to be over 22 million km of new paved road lanes constructed globally. Hence, this has increased the construction of street lights which is further boosting the segment growth.
Visible Light Communication, Segmentation by Transmission Type
- Uni-Directional
- Bi-Directional
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-5021
A few of the well-known indsutry leaders in the global visible light communication market that are profiled by Research Nester are LVX System, Panasonic Holdings Corporation, Lucibel SA, Koninklijke Philips NV, Firefly Networks LTD, Bytelight Inc., Purelifi Ltd, Oledcomm, Outstanding Technology Ltd, Axrtek Enterprises (P) LTD, and others.
Recent Development in the Visible Light Communication Market
- PureLiFi, a leader in LiFi technology worldwide, has announced a new arrangement to supply the US Army with Kitefin, a next-generation optical wireless communication system that uses LiFi for secure data transmission without radio frequencies.
- One tablet with built-in LiFi, the LiFiMAXTab, was unveiled by Oledcomm at CES 2022 in Las Vegas, a French company that focuses on LiFi. The aim of this tablet is to give individuals and companies who wish to take benefit from a novel form of connectedness that combines performance and security using a strong and reasonably priced alternative. It features a LiFi module and is driven by Android.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
