SELBYVILLE, Del., June 9, 2020 /PRNewswire/ -- According to the latest report "Li-Fi Market by Component (Microcontroller, Photodetector, LED), Application (Indoor Networking, Aerospace, Automotive, Healthcare, Location Based Services, Underwater Communication, Defense & Security, Intrinsically Safe Environments), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2030", by Global Market Insights, Inc., the market valuation of (light fidelity) Li-Fi will cross $8 billion by 2030.
The market growth is owing to the increasing implementation of Li-Fi systems in the education sector. Rising adoption of Li-Fi in schools and research institutes to provide seamless and secure internet connectivity to students is driving the market revenue.
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Microcontrollers are expected to display a growing demand in the implementation of Li-Fi technology. The growth can be attributed to their flexible mounting ability on small areas. Microcontroller-based Li-Fi devices are integrated with small Application Specific Integrated Circuits (ASICs), which can be implemented in several devices including smartphones, laptops, and tablets. Owing to the high flexibility of movement in a single device, microcontrollers will reduce the requirements for a large number of components for the installation of Li-Fi systems, thereby driving the market growth.
The Asia-Pacific Li-Fi market is anticipated to observe substantial growth during the forecast timespan due to the potential adoption of Li-Fi in commercial, private, and military sectors. The rising penetration of smartphones in the region is posing a high demand for fast data transfer, straining the existing RF-based wireless networks.
The defense & security sector is set to witness a high adoption of Li-Fi technology. Existing technologies, such as RF and Wi-Fi, pose significant threats to security, as they are highly vulnerable to data leakage or data loss. The implementation of Li-Fi is increasing in the defense sector to ensure the security of information transferred and stored. Li-Fi technology also ensures the stability of the connection to avoid data loss, contributing to the market growth.
Key players operating in the Li-Fi market include Lucibel, Signify, Oledcomm, Renesas Electronic Corporation, Acuity Brands, VLNComm, SLD Laser and NAV Technologies. Market players are adopting several strategies such as new product launches and business expansion to tap the unserved market. Emerging players are also focusing on establishing partnerships with market leaders to develop technologically advanced products.
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Some major findings in the Li-Fi market report include:
- Increasing consumption of data and growing RF spectrum crunch is creating a demand for alternative wireless communication technologies such as Li-Fi in the market.
- Potential implementation of Li-Fi in the automotive sector for Vehicle to Vehicle (V2V) and Vehicle to Road (V2R) communication will augment the demand for this technology over the forecast timeframe.
- Growing investments in the development of smart city projects in MEA is supporting the adoption of Li-Fi. The integration of Li-Fi in streetlights provides high-speed mobile connectivity to users without the use of radiofrequency.
- Li-Fi technology providers are focusing on strategic collaborations with consumer electronics manufacturers to integrate Li-Fi enabled chipsets and microcontrollers in smartphones, laptops, smart wearables etc.
Table of Contents (ToC) of the report:
Chapter 3. Li-Fi Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 - 2030
3.3. Impact of COVID-19 on industry landscape
3.3.1. Global outlook
3.3.2. Regional impact
126.96.36.199. North America
188.8.131.52. Asia Pacific
184.108.40.206. Latin America
3.3.3. Industry value chain
220.127.116.11. Research & development
3.3.4. Competitive landscape
18.104.22.168. Distribution network
22.214.171.124. Business growth
3.4. Industry ecosystem analysis
3.4.1. Distribution channel analysis
3.5. Li-Fi for indoor networking
3.5.1. Role of Li-Fi for indoor networking vs. Wi-Fi vs. 5G Wireless
3.5.2. Technology gaps delaying the broad deployment of Li-Fi
3.5.3. Role of Li-Fi in the post-COVID-19 world
3.6. Li-Fi users/customers
3.6.1. Past users/customers
3.6.2. Current users/customers
3.6.3. Potential users/customers
3.7. Technology & innovation landscape
3.7.1. Application Specific Integrated Circuit (ASIC)
3.7.2. Impact of IoT
3.8. Regulatory landscape
3.8.1. International standards
126.96.36.199. IEEE 802.15.7
188.8.131.52. ISO/IEC 17417:2011(en)
3.8.2. North America
184.108.40.206. ITU-T G.9991
220.127.116.11. The Lighting Controls Association
18.104.22.168. (EU) No 1194/2012
3.8.4. Asia Pacific
22.214.171.124. GB/T 36628.3-2019-part 3 (China)
126.96.36.199. JEITA CP-1221 (Japan)
188.8.131.52. JEITA CP-1222 (Japan)
3.8.5. Latin America
184.108.40.206. NOM-064-SCFI-2000 (Mexico)
220.127.116.11. GSO ISO/IEC 15429: 2013 (GCC)
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry pitfalls & challenges
3.10. Growth potential analysis
3.11. Porter's analysis
3.11.1. Supplier power
3.11.2. Buyer power
3.11.3. Threat of new entrants
3.11.4. Threat of substitutes
3.11.5. Internal rivalry
3.12. PESTEL analysis
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Global Li-Fi Market revenue to cross $8 Billion by 2030: GMI
The Asia-Pacific Li-Fi market is anticipated to observe substantial growth during the forecast timespan due to the potential adoption of Li-Fi in commercial, private, and military sectors.
SOURCE Global Market Insights, Inc.