The Li-Fi Market Size was valued at USD 12.78 Billion in 2022. The Li-Fi industry is projected to grow from USD 25.56 Billion in 2023 to USD 116.96 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 31.60% during the forecast period (2023 - 2030). Li-Fi is an emerging technology that uses light signals to create connections or transmit signals. Its feature of providing almost 100 times faster connectivity than Wi-Fi is expected to impact the market significantly. At the same time, countries are investing funds to develop better research and development scope and create a market for this new technology. Its inclusion in gadgets, healthcare, aerospace, defense, and other sectors may also trigger remarkable growth.
LiFi Market Trends
LED or light emitting diode is an essential component of Li-Fi systems. Therefore, the rising demand for LED can mean stupendous growth for the Li-Fi market in the following period. LED is gaining significant traction across the world as it consumes low power, expels no toxic emission, and offers higher illumination. Governments across the globe offer these lights at subsidized prices, which also helps boost its demand. The trend of increasing use of LED can be instrumental in the demand for the Li-Fi market during the evaluation period.
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In the wake of the Covid-19 outbreak, Nav Wireless Technology Pvt Ltd (India) has developed a LiFi-based communication solution that can be used in hospitals for managing coronavirus patients. It is considered to be a massive breakthrough for the teams that are continuously exposed to the virus.
The main segments analyzed while studying the Li-Fi market include component, application, as well as end-user.
With respect to the component, the market comprises optical sensing, light emitting diode (LED), photo detector, microcontroller, and others. The LED segment can claim the leading position in the global market.
The main applications of the Li-Fi technology are advance tracker, standalone tracker, smart phones, and others.
The end-users in the worldwide market are government, education, automotive, aerospace, healthcare, retail, and others. Between these, retail can be the most notable end-user, advancing at the fastest rate in the coming period. LiFi facilitates smooth transfer of every kind of data in a retail store, ranging from the store front end to the customer interaction inside the store. Li-Fi ensures security, speed, data density as well as energy efficiency, all of which are necessary in the retail industry.
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MRFR report has studied the primary regions of Asia Pacific (APAC), North America, Europe and Rest of the World or RoW, while conducting the research on the Li-Fi market
North America has successfully clinched the leading position in the global market, in line with the rapid advancement in the ICT industry, like Internet of Things, wireless sensor network and Big Data. With the consequent development of smart buildings has resulted in the massive growth of the Li-Fi market in the region. The surging applications of services that are indoor location-based equipped with light fixtures, especially in hotels and retail shops can also help the regional market generate considerable revenue in the near future. Celebrated companies like ByteLight Inc. and GE Lightings are increasingly installing VLC, which helps retailers track the shopping history of a customer by collecting their location details. This factor is anticipated to leave a positive impact on the Li-Fi market in the region.
With the fastest expansion rate, the APAC market can benefit from the increasing investments as well as the surge in partnerships between Li-Fi vendors. The growing support from the government across India and China for the development of smart-city projects can also promote the progression of the Li-Fi market in the region.
LightBee Corporation (U.S.), LightPointe Communications Inc. (U.S.), FSONA Networks (U.K), Koninklijke Philips N.V. (the Netherlands), Panasonic Corporation (Japan), PureLiFi Limited (U.K), Oledcomm (France), Velmenni (Tartu), Acuity Brands, Inc. (U.S.), General Electric (U.S.), are the top contenders that are responsible for the Li-Fi industry expansion around the world.
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