by The Light Fidelity Market is estimated to be valued at US$ 576.52 Mn or Mn in 2023 and is expected to exhibit a CAGR of 36.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Light Fidelity (Li-Fi) is a technology which uses light-emitting diode (LED) bulbs and photo-sensors to transmit data wirelessly at very high speeds. Li-Fi uses visible light communication or infrared and visible light spectrum for data transmission. It can be used to transfer data rates of over 100 Mbps and operates on a small localized network. Li-Fi devices are currently being used for indoor applications such as underground tunnels, aircrafts, and hospitals where radio waves are restricted.
Market Dynamics:
Light Fidelity market growth is driven by growing demand for wireless connectivity and limited availability of radio frequency spectrum. Transition towards 5G networks is also expected to provide significant opportunities in the upcoming years. 5G networks will require more bandwidth to support advanced applications like virtual reality and augmented reality. This is anticipated to drive the adoption of Li-Fi technology. Furthermore, COVID-19 pandemic has increased the demand for high-speed internet globally. As Li-Fi technology provides fast and secure wireless connectivity, its demand is expected to rise exponentially in the coming years across various business and industrial establishments.
Segment Analysis
The global Light Fidelity market is dominated by the indoor lighting segment, which holds around 60% of the total market share. This is mainly because Li-Fi technology has been utilized predominantly for indoor lighting purposes where visible light communication is established using LED bulbs and luminaires. Many commercial buildings and offices are now installing Li-Fi-enabled lights to provide wireless internet access to employees and tenants via light bulbs.
PEST Analysis
Political: Governments across countries are supporting the development of Li-Fi technology by funding research projects. They see it as a means to provide broadband access more cost-effectively compared to traditional Wi-Fi networks.
Economic: The overall cost of deploying and maintaining Li-Fi networks is lower than Wi-Fi as it can be integrated with existing lighting infrastructure. This makes Li-Fi an economically viable proposition for various organizations.
Social: Li-Fi offers a safer and more focused form of wireless communication than Wi-Fi. It does not emit radio waves and the signal gets blocked by walls, ensuring better data security. This addresses many social and health concerns around radiation.
Technological: Continuous scaling of solid-state lighting technology and adoption of LED lamps have further enhanced the capabilities of Li-Fi. Researchers are working on improving communication speeds and developing solutions that can support multi-user access like Wi-Fi.
Key Takeaways
The Global Light Fidelity Market Size is expected to witness high growth, exhibiting CAGR of 36% over the forecast period, due to increasing demand for faster and truly wireless internet connectivity. The market size for 2023 is US$ 576.52 Mn.
Regional analysis indicates that North America remains the largest as well as the fastest growing regional market for Li-Fi. This is attributed to significant R&D investments and early adoption of advanced lighting solutions across various industries in the US and Canada. Europe is also emerging as another major market, driven by rising Li-Fi deployments in Germany, France and UK.
Key players operating in the Light Fidelity market are Panasonic Corporation, Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd., PureLi-Fi, Oledcomm, LightBee Corp., and IDRO Co. Ltd. Among them, Panasonic, Philips and Renesas have established a strong presence with their Li-Fi compatible LED lighting offerings and integrated solutions targeted at different verticals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
