Li-Fi Market Size to Reach USD 14,913.3 Million by 2028 | Increasing Demand for Faster Data Transmission is Driving Industry Growth, says Emergen Research
Key market players in Li-Fi Market include Oledcomm SAS, Panasonic Corporation, Signify Holding B.V., Velmenni OÜ, Renesas Electronics Corporation, PureLiFi Limited, Fsona Networks Corporation, Acuity Brands, Inc., Lucibel SA, and VLNComm Inc.
Vancouver, British Columbia, March 16, 2021 (GLOBE NEWSWIRE) -- The global Li-Fi market is expected to reach a market size of USD 14,913.3 Million by 2028 and register a high revenue CAGR, according to latest analysis by Emergen Research. Rising government focus on smart cities is expected to drive global Li-Fi market growth over the forecast period. Besides, increasing demand for faster data transmission is expected to stimulate global Li-Fi market growth during the forecast period. Decreasing LED prices worldwide is expected to further boost market growth going forward. The use of LEDs is being encouraged worldwide due to low energy consumption and improved lighting.
However, lack of awareness about Li-Fi technology among potential consumers is expected to hamper growth of the global Li-Fi market to some extent during the forecast period.
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Key Highlights of Report
Increasing usage of photodetectors such as photodiodes to track and interpret images in the transmitted signal is a key factor driving revenue growth of the photodetector segment currently, which is also expected to register a significantly high CAGR of 70.3% over the forecast period.
In terms of market share, the location-based services segment is expected to lead over the forecast period due to increasing application of location-based services in the retail sector to precisely calculate footfalls.
In terms of revenue share, the automotive segment is expected to register significant growth over the forecast period due to increasing application of Li-Fi systems in autonomous vehicles for better connectivity.
Factors such as well-established automotive industry and significant presence of international and domestic market players, including Lucibel SA and Signify Holding B.V., among others in countries in Europe is expected to support growth of the market in the region over the forecast period.
Key market players include Oledcomm SAS, Panasonic Corporation, Signify Holding B.V., Velmenni OÜ, Renesas Electronics Corporation, PureLiFi Limited, Fsona Networks Corporation, Acuity Brands, Inc., Lucibel SA, and VLNComm Inc.
In October 2019, Signify Holding B.V. and Vodafone GmbH entered into alliance to integrate 5G and LiFi networking systems, offering users ultra-high-speed cellular Internet access.
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Emergen Research has segmented the global Li-Fi market on the basis of component, application, end-use, and region.
Component Outlook (Revenue, USD Million; 2021–2028)
Application Outlook (Revenue, USD Million; 2021–2028)
End-use Outlook (Revenue, USD Million; 2021–2028)
Aerospace & Defense
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Regional Outlook (Revenue, USD Million; 2021–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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