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Li-Fi (Light Fidelity) Market size was valued at USD 456.2 million in 2023 and is likely to reach USD 177.35 billion by 2036, expanding at around 58.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of Li-Fi is estimated at USD 668.61 million.
The growth of the market can be attributed to the growing need for high-speed data transfer, rising advent of internet of things (IoT), and increasing initiatives by government for energy management in the ICT sector. It is calculated that approximately 31 billion IoT units will be installed by the year 2025. In 2019, there were more than 600 IoT platforms existing around the world. Furthermore, Li-Fi is capable of offering several advantages over current Wi-Fi technologies such as low power consumption, faster data transmission, improved data security and minimal electromagnetic interference, which in turn is projected to boost the demand for light fidelity in the forthcoming years. In addition, growing implementation of smart city projects in emerging economies worldwide is expected to provide ample growth opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
58.2% |
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Base Year Market Size (2023) |
USD 456.2 million |
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Forecast Year Market Size (2036) |
USD 177.35 billion |
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Regional Scope |
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The market is segmented by component into LED, photo detector and microcontroller, out of which, the LED segment is anticipated to hold the largest share in the global Li-Fi (light fidelity) market on account of wide promotion of usage of LED by governments of various countries owing to its lower power consumption and zero harmful emissions. Additionally, on the basis of application, the indoor segment is assessed to observe notable growth over the forecast period, which can be credited to the growing accommodation in smart buildings, and increasing application of Li-Fi in location-based services, indoor lighting and wireless data communication. Along with this, growing number of collaborations among companies to offer unprecedented Li-Fi solutions in indoor spaces is also assessed to drive growth to this market segment in the future.
Our in-depth analysis of the global market includes the following segments:
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Component |
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Application |
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End User |
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On the basis of geographical analysis, the global Li-Fi (light fidelity) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is set to hold largest revenue share by 2036, on the back of growing number of government initiatives to improve the telecommunication infrastructure, increasing manufacturing base and robust growth of electronics industry. For instance, the total electronics production in China increased from 10% in 2016 to about 14% by the end of 2017. In 2020, China alone produced 33% of electronic circuit components in the world. Moreover, the North America is expected to occupy the largest market share during the forecast period owing to the rising advancements in technologies such as big data, IoT and wireless sensor networks. Apart from this, rising penetration of smart phones and presence of prominent market players is also projected to boost the growth of the market in this region.
· August 27, 2020: Signify and the Nordic company EDZCOM, announced a collaboration for the introduction of Trulifi, which is a two-way wireless network providing connectivity via infrared and visible lights. The partnership is aimed at accelerating the adoption of LiFi in manufacturing industries.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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