The light fidelity market is expected to experience significant growth, with a CAGR of 50.09% projected during the forecast period. By the year 2023, it is estimated that the market will generate approximately US$ 485.13 million in revenue, and this figure is anticipated to rise substantially, exceeding US$ 28.13 billion by 2033.
The growing number of corporate conferences and seminar programs has led to a rising demand in the market. Additionally, the restoration of office systems, such as meetings and team-building exercises, also plays a significant role in driving this demand. Furthermore, advanced optical networking technology is contributing to the digital transformation of various sectors, including healthcare and hospitals, by efficiently transmitting data from one location to another.
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- The increased demand for customized communication technology that works well in close proximity to wireless light connection has given birth to light-fidelity solutions.
- Modern-day enterprises use li-fi technology across different verticals such as healthcare, defense, and corporate. Furthermore, li-fi technology in live seminars and corporate shows is gaining traction in the light fidelity market.
- Expanding the communication and entertainment sector with an increase in individuals and brands doing live streams is also garnering market growth.
- Advanced research and development around infrared and LED transmission are anticipated to integrate with modern technology like IoT during the forecast period.
- The li-fi technology delivers almost 100 times a Wi-Fi connection. This difference is because the light fidelity travels over the medium of light.
- As the technology is based on visible light communication, it is less harmful to humans.
Key Takeaways from the Light Fidelity Market Report:
- The United States market leads the light fidelity market in terms of market share in North America. The North American market held a market share of 35.0% in 2022. The growth in the region is attributed to the expanding corporate space, the requirement for high-end communication, and a long range of other applications.
- The United Kingdom light fidelity market is another significant market from the European region. The big government projects, military projects, and digitization of corporate structures owe the market in the United Kingdom.
- The China light fidelity market is anticipated to thrive at a healthy CAGR during the forecast period. The China market is expanding on technological experimentation, smart technologies like IoT integration, and healthcare applications.
- By component, the LED segment held a share of 38.0% in 2022. This is due to the increased application of it in medical technologies and multipurpose applications.
Leading Key Players:
- PureLiFi
- Oledcomm
- Signify Holding
- VLNComm
- Velmenni
- Wipro Lighting
- LiFiComm
- Lucibel
- Zero1
- Panasonic Corporation
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Recent Market Developments:
- A li-fi startup named next li-fi is building different light fidelity platforms to cater the medical applications. It ensures the safety of patient data while securing the flow of communication through emitting lights.
- Another brand named ‘Slux’ delivers long-distance li-fi connectivity. It is primarily designed for unique medical and military applications. It uses wires and radio waves using multiple light sources like led, light bulbs, and neon tubes.
Light Fidelity Market Segmentation:
Component Outlook:
- LED
- Photodetector
- Microcontrollers
- Others (Antenna and Wireless Communication Module)
End Use Outlook:
- Automotive
- Retail
- Healthcare
- Aerospace & Defense
- Government
- Transportation
- Education
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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