What is the global market size of the Li-Fi Market?

Global Li-Fi Market size was valued at USD 19.57 billion in 2021 and is poised to grow from USD 21.89 billion in 2022 to USD 116.96 billion by 2030, growing at a CAGR of 31.6% in the forecast period (2023-2030).

Li-Fi Market Size, Share, Growth Analysis, By Component(Photodetector, optical sensing, LED, microcontroller), By Application (Location based services, advanced tracker, standalone tracker, Indoor networking), By End-user(Retail, healthcare, automotive, aerospace and defense), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45N2017 | Region: Global | Published Date: February, 2024
Pages: 239 | Tables: 97 | Figures: 76

Li-Fi Market Regional Insights

North America is expected to have the world's largest market share during the anticipated period. The major reasons for the growth of this region are technological advancements, increasing demand for energy efficient devices, and growing need for high-speed bandwidth in North American countries. The North American region is a forerunner in technological innovations such as smart cities, smart buildings, cloud computing, electronic products, and the Internet of Things. This technology is increasingly being used in subsea and marine communication applications.

During the forecast period, the European market is also expected to grow significantly. Many countries in this region have a well-established automotive sector. This technology can be used to enable vehicle-to-vehicle connectivity in self-driving cars, as well as to avoid potential collisions. It can also assist vehicles in distinguishing between nonhuman objects and humans. The incorporation of various innovative technologies into modern automobiles will result in a significant increase in the automotive industry's acceptance of this technology. All of these factors are anticipated to enhance the market growth in the European region.

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Li-Fi Market size was valued at USD 19.57 billion in 2022 and is poised to grow from USD 21.89 billion in 2023 to USD 116.96 billion by 2031, growing at a CAGR of 31.6% in the forecast period (2024-2031).

Global Li-Fi market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'VLNComm Inc.', ' Acuity Brands Lighting Inc. ', ' Axrtek ', ' ByteLight Inc. ', ' Firefly Wireless Networks ', ' Fraunhofer HHI ', ' General Electric ', ' Ibsentelecom Ltd. ', ' LVX System Corp. ', ' Lucibel ', ' Oledcomm ', ' Panasonic Corp. ', ' Philips Lighting ', ' pureLiFi Ltd. ', ' Renesas Electronics Corporation ', ' Samsung Electronics Co. Ltd. ', ' Siemens AG ', ' Signify Holding (formerly Philips Lighting) ', ' Sunpartner Technologies ', ' Toshiba Corporation '

The growing demand for indoor wireless communication technology in the commercial sector, as well as the increasing implementation of Li-Fi fire light as a service and many other optical sensing-based technologies used in the education and healthcare industries, are driving the growth of the market. The market is being driven by the increased use of smart devices and the construction of smart cities in many developed and developing countries. Li-Fi technology is less expensive and more environmentally friendly than Wi-Fi technology. This technology has a wide range of potential applications. Its applications include location-based services, mobile connectivity, hazardous environments, and smart lighting.

To enhance resident comfort and user experience, smart buildings are currently adapting to accommodate their residents. They accomplish this by tracking each occupant's location and then providing location-based services like intelligent car parking, health monitoring, logistics, and shopping assistance. In addition to assisting with indoor shopping, location-based services play an important role in lowering building energy costs. The basic idea behind Li-Fi technology is to use visible light from an LED light bulb to send high-speed data to a photodetector connected to a smartphone or tablet.

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Li-Fi Market Regional Insights

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