NEW YORK, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Global Light Fidelity (Li-Fi) Market is expected to grow significantly from USD 1,638.9 Million in 2016, to USD 80,499.4 Million in 2023, at a CAGR of 74.6% from 2017 to 2023. The factors driving the growth rate of the global Li-Fi market are growing demand of high-speed data transmission, increasing number of internet users, and growing application of Li-Fi technology in automotive and transportation. Low interference in the data transmission provides thrust to high-speed data transmission. Moreover, huge bandwidth spectrum, and rising adoption of LED based lighting systems fuels the global Li-Fi market. Furthermore, high degree of energy efficiency with low power consumption and high durability, and increasing application of location-based service (LBS) also propels the growth of the global Li-Fi market. However, data transmission at the line-of-sight and lack of awareness among people may hinder the growth of the global Li-Fi market.
Light Fidelity (Li-Fi) is a wireless data transmission technology, which uses a light emitting diode (LED) as a medium to enable fast data communication. Instead of the radio wave, Li-Fi technology uses light wave for transmitting data which attributes data safety and security. Data is transmitted by varying the intensity of LED much higher than the human eye follows. Li-Fi technology offers various applications in aircraft cabins, RF restricted environment, ocean beds, operation theatre in hospitals, and sensitive areas such as power plants. Different color of LED exhibit different behavior of propagation such as white LED offers very high brightness, long service life, and low power consumption.
The report segments the light fidelity (Li-Fi) market by component (LED, photo detector, microcontroller, and optical sensing), by application (intrinsically safe environment, indoor networking, underwater communication, and location based services (LBS)), by technology (standalone tracker, and advanced tracker), by end-user (education, healthcare, aerospace, defense & security, automotive & transportation, retail, consumer electronics, and others), and by region (North America, Europe, Asia-Pacific, Rest of the World).
Key players profiled in the global Li-Fi market are Philips, Panasonic, General Electric, LVX Systems, Lightbee Corporation, Acuity Brands, Inc., Velmenni, Oledcomm, Fsona Systems Corporation, Casio, and Plaintree Systems, and PureLi-Fi.
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Key Findings from Global Light Fidelity (Li-Fi) Market:
• The global Li-Fi market is expected to reach USD 80,499.4 Million by 2023 at CAGR of 74.6%
• Based on the component:
- The LED segment was the largest segment in the global Li-Fi market in 2016
• Based on the application:
- The location based service (LBS) segment was the largest segment in the global Li-Fi market in 2016
• Li-Fi technology has the wider application in various sectors such as consumer electronics, aerospace, defense & security, education, automotive, healthcare, and retail
• In the automotive sector, the Li-Fi technology is used to enable vehicular communication for applications such as safety messaging, traffic and congestion monitoring and general purpose internet access
• Asia-Pacific region is expected to be the fastest growing market in the global Li-Fi market owing to growing demand for Li-Fi technology in various sectors such as healthcare, consumer electronics, aerospace, defense and security, and automotive sector. Furthermore, increasing number of internet users, adoption of Li-Fi technology in automobiles, and growing demand for high-speed data transmission also propels the Asia-Pacific Li-Fi market
• North America is accounted to hold the major share of the global Li-Fi market, owing to availability of advanced technology, and huge investment in the field of research and development (R&D)
Light Fidelity (Li-Fi) Technology- An Opportunity to Solar Panel to Develop Self-Powered Receiver System
Rising demand and application of Li-Fi technology in various sectors such as healthcare, telecommunication sector, and schools is fueling the global Li-Fi market during the forecast period. Integration of Li-Fi technology into a solar panel to create a self-powered receiver is an opportunity to solar panel manufacturer to develop solar panels that are self-sufficient to power it.
Global Light Fidelity (Li-Fi) Market- Regional Insight
Geographically, the global Li-Fi market is segmented into North America, Asia-Pacific (APAC), Europe, and Rest of the World (RoW). Rising data traffic and increasing demand for faster, and secure data transfer propels North American region to hold the major share of the global Li-Fi market. APAC is the fastest growing market in the global Li-Fi market owing to increase adaptability and accessibility of the smartphones. Growing demand for bandwidth and increasing need for faster data transmission also fuels the growth of the global Li-Fi market.
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