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. This can give a substantial boost to the Li-Fi market growth in the approaching years. 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. 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 trend of increasing use of LED
can be instrumental in the demand for the Li-Fi market during the evaluation
period. 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.
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Competitive 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. Various other players such as Velmenni and LightBee are
exploring new and creative solutions to stimulate growth of the Li-Fi industry.
Market Segmentation:
The main segments analyzed while studying the Li-Fi market
include component, application, as well as end-user.
By component:
·
Optical sensing
·
Light emitting diode (LED)
·
Photo detector
· Microcontroller
By Application:
·
Advance tracker
·
Standalone tracker
· Smart phones
By End-users:
·
Government
·
Education
·
Automotive
·
Aerospace
·
Healthcare
·
Retail
Regional Insight
MRFR report has studied the primary regions of Asia Pacific (APAC), North America, Europe and Rest of the World, 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. 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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