The global Li-Fi (light fidelity) market is expected to garner a sizeable revenue by growing at a CAGR of ~69% throughout the forecast period, i.e., 2022 – 2030, owing to the rising need for high-speed data transfer, growing number of government initiatives regarding energy management in the ICT sector and increasing emergence of IoT. Furthermore, escalating implementation of smart city projects globally is also estimated to fuel the expansion of the market in the coming years.
The market is segmented by component, application and end user. On the basis of component, the LED segment is anticipated to grab the largest share during the forecast period accounting to the high promotion of use of LED by governments of several nations. Additionally, by application, the indoor segment is expected to witness a notable growth in the near future on the back of increasing accommodation in smart buildings and rise in usage of Li-Fi in various indoor settings.
Regionally, the global Li-Fi (light fidelity) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is projected to witness noteworthy market growth over the forecast period, which can be attributed to the increasing number of government initiatives for the improvement of telecommunication infrastructure and high growth of electronics industry in the region.
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Growing Requirement for High-Speed Data Transfer Worldwide to Drive Market Growth
Over the last few years, the volume of data across the world has increased significantly. Fast and efficient communication is the need of the hour. As light fidelity (Li-Fi) technology has the ability to unlock the potential of IoT and driving industry 4.0 applications, its adoption is anticipated to rise in the coming years, which in turn is projected to boost the growth of the market.
However, limited communication range of light fidelity is expected to operate as key restraint to the growth of the global Li-Fi (light fidelity) market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global Li-Fi (light fidelity) market which includes company profiling of LVX System, Signify Holding BV, pureLiFi Ltd, Lucibel SA, Oledcomm SAS, fSONA Networks Corporation, Wireless Excellence Ltd, Fraunhofer HHI, Panasonic Corporation, ACUITY BRANDS LIGHTING, INC., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Li-Fi (light fidelity) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Market Research Future (MRFR) reports that Li-Fi market is likely to touch an approx.
valuation of USD 51 Billion by 2023 and can progress at an incredible rate of 70% between 2017 and 2023 (which is the forecast period).
The market has encountered significant development over the recent years and is anticipated to grow tremendously over the assessment period.
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.
The report includes vast data relating to the recent discovery and technological expansions perceived in the market, wide-ranging with an examination of the impact of these intrusions on the market’s future development.Li-Fi is expected to emerge as an impactful technology across various industries.
Therefore, the rising demand for LED can mean stupendous growth for the Li-Fi market in the following period.Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/3561Competitive landscape: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.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.
The report "Free Space Optics (FSO) and Visible Light Communication (VLC)/Light Fidelity (Li-Fi) Market with COVID-19 Impact Analysis by Component (LED, Photodetector, Microcontroller, Software), Transmission Type, Application, Geography - Global Forecast to 2025" The overall FSO market is expected to grow from USD 402 million in 2020 to USD 1,977 million by 2025; it is expected to grow at a CAGR of 37.5% during 2020–2025.
Key factors fueling this markets growth include the alternative solution to overburdened RF technology for outdoor networking, last-mile connectivity, faster and safer data transfer than other challenging technologies, and less energy consumption by LEDs.
Various applications such as healthcare, consumer electronics, defense, and commercial create a strong demand for FSO/Li-Fi for efficient industrial operations in the midst of COVID-19.
Due to the commercialization of bidirectional VLC in late 2017, the demand for software solutions is projected to rise and support the uplink and downlink for two-way communications in various applications.
FSOs are hugely deployed in the healthcare application, where wireless communication through radio waves is not allowed due to potential health hazards.
RF does not work underwater, but visible light can support high-speed data transmission over short distances in this environment.
Li-Fi technology is widely used in various applications such as healthcare, education, retail, aviation, exhibition industry, and others.
Healthcare is one of primary application areas in the global Li-Fi market.
Though, the operations and other hospital activities were carried out without any hindrance, the commercialization of Li-Fi in the healthcare sector would lead to high speed data network in the hospitals.Li-Fi or Light Fidelity is one such solution which does not interfere with the radio waves.With the advent of Li-Fi technology, human brain has given rise to a new phenomenon in the form of Li-Fi or Light Fidelity.
With the constantly evolving technologies such as, 5G wireless broadband and Internet of Things (IoT), among others, Li-Fi technology is bound to expand to many more fields of applications such as healthcare, aviation, retail and education, among others, and transform all the major industry verticals present in the world today.Li-Fi was first developed by Professor Harald Hass in the year 2011 based on the technique of Visible Light communication.
Li-Fi technology uses LED bulbs for transmitting data where it acts both as an emitter and photodiode for detecting the light.
Unlike Wireless Fidelity (Wi-Fi), Li-Fi does not operate on radio waves making it even more useful in working with aviation and marine industries.
The global Light Fidelity (Li-Fi) Market was valued at around USD 455 million in 2015.
It is expected to grow beyond USD 101 billion during the forecast period (2016- 2024).Light fidelity is a visible light communication (VLC) system.
Li-Fi uses common household LED light bulbs to transfer data boosting speed up to 224 gb (gigabits) per second.Increasing need for eco-friendly technology is expected to drive the market.
Moreover, longer life, low power consumption, and high illumination are expected to augment market growth in the coming years.
The light fidelity market is split into components, application, and geographies.Browse Details of Report @ https://www.hexaresearch.com/research-report/light-fidelity-li-fi-marketLi-Fi components include LED, photo-detector, and microcontroller.
LED based light-fidelity devices held over 40% of the market share in 2015.These LED lights can be controlled to switch on and off to generate a digital string of binary numbers.
