The global Light Fidelity Market is estimated to be valued at US$ 576.52 Mn in 2023 and is expected to exhibit a CAGR of 36% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Light Fidelity is a wireless communication system that uses light, especially light emitting diodes or LED for online data transmission. It provides high speed wireless connectivity solutions for various computing devices via visible light communication. Some key advantages of Light Fidelity technology include high bandwidth, license-free spectrum, and energy efficiency.
Market key trends:
One of the key trends in the Light Fidelity market is the increasing adoption of Internet of Things (IoT) devices. Over the past few years, there has been significant growth in connected IoT devices across industrial as well as consumer sectors. Light Fidelity technology is poised to revolutionize IoT connectivity by providing secure, cost-effective and high-speed networking solutions for IoT networks. Visible light communication offers benefits such as low power consumption, lack of radio interference, and large unused bandwidth that makes it well-suited for enabling connectivity between numerous IoT devices present in environments like smart homes and cities. This growing deployment of IoT is expected to drive substantial demand for Light Fidelity technology in the coming years.
SWOT Analysis
Strength: Li-Fi technology provides higher speed wireless connectivity compared to Wi-Fi. It can deliver speeds over 100 times faster than Wi-Fi for both upload and download.
Weakness: Li-Fi only works in line-of-sight conditions which means an obstruction between the transmitter and receiver can disrupt the connection. Its range is also shorter than traditional Wi-Fi networks.
Opportunity: Growing demand for connectivity solutions from various industries like retail, healthcare, automotive etc present major growth opportunities. Rising popularity of IoT is also boosting the Li-Fi market.
Threats: Slow adoption rate due to lack of awareness about Li-Fi technology is a major challenge. Higher initial installation and infrastructure costs compared to Wi-Fi also restrict the growth of Li-Fi market.
Key Takeaways
The Global Light Fidelity Market Size is expected to witness high growth, exhibiting CAGR of 36.% over the forecast period, due to increasing demand for seamless connectivity solutions from various end-use industries.
Regional analysis: North America is expected to dominate the global Li-Fi market during the forecast period. Presence of major Li-Fi technology providers and growing focus on deploying connectivity solutions across different sectors in the region are driving the market. Asia Pacific is anticipated to exhibit the fastest growth rate owing to rapid industrialization and growing adoption of IoT-based devices in countries like China and India.
Key players: Panasonic Corporation, Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd., PureLi-Fi, Oledcomm, LightBee Corp., and IDRO Co. Ltd. are some of the prominent players operating in the Light Fidelity market. Major players are focusing on new product launches and partnerships to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
