Global Light Fidelity (Li-Fi) Market was valued US$ 1.75 Bn in 2017 and is expected to reach US$ 92.926 Bn by 2026, at a CAGR of 64.27% during a forecast period.
The report is majorly segmented into Components, Application, Industry Verticals, and region. Further, Li-Fi market based on Component includes LED, Photodetectors, Microcontrollers, Optical wireless technology. Application segment is sub-segmented into Smartphone, Standalone Tracker, and Advance Tracker. Industry Vertical segment in the report comprises Retail, Electronics, Defence & Security, Automotive & Transport, Aerospace & Aviation, Healthcare, Others.
The report segments the market into various sub-segments, hence it covers the market comprehensively. The report had segmented the geographies into five continents i.e. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Detailed analysis by region with the competitive landscape & benchmarking of the key players make the report comprehensive and enable the informed decision making.
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Li-Fi is an emerging technology similar to Wi-Fi, with a speed of 224 gigabytes per second that is 100 times faster than Wi-Fi service. Furthermore, rising demand for high-speed data transmission is the major driving factors for the global Li-Fi technology. Li-Fi offers better security as compared to Wi-Fi. Li-Fi Market is rapidly used in electromagnetic sensitive areas, such as hospitals, airplanes, and nuclear power plants owing its high speed. Innovation and new product launches are further boosting the growth of the Li-Fi market. High security compared to traditional Wi-Fi which uses radio frequency since light cannot travel through walls can be a constraining driver for Li-Fi technology adoption. Factors such as low power consumption and high durability are increasing the usage of a LED lighting system in LI-FI.
Li-Fi technology can connect remote and distant terrains across the country that cannot be reached through the optical fiber. It is widely used in smart-city projects. Increase in investment by government in the smart-city project rises the demand of Li-Fi technology. However, lack of awareness of the Li-Fi technology hinders the growth of the market.
As compared to the other channels wireless optical network is carried faster information as compared to LED, photodetectors, microcontrollers. The most important advantage of using the wireless optical network is that the frequency penetrates through wall and feasibility of installing these networks anywhere is boosting the utilization of wireless optical network in the Li-Fi market. In terms of component LED is the strongest segment in global Li-Fi Market.
New product launches and innovation in the Li-Fi field have further boosted the growth of the market in the region. North America region holds the largest market share of the global Li-Fi market followed by the Asia Pacific and Europe. Europe is estimated to account for the leading share of the global Li-Fi market during the forecast period. It supports multiple access, roaming, mobility, and simplicity.
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Key players of Li-Fi technology are PureLi-Fi Ltd., Lucibel, Oledcomm, Sunpartner Technologies, LG Innotek Co., Ltd, Yuyang D & U Co., Ltd., Semicon Light Co.,Ltd., Wipro, LLC, Lightpointe Communications, Inc., FSOna Networks Corp., Bridgelux, Inc and other.
Scope of Global Light Fidelity (Li-Fi) Market:
Global Light Fidelity (Li-Fi) Market, by Component
Optical wireless technology
Global Light Fidelity (Li-Fi) Market, by Application
Global Light Fidelity (Li-Fi) Market by Industry Vertical:
Defence & Security
Automotive & Transport
Aerospace & Aviation
Global Light Fidelity (Li-Fi) Market, by Region
Middle East & Africa
Key players operated in Global Light Fidelity (Li-Fi) Market:
Pure Li-Fi Ltd
LG Innotek Co., Ltd
Yuyang D & U Co., Ltd.
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Semicon Light Co., Ltd.
Lightpointe Communications, Inc.
FSOna Networks Corp.