The Global Market for Li-Fi is forecast to reach $294.2 million by 2026, growing at a CAGR of 29.5% from 2021 to 2026. The market growth is attributed to the factors such as growing demand for indoor wireless communication technology in the commercial sector, increasing implementation of Li-Fi, Light as a service (LaaS) and other Optical Sensing based technology in healthcare & education sectors and others.
Moreover, rise in penetration of smart devices, construction of smart cities and commercial establishments boosts the market growth. Analysing the widespread use of LED bulbs inside buildings and the large visible light bandwidth, Li-Fi technology is much cheaper and more environmentally friendly than Wi-Fi. In many popular applications, Li-Fi technology has great potential, such as location-based services, mobile connectivity, smart lighting and hazardous environments.
Li-Fi Market Segment Analysis – By Component type
Li-Fi market is segmented into LEDs, Optical Sensing, Photo-detectors, Microcontrollers and others on the basis of component. The market of LEDs is anticipated to hold the highest market share of 48.2% in 2020 and is projected to witness fast growth. This growth can be attributed to increased LED and Light as a Service deployment at commercial establishments and industries. The ability of an LED to modulate swiftly on and off is key to Li-Fi working. These modulation and demodulation schemes transition data from one location to another.
Li-Fi operates by taking and inserting data content into an SSL driver by streaming it. This SSL driver can run a string of high speed LED lamps, turning them on and off. As the LED lamps turn on and off and strobe faster than the eye can see, it illuminates the context area. Their demand in Li-Fi systems is proliferating with several advantages of LEDs such as durability, low power consumption, and high energy output. These advantages contribute to the broad adoption of LEDs in the form of arrays for Li-Fi system infrastructure, supporting the growth of the market.
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Li-Fi Market Segment Analysis – By Application type
Indoor networking type segment held the highest market share of Li-Fi in 2020. Moreover, it is anticipated to witness the significant market growth of 25.1% CAGR during the forecast period 2021-2026. Smart buildings are presently acclimatizing to accommodate their residents, in order to enhance dweller cosiness and customer experience. They do this by identifying the coordinates of each user and then providing on-site services such as smart car parking, condition monitoring, logistics and shopping support services through Light as a Service wireless communication technology. The basic idea of Li-Fi technology is to use the visible light of an LED light bulb to transmit high-speed data to a smartphone or tablet-connected photo detector and optical sensing.
Li-Fi Market Segment Analysis – By Geography
North America is anticipated to witness significant market growth of 26.7% during the forecast period 2021-2026. Market growth is attributed to factors such as technological advances, increased demand for energy-efficient appliances and increased demand for high-speed wireless connectivity technology in the area. The region also has a well-established infrastructure which allows easy implementation of advanced technologies and provides better connectivity.
North America, which has prominently taken the lead on various technological developments such as smart homes, smart cities, Internet of Things (IoT), big data and consumer electronics; has emerged as the nucleus for Li-Fi market demand. With majority of the global smart homes, intelligent transport systems and green buildings developing in the U.S., there is upliftment in the market growth of Li-Fi. In the lighting industry, the growth and increase in lifetime of LED lightening has led to the development of new commercial schematics.
Light source coming from LED bulbs provides a pathway for data in Li-Fi technology, Light as a Service and can meet any devices that it illuminates. The strobing of the LED bulb generates a signal for the receiver device, thereby transferring information. This wireless optical networking technique offers great ability to transmit data at a rate of 224 GB per second and is approximately 100 times faster than Wi-Fi.
In January 2019, VLNComm formed the industry’s fastest, most affordable, and most innovative Li-Fi LED lighting panel. The LumiNex panel, introduced and successfully demonstrated to over 500 people at CES 2018 in Las Vegas, is capable of downloading speeds of 108Mbps and upload speeds when combined with the LumiStick 2, 53Mbps. Such product launches boosts the market growth in this region.
Li-Fi Market Drivers
Inexpensive LEDs Ballooning Implementation
LED plays a vital role in the overall growth of the Li-Fi industry as a basic component of Li-Fi networks. Globally, LED is promoted due to features such as low power consumption, a lack of harmful emissions and increased lighting. Moving for the aim of ‘low carbon economy’ and ‘smart cities,’ policymakers around multiple nations are offering discounted prices for LED bulbs in order to raise application rate. Such developments increase the range of potential Li-Fi Systems users.
Adoption over Wi-Fi
Apart from potentially faster speed Li-Fi has multiple other benefits over Wi-Fi. Li-Fi offers a more secure network as light cannot pass through walls; this also minimizes the interference between devices. Li-Fi is also useful in electromagnetic sensitive areas such as in aircraft cabins, hospitals and nuclear power plants without producing electromagnetic interference. Li-Fi technology uses visible light spectrum and can thus communicate data and unravel capacity which is 10,000 times greater than that accessible within the radio spectrum. The present visible light spectrum is abundant, free and unlicensed; this will help in mitigating the radio frequency spectrum crunch effect. This will drive the Li-Fi market over the forecast period
Li-Fi Market Challenges
Transfer within Room
Li-Fi is unable to relay the path through walls. Wi-Fi is, this drawback of Li-Fi can also be used as a protective mechanism where communication only takes place within a certain space and gadgets that are not present within the room cannot reach it.
Li-Fi Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Li-Fi market. As of 2019, the market for Li-Fi market is consolidated with the top players General Electric (U.S.), Koninklijke Philips N.V. (the Netherlands), Oledcomm (France), PureLiFi Limited (U.K), Panasonic Corporation (Japan), Acuity Brands, Inc. (U.S.), LightPointe Communications, Inc. (U.S.), Velmenni (Tartu), LightBee Corporation (U.S.), FSONA Networks (U.K) and among others.
In June 2019, Signify, the world leader in lighting, launched a new range of LiFi systems that includes the world’s fastest and most reliable LiFi systems commercially available. The range, branded Trulifi, leverages existing and future professional luminaires. Instead of using radio signals (such as WiFi, 4G/5G, Bluetooth, etc.).
In January 2019, Oledcomm announced LiFiMAX, a low-profile ceiling lamp. LiFiMax is an optical wireless communication system that offers an internet connection over light waves to up to 16 users simultaneously at a peak speed of 100Mbps.
As digitalisation multiplies the number of connected devices, the bandwidth of radio frequencies is facing a bottleneck due to its small capacity, which impacts the quality of service. Li-Fi technology, on the other hand, uses a visible light continuum for data processing that is free of any scale constraints. The impending RF crunch is therefore an important driver for the Li-Fi market.
North America region dominated the global Li-Fi market in 2020 owing to the presence of advanced technologies, large number of manufacturers and the increasing domestic and commercial demands for Li-Fi.
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