The crippling effect of the global COVID-19 pandemic has detained the growth potential of the Li-Fi market. This MRFR report on the Li-Fi market indicates critical pointers that may emerge as growth hubs in the future. Moreover, in-depth data analysis is estimated to offer a clearer growth perspective to market participants.
The Li-Fi market 2020 is likely to touch an approx. valuation of USD 51 Billion by 2023, confirms Market Research Future (MRFR). MRFR also reports that the market can progress at an incredible rate of 70% between 2017 and 2023 (which is the forecast period).
LightBee Corporation (U.S.), LightPointe Communications Inc. (U.S.), FSONA Networks (U.K), Koninklijke Philips N.V. (the Netherlands), Panasonic Corporation (Japan), PureLiFi Limited (U.K), Oledcomm (France), Velmenni (Tartu), Acuity Brands, Inc. (U.S.), General Electric (U.S.), are the top contenders that are responsible for the Li-Fi industry expansion around the world.
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In the wake of the Covid-19 outbreak, Nav Wireless Technology Pvt Ltd (India) has developed a LiFi-based communication solution that can be used in hospitals for managing coronavirus patients. It is considered to be a massive breakthrough for the teams that are continuously exposed to the virus.
Growth Boosters and Main Barriers
A wireless communication technology, Li-Fi makes use of the visible and infrared light spectrum to induce high-speed data. The technology is sort of an extension of the visible light communication concept, offering bi-directional, secure, high speed, as well as completely networked wireless communications. It also backs user mobility as well as multiuser access.
Li-Fi is expected to emerge as an impactful technology across various industries. It has the potential to unlock the benefits of IoT, boost Industry 4.0 applications, and also encourage the growth of the light-as-a-service technology within the lighting industry. The government is continuously backing up the ICT sector, thanks to the rising demand for energy management. With the growing efforts in the ICT sector by the government like the smart city concept, more and more vendors are compelled to make massive investments in the innovation of Li-Fi. This can give a substantial boost to the Li-Fi market growth in the approaching years.
Some of the well-known companies like Philips and General Electric are spending considerable amount on the Li-Fi technology on account of the surge in internet users paired with the rampant demand for transmission of high speed data. Various other players such as Velmenni and LightBee are exploring new and creative solutions to stimulate growth of the Li-Fi industry.
LiFi Market Trends
LED or light emitting diode is an essential component of Li-Fi systems. Therefore, the rising demand for LED can mean stupendous growth for the Li-Fi market in the following period. LED is gaining significant traction across the world as it consumes low power, expels no toxic emission, and offers higher illumination. Governments across the globe offer these lights at subsidized prices, which also helps boost its demand. The trend of increasing use of LED can be instrumental in the demand for the Li-Fi market during the evaluation period.
The main segments analyzed while studying the Li-Fi market include component, application, as well as end-user.
With respect to the component, the market comprises optical sensing, light emitting diode (LED), photo detector, microcontroller, and others. The LED segment can claim the leading position in the global market.
The main applications of the Li-Fi technology are advance tracker, standalone tracker, smart phones, and others.
The end-users in the worldwide market are government, education, automotive, aerospace, healthcare, retail, and others. Between these, retail can be the most notable end-user, advancing at the fastest rate in the coming period. LiFi facilitates smooth transfer of every kind of data in a retail store, ranging from the store front end to the customer interaction inside the store. Li-Fi ensures security, speed, data density as well as energy efficiency, all of which are necessary in the retail industry.
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MRFR report has studied the primary regions of Asia Pacific (APAC), North America, Europe and Rest of the World or RoW, while conducting the research on the Li-Fi market
North America has successfully clinched the leading position in the global market, in line with the rapid advancement in the ICT industry, like Internet of Things, wireless sensor network and Big Data. With the consequent development of smart buildings has resulted in the massive growth of the Li-Fi market in the region. The surging applications of services that are indoor location-based equipped with light fixtures, especially in hotels and retail shops can also help the regional market generate considerable revenue in the near future. Celebrated companies like ByteLight Inc. and GE Lightings are increasingly installing VLC, which helps retailers track the shopping history of a customer by collecting their location details. This factor is anticipated to leave a positive impact on the Li-Fi market in the region.
With the fastest expansion rate, the APAC market can benefit from the increasing investments as well as the surge in partnerships between Li-Fi vendors. The growing support from the government across India and China for the development of smart-city projects can also promote the progression of the Li-Fi market in the region.
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