Published Date : 26 Dec 2022
The global Li-Fi market size is expected to be worth around USD 31543.83 million by 2032, up from USD 498.16 million in 2022 with a CAGR of 51.41% between 2023 and 2032.
The Li-Fi market in Asia Pacific is foreseen to grow rapidly pertaining to the rise in investment and partnership among Li-Fi providers in the country. The noticeable growth in the Li-Fi market in the region is the result of an increase in the requirement for energy-efficient devices and a demand for high-speed data connectivity. Rising installations of indoor location-based appliances and light fixtures in hotels and commercial shops throughout the North American market are also foreseen to be one of the drivers of market growth in the area.
On the basis of the components, the lead segment is expected to have the largest market share in the forecast period. Due to the increasing demand for lead in various industries for many purposes is expected to boost revenue growth. Leads can be turned on and off to create a digital string of binary digits. This component helps to use data through various sections of the spectrum. The photodetector segment is also expected to show a significant growth in the future.
On the basis of application, the indoor networking segment we'll have the largest revenue during the forecast period. This technology can be used securely in healthcare applications. It can be used in corridors, patient rooms, operating theatres, and waiting rooms. This technology also offers safety and integrated network access across the campus.
On the basis of the end user, the retail segment will have the largest revenue during the forecast period. The increasing implementation of this technology in the retail sector will drive the market. This technology will enhance the shopping experience by exhibiting the promotional deals and discounts. The use of this technology allows the retailers to understand the consumer behavior, preferences, and marketing strategies and it helps them in executing advertisement campaigns.
Li-Fi Market Report Scope
|Market Size in 2023||USD 754.26 million|
|Market Size by 2032||USD 31,543.83 million
|Growth Rate from 2023 to 2032||
CAGR of 51.41%
|LED Market Share in 2021||47%|
|Location Based Services Segment CAGR||51% from 2023 to 2032|
|Forecast Period||2022 to 2030|
|Companies Mentioned||VLNComm Inc., Velmenni, Global Li-Fi Tech, Lightbee, Panasonic Corporation, Signify Holding B.V., Lucibel, PureLiFi Limited, Oledcomm SAS, Infinity Technology Services|
|Segments Covered||Component, Application, End User, and Transmission|
|Region Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The rise in the demand for high-data transfer rates among businesses is one of the major driving factors for the market. The shifting movement towards the employment of Li-Fi technologies in sectors such as healthcare and security offers a suitable industry outlook. Encouraging government bodies to invest at higher rates will prove to be a driving force for the market. Introduction of smart city developments, which is one of the government guidelines in the ICT market, the companies will have to invest and develop in Li-Fi. Additionally, the increasing requirement for creating a network is propelling the scope for major players in the Li-Fi market.
Lack of awareness regarding the latest technologies is expected to hinder market growth.
The pandemic of coronavirus (COVID-19) is creating public fear and economic confusion for customers, industries, and communities throughout the globe. The scenario is growing rapidly with huge impacts. The Covid pandemic disrupted the market by limiting the transport facilities for semiconductor and wireless networking providers.
The developments are growing in recent years and the presence of the Li-Fi for the general population should be by the end of the year 2022. Presently the grocery outlet in France has adopted the Li-Fi technology to chalk down the locations of the consumers to provide, location-based marketing and other marketing techniques. The smartphones are functioning on deploying the Li-Fi technology for accurate work.
The rising development of the Li-Fi elements and the final user industries like lighting, defense, healthcare and other end-users are integrating with the Pure Li-Fi and are rapidt allocating resources for the product advancements and commercialization of the technology.
The physical obstacles such as walls, physical objects that curtail the operational scope of the LED lamps are looked at as the major challenges of the Li-Fi Industry. Although the internet connectivity is considerably faster, the Li-Fi product remains limited within the closed space. The obstacles in the pathways can hamper the potential of the Li-Fi technology.
The smart placement of the LED fixtures is important for the effective working of the Li-Fi technology. Additionally, the deployment needs LED lamps and continuous lighting; therefore, placements in the outdoors can’t be done. Such obstacles are hampering the overall growth of the Li-Fi Industry.
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