Li-Fi Market – Global Industry Forecast & Analysis over 2020 - 2030
According to a research report by Global Market
Insights Inc., the global (Light Fidelity)
Li-Fi market
is likely to surpass a valuation of $8 billion by the end of 2030. Growing
adoption of Li-Fi systems across the education sector is anticipated to propel
the global Li-Fi market share over the coming years. Research institutes and
schools are increasingly implementing Li-Fi systems in order to offer secure
and seamless internet connectivity to their students. In addition, drastically
rising data consumption and increasing RF spectrum crunch is further laying
down the groundwork that would foster the adoption of alternative wireless
communication technologies like Li-Fi, pushing overall industry outlook
further.
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Additionally, Li-Fi systems also
observe uses across those areas where Wi-Fi technology faces issues or does not
hold a presence such as operation theatres in hospitals, aircraft, power plants,
and several other places. More specifically, Li-Fi can be used in areas where
radio (electromagnetic) interference is a major point of concern for the
security and safety of people and equipment. Because Li-Fi uses light to
transmit data as opposed to radio signals
Meanwhile, owing to the global
impact of the coronavirus pandemic, and the subsequent lockdowns imposed by
several governments, the growth of the Li-Fi market is expected to witness a
considerable slowdown. However, the
industry is expected to pick up significantly 2021 onwards as the overall
impact of the disease becomes less severe.
Going forward, with regards to
component, microcontrollers are estimated to exhibit a rising demand for the
implementation of the Li-Fi technology. This projected growth can be ascribed
to the product’s flexible mounting ability that allows it to be installed on
small areas.
In fact, Li-Fi devices that are
microcontroller-based come with ASICs (Application Specific Integrated
Circuits), which can be installed in various devices such as laptops,
smartphones, and tablets. Due to their high flexibility of movement with a
single device, microcontrollers lower the need for several components for Li-Fi
system installations, driving its demand in the overall industry.
Speaking of the application
segment, owing to the security risks associated with existing data transfer
technologies like Wi-Fi and RF, adoption of Li-Fi is expected to rise
tremendously across the overall defense and security sector by 2030. The aforementioned
technologies, especially Wi-Fi and RF, are highly vulnerable to data loss or
data leakage, making them unreliable.
Geographically, the rapidly
rising adoption of Li-Fi technology across military, private, and commercial
sectors is slated to drive the Asia Pacific Li-Fi market through the forecast
analysis period. Additionally, the growing traction of smartphones throughout
the region is creating an immense demand for faster data transfer speeds,
exerting immense pressure on the existing RF-based wireless networks and
promoting the adoption of Li-Fi system.
Several prominent Li-Fi market
players are implementing several innovative strategies such as acquisitions,
mergers, investment rounds, partnerships, and new product launches to gain a
competitive edge over their competitors in the industry. Citing an instance, in
June 2019, Signify, a new brand name of Philips Lighting, reportedly launched
its new Li-Fi system called Trulifi, which boasts of data transfer speeds of
over 150 Mbps.
The competitive landscape of the
global Li-Fi market is inclusive of players such as NAV Technologies, SLD
Laser, VLNComm, Acuity Brands, Renesas Electronic Corporation, Oledcomm,
Signify, and Lucibel among others.
To browse this report titled, “Li-Fi Market Overview and Product Scope over 2020 - 2030: Global Market
Insights, Inc.” https://www.gminsights.com/industry-analysis/Li-Fi-market
About Global
Market Insights:
Global Market Insights, Inc., headquartered in Delaware,
U.S., is a global market research and consulting service provider; offering
syndicated and custom research reports along with growth consulting services.
Our business intelligence and industry research reports offer clients with
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and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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