Li-Fi Market Growth and Innovations Predicted by 2026
Li-Fi (light fidelity) is a visible light communications (VLC) system which provides wireless communications at very high speed. Li-Fi is a technology used for wireless communication by using light to transmit data. Li-Fi uses LED bulbs for data transmission. Li-Fi provides higher speed than Wi-Fi. Li-fi technology is faster and it provides more reliable internet connections, and is capable of catering to the demand of high data usage The driving factor for the global Li-Fi market is the increase in demand for high-speed data transmission.
Li-Fi technology transmits data at very high speed and is capable of delivering 224GB of data per second. Furthermore, it offers better security as compared to Wi-Fi. Due to its high speed, Li-Fi technology can be widely used in electromagnetic sensitive areas, such as, hospitals, airplanes, and nuclear power plants. Innovation and new product launches are further boosting the growth of the market. For instance, in December 2017, Velmenn introduced advanced Li-Fi USB adapter for use in communication of USB devices, and Li-Fi-enabled LED lights. Additionally, the company has also developed advanced algorithms in Li-Fi technology to provide better performance of Li-Fi LED bulbs.
Li-Fi technology can connect remote and distant terrains across the country that cannot be reached through optical fiber. It is widely used in smart-city projects. Increase in investment by government in smart-city project rises the demand of Li-Fi technology. However, lack of awareness of the technology hinders the growth of the market.
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The global Li-Fi market can be segmented based on component, application, end-user, and geography. Based on component, the market can be bifurcated into LED, photo detector, microcontroller, and others. The LED segment dominates the global Li-Fi market. In terms of application, the Li-Fi market can be divided into smart lighting, mobile connectivity, disaster management, vehicle and traffic management, and others. Based on end-user, the market can be categorized into automotive, education, retail, healthcare, government, aerospace & defense, power & utilities, chemical, transportation, media & entertainment, IT & telecommunications, and others.
In terms of geography, the global Li-Fi market can be classified into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is projected to dominate the global Li-Fi market during the forecast period. This is due to the early adoption of Li-Fi technology in the region. Moreover, new product launches and innovation in the Li-Fi field have further boosted the growth of the market in the region. For instance, in January 2018, VLNComm, a Li-Fi technology provider based in the U.S., launched the first Li-Fi lighting panel. The company has introduced bi-directional Li-Fi lighting. Europe is estimated to account for the leading share of the global Li-Fi market during the forecast period, due to increase in focus of Li-Fi providers on innovation and new product launches. For instance, in October 2017, PureLiFi Ltd. introduced Li-Fi based product, LiFi-XC, which can be inserted into laptops, tablets, and smart devices. LiFi-XC offers the capability to deploy a fully-networked Li-Fi solution. Moreover, it supports multiple access, roaming, mobility, and simplicity.
The Li-Fi market in Asia Pacific is expected to expand at a rapid pace in the near future owing to increase in investment and partnerships formed by Li-Fi providers in the region. For instance, in December 2016, PureLiFi Ltd. partnered with Temasek Holdings Private Limited (Government of Singapore) Investment Company based in Singapore.
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Key players operating in the global Li-Fi market are focusing on strengthening their presence through research and development, product launches, collaborations and partnerships, and acquisitions. For instance, in February 2017, Philips Lighting B.V. (Philips Lighting) acquired Luciom, a Li-Fi technology provider headquartered in France. In September 2017, PureLiFi Ltd. partnered with Wipro Lighting Ltd., a provider of LED and conventional lighting products headquartered in Bengaluru, India.
Through this partnership, PureLiFi Ltd.aims to provide LiFi products for the Asian market. Moreover, in February 2018, PureLiFi Ltd. introduced integrated Li-Fi for laptop and phone. Major companies operating in the global Li-Fi market include PureLi-Fi Ltd., Velmenni R&D Pvt. Ltd., Philips Lighting B.V. (Philips Lighting), VLNComm Inc. (VLNComm), Panasonic Corporation, Acuity Brands, Inc. (U.S.), LightPointe Communications, Inc., General Electric, and LightBee Corporation.
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