With Li-fi technology conquering the ground of information communication, Li-Fi market is likely to exhibit a massive growth in the coming years. Increasing demand for high-speed data transmission, impending RF spectrum crunch, data security, and technological superiorities over Wi-Fi are some of the major grounds driving Li-Fi industry trends. Moreover, Wi-fi communication channel is more prone to hacking and it works on radio waves which have been acclaimed to be an environmental concern. Taking into account the above aspects, the focus has been lately shifted toward a better communication channel like Li-Fi. As per Global Market Insights, Inc., “Li-Fi industry having held USD 630 million in 2015, is slated to outpace its revenue record in the years ahead, with a target value of USD 75.5 billion by 2023.” —
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Li-Fi industry is highly diversified with numerous suppliers manufacturing raw materials for Li-Fi enabled products. Li-Fi components mainly comprise of LED, micro controller, and photodetector. Photodetector covered 30% of the overall Li-Fi market in 2015 and is likely to witness appreciable growth in the years ahead. LED components will continue to be one of the leading segments, subject to the growing demand for energy efficient products across the world. As per estimates, LED market will contribute significantly toward the overall industry share with an approximate revenue of USD 33 billion by 2023.
LI-Fi market share in the intrinsically safe environment segment will grow at a CAGR over 88% during 2016-2023 primarily due to the health and environmental concerns which may be hampered by the Wi-Fi usage. Healthcare application segment is estimated to exceed USD 2.6 Billion by 2023. Factors like absence of radio waves which makes this technology environment and health friendly coupled with high speed data transmission enabling patient’s data to be shared across different departments at a very high speed will drive the segment growth. Additionally, location based services segment, which contributed towards 40% of the global revenue in 2015 is expected to register a CAGR of 79.5% over the period of 2016-2023.
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.
Regionally, the growth prospect of APAC Li-Fi market is forecast to be positively high in near future. This is on account of the high-speed internet connectivity demand across emerging countries of APAC like China, India, Japan, etc. The regional market held a valuation of USD 185 million in 2015. Another profound factor that is complementing the Li-Fi industry growth in APAC is the poor radio communication infrastructure in underdeveloped areas. Other than APAC, the growth in the U.S. Li-Fi market will also be appreciable over the coming years. Accounting for a revenue of USD 190 million in 2O15, U.S. Li-Fi industry is slated to grow over 78% CAGR over 2016-2023.
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Some of the prominent players of the Li-Fi market include Distech Control, Oledcomm, LVX, Lucibel, PureLifi, and Acuity Brands. Heavy R&D investments and product portfolio expansion are the major growth strategies adopted by the market players. Despite the fact that low awareness regarding the benefits of this technology is hampering LI-Fi market penetration in some of the domains, Li- Fi industry is projected to witness a staggering CAGR of 80.8% over 2016-2023.
Some Points From Table Of Content: -
Chapter 4 Li-Fi Component Insights
4.1 Global Li-Fi market share by component, 2015 & 2023
4.2.1 Global LI-Fi market from LED, 2013 - 2023, (USD Million)
4.2.2 Global market from LED by region, 2013 - 2023, (USD Million)
4.3.1 Global market from photodetectors, 2013 - 2023, (USD Million)
4.3.2 Global market from photodetectors by region, 2013 - 2023, (USD Million)
4.4 Microcontrollers (MCU)
4.4.1 Global market from microcontrollers, 2013 - 2023, (USD Million)
4.4.2 Global market from microcontrollers by region, 2013 - 2023, (USD Million)
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