The global Li-Fi market reached a value of US$ 283 Million in 2021.
Looking forward, the analyst expects the market to reach US$ 4,231 Million by 2027, exhibiting a CAGR of 51.26% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Light fidelity (Li-Fi), or visible light communication (VLC), refers to a wireless optical networking technology that utilizes light to transfer data at high speeds. It uses the visible light spectrum, ultraviolet (UV) and infrared radiations (IR). The system operates through light-emitting diodes (LEDs) and microcontrollers that trigger the conversion of light waves into electric signals. These signals are then received by photodetectors that interpret the changes in light intensity as data. This technology can connect remote and distant terrains across vast areas that cannot be reached through optical fibers, owing to which it finds extensive applications across various industries, including healthcare, automotive, aerospace, electronics, information technology (IT) and defense.
The primary factors driving the market growth include hyper-urbanization and the increasing construction of smart cities across the globe. Furthermore, widespread adoption of cloud computing, big data tools and multi-tier data center architectures across industries is also providing a boost to the market growth. In comparison to the traditionally used alternatives, such as Wi-Fi, Li-Fi systems offer massive bandwidth spectrum, higher speeds, enhanced data security and minimal network and radio interference. Additionally, the increasing adoption of automated systems across residential and commercial sectors is creating lucrative opportunities for the industry players for business expansion. The growing applications of indoor location-based services, such as smart car parking, smart lighting, health monitoring, logistics and shopping assistance have increased the demand for high-speed data communication systems. Other factors, including the rising need for advancements in the existing technologies, lowering prices of LED systems and extensive research and development (R&D) activities, are projected to drive the market in the upcoming years.
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global Li-Fi market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, application, transmission type and end user.
Breakup by Component: LED Lamps Optical Sensor Microcontroller Software Others
Breakup by Application: Indoor Networking LBS (Location Based Services) In-Flight Communication and Entertainment Underwater Communication Others
Breakup by Transmission Type: Unidirectional Bidirectional
Breakup by End-User: Retail Consumer Electronics Automotive and Transportation Healthcare Defense and Security Others
Breakup by Region: North America United States Canada Asia Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others Middle East and Africa
Competitive Landscape: The competitive landscape of the industry has also been examined with some of the key players being FSOna Networks Corp, General Electric Co., LG Innotek, Lightpointe Communications, Lucibel, LVX System, Oledcomm, Philips, PureLi-Fi Ltd., Semicon Light Company, Sunpartner Technologies, Wipro LLC, etc.
Key Questions Answered in This Report:
How has the global Li-Fi market performed so far and how will it perform in the coming years? What are the key regional markets? What has been the impact of COVID-19 on the global Li-Fi market? What is the breakup of the market based on the component? What is the breakup of the market based on the application? What is the breakup of the market based on the transmission type? What is the breakup of the market based on the end-user? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the market? What is the structure of the global Li-Fi market and who are the key players? What is the degree of competition in the market?
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