Li-Fi Market by Technology, Development Status, Segments and Forecasts to 2030

Li-Fi market is expected to rise tremendously across the globe by 2030. Li-Fi systems also observe uses across those areas where Wi-Fi technology faces issues or does not hold a presence such as operation theatres in hospitals, aircraft, power plants, and several other places. More specifically, Li-Fi can be used in areas where radio (electromagnetic) interference is a major point of concern for the security and safety of people and equipment. Because Li-Fi uses light to transmit data as opposed to radio signals
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According to a research report, the global Li-Fi market is likely to surpass a valuation of $8 billion by the end of 2030.
Asia Pacific Li-Fi market is slated to drive through the forecast analysis period due to rapidly rising adoption of Li-Fi technology across military, private, and commercial sectors. Additionally, the growing traction of smartphones throughout the region is creating an immense demand for faster data transfer speeds, exerting immense pressure on the existing RF-based wireless networks and promoting the adoption of Li-Fi system.
Growing adoption of Li-Fi systems across the education sector is anticipated to propel the global Li-Fi market share over the coming years. Research institutes and schools are increasingly implementing Li-Fi systems in order to offer secure and seamless internet connectivity to their students. In addition, drastically rising data consumption and increasing RF spectrum crunch is further laying down the groundwork that would foster the adoption of alternative wireless communication technologies like Li-Fi, pushing overall industry outlook further.
The Li-Fi market is expected to pick up significantly 2021 onwards as the overall impact of the disease becomes less severe. Meanwhile, owing to the global impact of the coronavirus pandemic, and the subsequent lockdowns imposed by several governments, the growth of the Li-Fi industry is expected to witness a considerable slowdown.
Speaking of the application segment in Li-Fi market, owing to the security risks associated with existing data transfer technologies like Wi-Fi and RF, adoption of Li-Fi is expected to rise tremendously across the overall defense and security sector by 2030. The aforementioned technologies, especially Wi-Fi and RF, are highly vulnerable to data loss or data leakage, making them unreliable.
Going forward, with regards to component, microcontrollers are estimated to exhibit a rising demand for the implementation of the Li-Fi technology. This projected growth can be ascribed to the product’s flexible mounting ability that allows it to be installed on small areas.
The competitive landscape of the global Li-Fi market is inclusive of players such as NAV Technologies, SLD Laser, VLNComm, Acuity Brands, Renesas Electronic Corporation, Oledcomm, Signify, and Lucibel among others.
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Several prominent Li-Fi market players are implementing several innovative strategies such as acquisitions, mergers, investment rounds, partnerships, and new product launches to gain a competitive edge over their competitors in the industry. Citing an instance, in June 2019, Signify, a new brand name of Philips Lighting, reportedly launched its new Li-Fi system called Trulifi, which boasts of data transfer speeds of over 150 Mbps.
In fact, Li-Fi devices that are microcontroller-based come with ASICs (Application Specific Integrated Circuits), which can be installed in various devices such as laptops, smartphones, and tablets. Due to their high flexibility of movement with a single device, microcontrollers lower the need for several components for Li-Fi system installations, driving its demand in the overall Li-Fi market.
Consequently, implementation of the more reliable Li-Fi systems is increasing momentously throughout the defense sector, particularly to ensure the complete security of the data being transmitted or stored. In addition, Li-Fi technology also confirms the that the connection is stable so as to prevent data loss, which further compliments its Li-Fi market share in the segment.
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