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By 2028, The Global Li-Fi Market Is Anticipated To Experience Fast CAGR During The Forecast Period (2020-2028).
Increasing 3G and 4G technology demand and therefore the impending RF spectrum crunch will drive the worldwide Li-Fi market. Since it uses the light spectrum, the technology is predicted to enrich Wi-Fi in environments where the latter isn't suitable.
This includes environments like healthcare, where data security is paramount. LED infrastructure driven by the reduction in prices, high energy efficiency, and high installation in public spaces also as residential will prove advantageous to Li-Fi market size within the coming years. Megatrends like Industry 4.0 and significant growth prospects within the IoT market will present high profitability avenues.
The smart homes industry size is going to be propelled by increased connectivity demand and initiatives undertaken by major participants. This is often forecast to drive Li-Fi market size over the forecast timeframe. High security compared to traditional radio communications since light cannot undergo walls is going to be a compelling driver for technology adoption. Low awareness regarding the presence and benefits of the technology, like in-vehicle-to vehicle communication, and across location-based services through the utilization of signage for driving sales may be a growth restraint.
By Component, LED is expected to Account for Key Share of Global Li-Fi Market during the Forecast Period
LED components will continue remaining the most important industry segment, with revenue forecast to surpass by 2028. These products are often used off-the-shelf since they combine illumination with the power to modulate brightness, which may be received and used as data. Optical wireless technology is enhancing the Li-Fi industry by transferring data at a faster rate. The knowledge carried through a wireless optical network is far faster as compared to other channels. The foremost important advantage of using wireless optical networks is that the frequency penetrates through the wall and the feasibility of putting in these networks anywhere is boosting the use of the wireless optical networks in the Li-Fi industry.
By Application, Indoor Is Projected To Expand at a Rapid Pace during the Forecast Period
Smart buildings are currently adapting to accommodate their residents, so as to enhance resident comfort and user experience. They are doing this by knowing the locations of every occupant then providing location-based services, like intelligent car parking, health monitoring, logistics, and shopping assistance. Additionally, to indoor shopping assistance, location-based service also plays an important role within the reduction of building energy costs. As Li-Fi combines the functions of high-speed wireless digital communication and indoor lighting infrastructure, it's very cost-effective to be widely utilized in smart buildings.
North America and Europe Occupied a Significant Market Size in 2019.
The rapid advancement of data technologies, like wireless sensor networks, Internet of Things, Big Data, and smartphones, has resulted in the development of smart buildings within the region
According to the US Green Building Council, buildings contribute a big portion of energy consumption within us. It’s reported that buildings account for 70% of electricity load and 39% of carbon oxide emissions. Given an occupant’s accurate indoor position, a building management system (BMS) is capable of offering highly efficient heating, cooling, ventilation, and lighting services to the occupant.
Key players operating in the Li-Fi markets are Panasonic Corporation Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd, pureLiFi, Oledcomm, LightBee Corp., IDRO Co. Ltd. Some of the important strategies adopted by leading players in the global Li-Fi market are collaborations, acquisitions, partnerships, agreements, and new product launches. The report provides in-depth analysis about the strategic business activities along with the market dynamics shaping the global Li-Fi market through the period of study.
- Optical Sensing
- Photo Detector
By End User
- Aerospace & Defense
- Consumer Electronics
- North America
- Latin America
- Asia- Pacific
- Middle East and Africa