Li-Fi (Light Fidelity) market is anticipated to grow with an eye popping CAGR of 103% during 2016 to 2022. Enormous bandwidth in light of rising RF spectrum crunch joined with high degree of security, accessibility, and energy effectiveness is anticipated to drive the global Li-Fi (Light Fidelity) market size. Although visible light communications (VLC) market also comprises a solid state releasing device and a photo sensitive receive. VLC is a point-to-point light communication link; VLC is unidirectional and functioned at stumpy or modest data rates. Li-Fi does not necessitate line-of-sight amongst the transmitter and receiver. This technology bids high data transfer rates because of existence of low interference along with large bandwidth above the network. Internet video traffic is estimated to raise at in excess of 45% in the forecasted period, with video anticipated to contribute to almost 70% of consumer internet traffic. Growing data production and usage is influencing the need and demand for the wireless optical networks together with RF-based networks. Increasing demand from various application such as hospitals, schools and medical centers are projected to inject the growth in the global Li Fi market in the forecasted period. Li Fi technology comprises visible light wavelengths as an alternative of radio waves that is expected to nullify the negative effect on human health. Growing LED espousal on account of benefits proposed such as high efficiency, longer life span, and low maintenance of Li Fi technology aid growth in global Li-Fi market. Various nations across the globe such as the U.S., China and Japan has initiated for energy conservation through the assistance of LED lighting technology. For example, the government in China funds high brightness LED industry through incentives, resources to improve the manufacturing competences of domestic LED manufacturers and financial subsidies. Low awareness level about the Li Fi technology is hampering the growth of the global Li Fi market. Moreover, misapprehensions such as the technology being line-of-sight in nature are estimated to hinder the growth.
The Li Fi (Light Fidelity) market is segmented on the basis of component, application and geography. The component segment is segmented into LED, photo detector and microcontroller. LED market is projected to reach $34 billion by the end of 2024, which is expected to grow with a CAGR of more than 90% during the forecasted period 2016-2022. Rising regulatory initiatives for energy effectiveness has directed to amplify LED demand that is driving the growth in the industry in the forecasted period. Photodetector segment is expected to grow with the fastest growing CAGR during the forecasted period 2016-2022. The application segment is segmented into automotive, aerospace, defense and security, healthcare, indoor networking, Intrinsically, safe environments, location based services (LBS) and underwater communication. Location based services is expected to hold the largest revenue share in the global market owing to enhance shopping experience of consumer by providing precise location information. In addition to it also permits pop-ups concerning the recent product proposals going on in the store. Healthcare application is expected to rise significantly during the forecasted period. The growth is attributed by nonappearance of electromagnetic radiation such as radio waves that positions no hazard to patients. The Li Fi technology also empowers improved management as it aids share patient data through diverse departments at very high speed.
Geographically the Li Fi (Light Fidelity) market is segment into North America, Europe, Asia Pacific and ROW. The North America market holds the largest revenue share in the global market. The large share of North America is majorly driven by the increasing data traffic and growing demand for safer and faster data transfer across application such as automotive, healthcare and many more. The North America market is also driven by the increasing technological innovation in the global market. According to federal communication commission USA the growing spectrum crunch is boosting huge growth opportunity in the North American market. In 2015, around 1610 bundles are being auctioned by the US government which accounts to around $20 billion. Asia Pacific is the fastest growing market in the global market. The growth is majorly fueled by the growing technological innovation in the countries such as China and Japan. Moreover the growing accessibility of the smartphones and connected devices is increasing the data traffic in the region. The growing bandwidth demand and increasing need for faster and safer data transfer in the region is also increasing the growth in the Asia Pacific market. The regional growth is expected to fuel by requirement for internet connectivity in underdeveloped countries. Various key players such as Philips, Panasonic, General electric, Lvx Systems, Lightbee Corp. and many more are investing huge amount for the development of the Li Fi technology. Furthermore, various strategic initiative such as acquisition, product launch, partnership and merger are being adopted by the key players UAE Company Zero 1 has delineated plans to compress Li-Fi service in Silicon Retreat in aggregation with their project partner du.