Global Li Fi (Light Fidelity) market is growing at a significant rate during the forecast period. The key factors contributing to the growth of the include increasing demand in various end-user industries such as healthcare, aerospace and defense industries. In addition, technological advancement such as speed over currently prevailing Wi-Fi technology, rising RF spectrum crunch by advancement in IoT and growing uses of the LED lighting system further contribute to the growth of the market. moreover, technical issues such as interference and range, and the high cost of system and installation are the factors that serve as market barriers. Moreover, smart LED lighting for industrial, commercial and residential space create an opportunity for the market growth.
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The global Light Fidelity market is segmented on the basis of component type and application. Based on the component type, the market is segmented into LED, photodiode, and microcontrollers. The LED segment has a significant market share during the forecast period. The photodiode has substantial growth in the market. Based on the application the market is segmented into automotive, aerospace and defense, healthcare, electronics, and others. Among these, the electronics segment has a significant market share.
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The global Li-Fi market is further analyzed according to the geographical regions that are contributing significantly towards the growth of the market. North America is estimated to hold a dominant position in the global Li-Fi market, followed by Europe. This is mainly due to increasing demand in the healthcare, and aerospace and defense industries. In addition, the region has well-established ICT infrastructure that further contributes to the growth of the market in the region.
Some of the key players operating in the global Li-Fi market are Koninklijke Philips NV, Panasonic Corp., PureLIFI, Qualcomm Technologies, Inc., Oledcomm, and others. These players adopt various strategies such as merger and acquisitions, product launch, and joint ventures in order to sustain in the highly competitive market. For instance, PureLiFi in October 2017, launched LiFi-XC that offers the ability to deploy a fully networked LiFi solution.
Market Segmentation
Global Li-Fi Market by Component Type
- LED
- Photodiode
- Microcontrollers
Global Li-Fi Market by Application
- Automotive
- Aerospace and Defense
- Healthcare
- Electronics
- Others (Under Water Communication, Indoor Networking)
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