Currently, the most trending communication technology adopted by the masses is WiFi, of which the user base is rapidly expanding every year. As a result, it has instigated the need for developing a more robust solution to cater to user requirements.
Li-Fi (Light Fidelity) is the latest wireless communication technology that holds immense potential to deliver data speeds faster than what presently is available. It belongs to VLC (Visible Light Communication) system and thus comprises a photo-detector to receive light and a signal processing element that converts the data into streams. It uses visible light waves for high-speed 2D (bi-directional) data transmission, is believed to be more secure & efficient than current wireless technologies, and offers 100 times more range than WiFi.
The Global Li-Fi Market is expected to register more than 60% CAGR during the forecast period, i.e., 2022-27. Presently, the Li-Fi technology is in the early stage but gaining significant attention worldwide. The mounting demand for high-speed & secured data transmission across various industries would primarily drive the Li-Fi market globally in the future.
Besides, the projected crunch of RF spectrum, various ongoing & upcoming smart city projects promoted by governments of several countries worldwide, and the mounting adoption of advanced technologies like cloud computing, big data, etc., across several industries would further boost the global market through 2027.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: Germany, The UK, France, Italy, Benelux, Rest of Europe|
|Asia-Pacific: China, Japan, India, South Korea,|
|South America: Brazil, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, Rest of Middle East & Africa|
|Key Companies Profiled||
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
|Unit Denominations||USD Million/Billion|
The Li-Fi technology is more economical & environmentally friendly than WiFi, with great potential in applications like smart lighting, location-based services, etc. Due to its higher bandwidth & speed and secured connectivity, it is expected to find substantial use in electromagnetic-sensitive areas like nuclear power plants, hospitals, & airplanes over the forecast years.
As a result, government authorities across several countries worldwide are massively investing in R&D activities to promote developments in the technology, which project lucrative prospects for the Global Li-Fi Market in the coming years.
The Li-Fi market comprises numerous suppliers of raw materials like LEDs, photodetectors, microcontrollers, etc., required for manufacturing Li-Fi solutions. Since the LED infrastructure globally has become enormous, owing to various factors like enhanced energy efficiency, reduced prices, & increasing installation in residential & public spaces, it would also generate remunerative opportunities for the Li-Fi market through 2027. Furthermore, Industry 4.0 and the burgeoning penetration of the IoT are also expected to be high revenue-generating aspects for the Li-Fi industry in the nearer future.