Light Fidelity (Li-Fi) market to record a massive CAGR of 80.8% over 2016-2023, High LED demand to boost the industry growth
Li-Fi or Light-Fidelity market will exhibit massive growth over the coming six years, driven by its increasing demand across electromagnetic sensitive areas such as hospitals, nuclear power plants, and aircraft cabin. Light fidelity (Li-Fi) industry has gained high popularity in the global business space over the recent years, driven by its growing preference over traditional technologies on account of its favorable features such as energy efficiency, directional lighting, high-speed data transfer, and intrinsic security. The additional advantages of Li-Fi such as no bandwidth limitations, RF spectrum bandwidth crunch will provide an upper hand to this technology over the traditional channels such as Wi-Fi.
U.S. Li-Fi market size, by component, 2013-2023 (USD Million)
As per the report by Global Market Insights Inc., “Light Fidelity (Li-Fi) market is anticipated to register a CAGR of 80.8% over the period of 2016-2023.” Growing awareness among the people about the hazardous effect of radio waves on human health will favorably drive light fidelity (Li-Fi) industry size significantly.
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Light fidelity (Li-Fi) market finds widespread applications across location-based services, indoor networking, defense & security, intrinsically safe environments, automotive, underwater communication, aerospace, and healthcare. Location-based services are predicted to grow noticeably at a CAGR of 79.5% over the period of 2016 to 2023. The growth can be attributed to escalating technological innovations and enhancement in the location and indoor positioning system.
The healthcare sector is expected to surpass a revenue of USD 2.6 billion by 2023. The growth of Li-Fi market across the medical sector is primarily driven by its capability to transfer data at a very high speed. In addition, considering the health concerns, Li-Fi is preferred over Wi-Fi for the interdepartmental medical facilities such as sharing the patient’s data with the other department.
Considering the components, light fidelity (Li-Fi) market is mainly divided into LED, Microcontroller, Photodetector. LED or light emitting diode industry share is anticipated to grow at a rate of 79% from 2016 to 2023. Shifting trends toward the energy-efficient product will boost the demand for LED. Photodetector covered 30% of the overall Light-fidelity (Li-Fi) market share in 2015 and will exhibit attractive growth rate in the years ahead .
Geographically, Asia Pacific light fidelity (Li-Fi) industry worth USD 185 million in 2015, is slated to exhibit substantial growth rate over the coming six years. The growth can be attributed to the increasing need for internet connectivity in developing countries. Significant R & D activities across the European region will boost Europe Li-Fi market share in the coming timeframe.
U.S. light fidelity market collected a revenue of about USD 190 million in 2015 and is projected to register a growth rate of 78% over the period of 2016 to 2023. The growing demand for wireless communication across this region will augment the industry growth.
The key players will adopt strategies such as mergers & acquisitions, strategic collaborations, and heavy R&D investments to enhance their product portfolios. The notable participants in Light Fidelity (Li-Fi) market are GE, Oledcomm, PureLifi, Lucibel, Distech Control, Acuity Brands, Philips, and LVX.
Author Name :Sunil Hebbalkar