Light Fidelity or Li-Fi technology offers wireless communication of data through light. It utilizes visible light communication or VLC that utilizes LED bulbs for data transmission. Li-Fi is considered more secure, faster and provides large bandwidth compared to conventional Wi-Fi. It is being widely adopted across industries like healthcare, automotive, transportation etc. for applications like networked LED lighting, location based advertising, underwater communication and street lighting. The global Light Fidelity Market is estimated to be valued at US$ 664.16 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of Internet of Things (IoT) devices is expected to drive the growth of Light Fidelity market over the forecast period. Light Fidelity technology provides connectivity for various IoT devices by providing larger bandwidth compared to conventional Wi-Fi technologies. With increasing number of devices getting connected through IoT, the usage of Li-Fi technology for communication is also expected to rise significantly. Also, the inherent security benefits of Li-Fi communication make it an ideal technology for connecting devices in environments like hospitals, autonomous vehicles etc. where network security is critical. This is expected to further increase the demand for Light Fidelity technology powered by expansion of IoT devices.
SWOT Analysis
Strength: Light Fidelity technology offers high speed data transmission and connectivity. It provides fiber like internet speeds without the need for cables.
Weakness: Limited commercialization of Li-Fi technology currently restricts its mass adoption. Higher set up costs compared to existing wireless technologies is also a challenge.
Opportunity: Growing demand for connectivity especially in areas with limited internet access provides huge market potential. Integration of Li-Fi in IOT devices and smart technologies will further boost its scope.
Threats: Stiff competition from established wireless technologies like Wi-Fi poses threat. Standardization issues and interoperability challenges can also limit Li-Fi commercialization.
Key Takeaways
The Global Light Fidelity Market Demand is expected to witness high growth. The market size is projected to reach US$ 664.16 Bn by 2024 from US$ 112.24 Bn in 2021, growing at a CAGR of 11%.
Regional analysis reveals Asia Pacific dominates currently due to rapid digitalization and industrialization in countries like China and India. The region accounts for over 40% share and is projected to maintain lead. Europe and North America are other major contributors with presence of key players and rising focus on smart connectivity solutions.
Key players operating in the Light Fidelity market are DuPont de Nemours, Inc., Lenzing AG, Kelheim Fibres GmbH, Asahi Kasei Corporation, Grasim Industries Limited, Sateri Holdings Limited, Tangshan Sanyou Group Co., Ltd., Birla Cellulose, Indo Bharat Rayon, China Bambro Textile Co., Ltd. The companies are investing heavily in R&D to launch advanced Li-Fi enabled devices and networks. Partnerships with telecom operators are also being explored to bolster market reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it