Pune, India, April 27, 2021 (GLOBE NEWSWIRE) --
The global Li-Fi market size is estimated to show tremendous growth during the forecast period as the frequency of cybercrimes escalates worldwide, the need for secure data transmission has been rising than ever before. Li-Fi solutions can address all major concerns of wireless systems and their security, ranging from devices to networking protocols.
As Li-Fi offers an enhanced wireless infrastructure, enabling extraordinarily high peak data rates, at the same time ensuring energy efficiency, the global market for Li-Fi is set to gain considerable revenue through 2030.
The following major trends have been functioning as accelerators for the market:
Growing disposable income of Chinese population
The Chinese population has been spending more on luxury cars with latest technologies due to the substantial growth in their income volumes in the recent times, powering Asia Pacific Li-Fi market forecast. As the consumer capacity increases, it will reflect in the rising adoption of technologies such as 5G and 6G connectivity, Internet of Things (IoT)- enabled devices, augmented reality (AR) and virtual reality (VR). The integration of such advanced technologies is likely to necessitate highly efficient communication networks such as Li-Fi.
Li-Fi based communication systems are being deployed across all major Chinese sectors including automotive and industrial. With network congestion across Wi-Fi-enabled devices escalating, Li-Fi based communication systems are certain to gain traction across both public and private sectors. By 2030, the overall Asia Pacific Li-Fi market size is projected to reach more than $3 billion, thanks to the spiraling demand from China, who has been vying the global superpower status.
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LED segment to register high demand in Asia
The APAC Li-Fi market revenue from LED segment is expected to record a substantial rise, fostered by the rising technological advancement in the arena of next generation communication systems. The growing number of research initiatives have revealed the potential of Li-Fi across dense urban environments. These include smart cities, for alleviating network congestion, enhancing mobile connectivity, car-to-car communication, underwater communication, disaster and accident relief operations, and localized advertising.
For instance, during September 2018, China railway Construction Corporation (CCRC Corp) introduced its prototype of its new smart subway train that features a Li-Fi network consisting of legions of LED lights located both inside and outside train cars. This could eliminate the need for conventional wired cables for communication between trains as well as provide superior gaming, browsing, and video streaming experience to commuters who generally face clogged network inside a packed train.
Escalating demand from smart factories amidst Europe’s Industry 4.0
With Industry 4.0 driving the demand for efficient wireless connectivity across the UK, Germany, and France, the demand across Europe Li-Fi market is slated to reach a significant height through the next five years. Smart factories have been emerging fast across these nations. These factories of the future require solutions that are not based on radio frequency, as RF devices can exhibit limited connectivity.
The two-way wireless communication offered by light fidelity (Li-Fi) technology can revolutionize how workers work in factories and manufacturing units, thanks to the new Li-Fi solutions introduced by industry players. For instance, during March 2021, international lighting manufacturer Signify, in collaboration with Vuzix Corporation, a prominent provider of Augmented Reality (AR) technologies, introduced their new smart glasses integrated with Trulifi.
It is a software solution that offers coverage across areas where Wi-Fi and other RF systems cannot penetrate. Factories, public venues, and government bodies have already started making the most of the new technology.
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Rising adoption in indoor networking in North America
In North America, the utilization of light fidelity services across offices and businesses is accelerated by the trending adoption of IoT-connected devices. The growing popularity of Indoor Positioning System (IPS), which functions in a similar way as GPS is another factor pushing the North America Li-Fi market growth. Developed for location of people and objects positioned inside buildings, IPS is leveraged across multiple applications including indoor navigation, asset tracking, and inventory management.
The integration of Li-Fi enabled solutions can boost the security, operational efficiency, and opportunities to increase revenues for hospitals, airports, logistics centers, universities, and museums, amongst others, fueling the industry outlook.
Elimination of health risks fosters adoption across US healthcare
The electromagnetic radiations emitted by radio frequencies can be dangerous especially to patients when wireless communication such as cell phones and Wi-Fi are utilized across healthcare facilities. As Li-Fi leverages visible light spectrum, complete elimination of health risks and safer, high speed internet connectivity is possible. The administrative staff, doctors, and patients can reap the benefits of these solutions.
Additionally, since the outbreak of the COVID-19 pandemic, the focus toward the health & wellbeing of medical staff has intensified. As a result, North America Li-Fi market share is projected to accrue over $2.5 billion by 2030. Pharmacists have been increasingly depending on Li-Fi for real-time tracking of medical equipment and machinery amidst the pandemic.
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Transformative potential of Li-Fi for in-flight entertainment systems
The growing demand for enhanced in-flight connectivity has encouraged several aviation & aerospace companies in the region to opt for Li-Fi solutions of late. These communication systems possess the potential to metamorphose in-flight entertainment systems to another level, revolutionizing the cabin and fuselage design. Moreover, as Li-Fi provides a communication platform that does not interfere with the wireless networks primarily used by pilots for navigating and ground communication, North America market share is likely to see higher deployment by 2030.
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