Li-Fi Global Market – Overview
Novel technologies are breaking new barriers in recent times, Li- Fi, is just of the many leading the charge in this issue. Market Research Future which focuses on market reports connected to Semiconductors & Electronics sector amongst others recently made available a report on this sector. The global Li-Fi industry is anticipated to develop with a revenue worth USD 51 Billion by the year 2023 while evolving at 70% of CAGR in the forecast period.
Since Li- Fi is an emerging technology its demand is just only picking up in the recent years. The application scope and the potential of the technology is expected to increase the spread of the technology in various sectors and gadgets. As markets and business functions these days demand more speed and agility in terms of the transaction speeds, Li- Fi, has emerged as an appropriate solution. Increased levels of usage of various devices for different uses has also fuelled the growth of the market to a great extent. Need for energy efficient solutions and alternatives is also one of the factor that is favorably driving the growth of the industry in the forecast period.
General Electric, Koninklijke Philips N.V., Oledcomm, PureLiFi Limited, Panasonic Corporation, Acuity Brands, Inc., and LightPointe Communications, Inc. are the prime investors in the Li-Fi market. Growing urbanization and increasing popularity of connected things among end users is another major factor driving the growth of Li-Fi market. Growing demand for high speed data transmission is one major factor responsible for boosting the growth of Li-Fi market.
According to a recent study report published by Market Research Future, the global market of Li-Fi is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
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March 2018 – Acuity Brands has signed up two new IT partners to its Atrius IoT platform. Both these alliances are aimed at indoor positioning, one of them is focused on retail stores, whereas the other is focused on healthcare settings.
March 2018 – Delhi-based Velmenni Research is working on Li-Fi technology which is known to provide high-speed internet through LED lights. The technology is currently in its nascent stage across the world which makes use of visible light instead of radio frequencies.
The global Li-Fi market is expected to grow at approx. USD 51 Billion by 2023, at 70% of CAGR between 2017 and 2023.
The major factor restraining the growth of Li-Fi market is the lack of awareness and that the Li-Fi signal cannot penetrate through walls. This is owing to the sensor technology that fails to transmit the digital information in presence of an obstacle. This could be a major factor that could cause hindrance in the growth of Li-Fi market. The absence of line of sight in transmission of data through walls is hampering the Li-Fi market.
Detailed Regional Analysis
The Li-Fi market which contains of regions such as Asia Pacific, North America, Europe and Rest of the World are being observed for the regional analysis of this industry. It has been observed that the industry in North America is projected to be responsible for the main share of the market, while Asia-Pacific is anticipated to nurture at a rapid rate during the forecast period. The main development in the Li-Fi market in the North American region is credited to the growing need for energy efficient devices and growing demand for high speed data communication in the area.
Global Competitive Analysis
The commodities that are being sold currently vary greatly owing to the reason of the strong pace of technological discoveries. This has elevated the opportunities for the imminent growth period. The companies in this industry space are connecting their resources to attain their vision for achieving considerable portion of the business as early as possible. This consequence is productive for firms so that they may sustain fiscal liquidity to take the best decisions in terms of strategy execution and planning. The profitable scenarios available in this market are being applied by contenders who are trying to expand their market coverage by centered development which will prove to be ideal for the growth of this business sector.
The noteworthy competitors in Li-Fi market are Acuity Brands, Inc. (U.S.), Panasonic Corporation (Japan), PureLiFi Limited (U.K), Koninklijke Philips N.V. (the Netherlands), General Electric (U.S.) and Oledcomm (France).
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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.