Presently in its early stages, the Li-Fi technology is considered more economical & environmentally friendly than WiFi. It has immense potential in various applications, mainly location-based services and smart lighting solutions. In the years ahead, the Li-Fi technology is set to experience substantial utilization in electromagnetic-sensitive areas like nuclear power plants, hospitals, & airplanes due to its higher bandwidth & speed and secured connectivity.
A recent research report published by MarkNtel Advisors states that the Global Li-Fi Market would register more than 60% CAGR during 2022-27. The growth of the market is estimated to be driven primarily due to the mounting need for high-speed & secured data transmission across various industries and the very likely RF spectrum crunch, coupled with the massive LED infrastructure owing to increasing installations in residential & public spaces, enhanced energy efficiency, & continuously reducing prices.
Moreover, numerous ongoing infrastructural developments in different countries worldwide are portraying a mounting adoption of technologies like cloud computing, big data, etc., across several industries, which, in turn, project remunerative growth prospects for the Li-Fi Market through 2027.
In addition, the emergence of various companies manufacturing LEDs, photodetectors, microcontrollers, etc., the essential components required for developing Li-Fi solutions, is also likely to augment the overall market growth through 2027, further states the research report, "Global Li-Fi Market Analysis, 2022."
Rapidly Expanding Retail Sector to Boost the Demand for Li-Fi
The retail sector is expected to become the most prominent end-user of the Li-Fi technology and, consequently, the largest contributor to the growth of the Global Li-Fi Market during the forecast period. It owes principally to the rapidly expanding retail sector and the rising number of indoor retail shops. Besides, since Li-Fi is deployed mainly as a positioning element, it helps retailers enhance the overall customer experience by providing them with the latest promotional offers.
More & more supermarkets are deploying Li-Fi systems, i.e., aiding retailers in understanding consumer buying behavior, tracking their location, & securing their shopping history. As a result, consumers are able to receive on-site information about retail shops as per their preferences. Hence, these aspects indicate lucrative opportunities for the Global Li-FI Market across the retail sector through 2027.
Emergence of North America as a Hub for Li-Fi Industry to Augment the Market Growth
North America, the early adopter of advanced technologies with robust infrastructure across its different countries, is likely to dominate the Li-Fi Market with the largest share during 2022-27. The region is experiencing increasing installations of indoor location-based utilities & light fixtures in various hotels & retail outlets. Moreover, there are notable advancements in wireless sensor networks, the Internet of Things (IoT), Big Data, & smartphones.
Countries like the US & Canada that have the upper hand in innovations like Cloud Computing, Smart buildings & cities, electronic products, etc., are projected to massively contribute to the regional market growth through 2027. Moreover, burgeoning requirements for energy-efficient devices & high-speed bandwidth are also generating endless prospects for the North America Li-Fi Market to expand through 2027.
The major companies in the Global Li-Fi Market include Acuity Brands, Inc., Fujitsu Ltd., Fsona Networks Corporation, General Electric, Global Li-Fi Tech, Inc., Integrated System Technologies Ltd., Lightbee S.L., LumEfficient Lighting Corporation, LVX System, Lucibel SA, Oledcomm SAS, Panasonic Corporation, PureLiFi Limited, Renesas Electronics Corporation, Signify Holding B.V., Velmenni OÜ, and VLNComm Inc.
Key Questions Answered in the Research Report