OCEAN VIEW, Delaware, June 21, 2016 /PRNewswire/ --
Li-Fi Market size was evaluated at $630 million for 2015 and is predicted to register 80.8% CAGR during the forecast period.
Global Li-Fi market is segmented into key geographical regions that include North America, Asia Pacific, Europe, Latin America and MEA. Asia Pacific is predicted to grow owing to heavy requirement of online connectivity across Japan, China, South Korea and India. U.S. Li-Fi market is predicted to grow rapidly from $190 million in 2015, during the forecast period thereby contributing towards regional NA growth.
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Li-Fi is an evolving technology that has witnessed specialized LED bulbs offering low-cost wireless digital connectivity almost everywhere. The technology is a true enabler of Internet of things. Its reliable communication, improved network facility and robust connection offer it an edge over other technologies. Light's inability to penetrate walls makes it potentially secured. It promises to be cheaper and more power efficient than existing wireless technologies.
LED components for this industry could see more than $33 billion revenue by 2023, driven primarily by favourable regulatory outlook. Location-based services and healthcare applications offer exciting opportunities for industry participants.
Benefit of using Li-Fi technology in hospitals, nuclear power plants and aircraft cabins is that it does not cause electromagnetic interference. Though it is cheaper and has greater capacity than other technologies it has limitations like higher deployment costs and shorter range that can hinder its growth.
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Li-Fi has varied applications owing to its exceptional features like power efficacy, integrated network capacity, directional lightning, built-in security, high data transmission capacity and signal blocking.
Dense urban environments have complete lighting infrastructure which provides high rate of data access to users. Li-Fi technology will allow high data connectivity for each air craft passenger at all times. It is also used in cellular and underwater communications. In cellular communications, the technology provides high speed data communication 24/7 while in underwater communications it enables communication between divers, diver to drilling rig and diver to mini sub. This modern technology is also utilised in intelligent transportation systems, indoor navigation and homes. In homes it not only connects the electronic devices like computers, televisions and Hi-Fi but also connects appliances of daily use such as washing machines, vacuums, refrigerators and microwaves.
European industry is an early adopter of Li-Fi technology. Heavy demand for wireless communications and significant research and innovation in technology is predicted to drive the growth of the industry in Europe.
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Key industry players profiled in the report include:
Philips has developed the Li-Fi system for buyers. In 2014, Sisoft, a Mexican firm transmitted data at 10G bits/sec speed across LED bulbs light spectrum emission and created a new record.
All these key industry players are growing their business through mergers and acquisitions and by forming strategic alliances and joint ventures with local/regional players. During 2015, LVX collaborated with NASA to launch the Li-Fi products for space missions. Lucibel and PureLifi formed alliance for marketing Li- Fi luminarie. Acuity Brands acquired Distech controls to improve the lighting and control device portfolio.
Global Market Insights has segmented the Li-Fi industry on the basis of component, application and region:
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