Visible Light Communication Market Estimated Significant Growth of $101.30 Billion Owing To Increasing R&D investments By 2024: Grand View Research Inc.

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According to report published by Grand View Research, Increasing concern over cyber security is anticipated to drive Visible Light Communication/Light Fidelity Market over the forecast period.

According to a report,“Visible Light Communication (VLC)/Light Fidelity (Li-Fi) Market Analysis By Component (LED, Photodetector, Microcontroller), By Application (Retail, Automotive & Transportation, Consumer Electronics, Healthcare, Defense & Security and Aviation) And Segment Forecasts To 2024”,published by Grand View Research, Inc., The global VLC/Light Fidelity (Li-Fi) market is expected to reach USD 101.30 billion by 2024, Increasing concern over cyber security is anticipated to drive demand over the forecast period.Growing need of green technology solutions with low power consumption is encouraging the development of advanced communication systems.VLC is a disruptive technology and is therefore expected to grab a substantial portion of the Wi-Fi industry in the near future. However, the adoption is at the nascent stage and is currently being used for niche applications, due to which, an extensive R&D investment would help market players to obtain a competitive advantage. 

Key Takeaways from the report:

  • In 2014, LED captured a sizeable industry share for over 40% of the overall revenue. Need for safer and reliable communication system using LED lightening has led to an upsurge in demand across commercial buildings, traffic lights, smart stores, game consoles, and consumer electronics.

  • LED technology is projected to be an important component in the VLC system. It enables transmitted signals to utilize various bandwidths as the medium for transmission. Low power consumption, long productive life of LED products has led to profitable opportunities for industry growth.

  • Automotive & transport application segment is estimated to witness high growth and is expected to reach over USD 19.0 billion by 2024. The technology is capable of delivering real-time traffic updates for proper traffic management and road safety featuring vehicle tracking. LED-based traffic lights are also expected to provide a short-route guideline to the driver and help in saving traffic congestion.

  • North America visible light communication (Li-Fi) market is anticipated to grow at a CAGR of 75.9% from 2016 to 2024. This can be primarily attributed to the increasing data traffic and rising adoption of communication system along with the availability of advanced infrastructure. RF spectrum overuse has led increased the data traffic, hence, providing broad growth avenues for the adoption of VLC communication systems.

  • VLC market in Asia Pacific is anticipated to witness substantial growth owing to rising awareness among smartphones consumers. The region is expected to account for around 30% of the overall revenue share by 2024. The existence of major players is expected to propel demand across this region.

  • Notable companies operating in the VLC market include PureLifi, Velmenni, Oledcomm, IBSEN Telecom, and Visilink. The technology is predicted to penetrate across smart cities, wireless sensor networks, augmented reality (AR) applications, ubiquitous networks, power over Ethernet (PoE) and M2M communication.

  • Several institutes and consortiums such as the University of Oxford, Visible Light Communication Consortium (VLCC), Keio University, and Smart Lighting Engineering Research Centre are focusing on innovation and product commercialization

U.S. VLC market share by application, 2013 – 2024 (USD Million)

U.S. VLC market share by application, 2013 - 2024 (USD Million)

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High illumination, longer life and low power consumption of has led the implementation of LED as a component in LiFi systems. Government promotions for smart LED bulbs in developed countries such as the U.S., and the UK are expected to provide a massive infrastructure base to the VLC system providers.

Increasing applications of indoor location-based services embedded with light fixtures in retail shops and hotels is projected to be one of the factors driving revenue growth. Several companies such as GE Lightings, ByteLight Inc. including Koninklijk Philips N.V. are deploying VLC installations in supermarkets which in turn is aiding retailers to tie customers’ shopping history by tracking their location details. This is helping the retailers to deliver on-site information tailored to a customer needs.

Advancements in the automotive industry are projected to enhance the safety of commuters. This is being executed through the vehicle to vehicle (V2V) and vehicle to the roadside (V2R) communication by installing LEDs in headlight and tail light of the vehicle. However, high installation and repair cost are projected to obstruct the large-scale implementation of these systems, especially in the emerging economies.

Grand View Research has segmented the VLC/Li-Fi market on the basis of component, application and region:

Visible Light Communication Component Outlook (Revenue, USD Million, 2013 – 2024)

  • LED

  • Photodetector

  • Microcontroller

Visible Light Communication Application Outlook (Revenue, USD Million, 2013 – 2024)

  • Retail

  • Automotive & Transportation

  • Consumer Electronics

  • Healthcare

  • Defense & Security and Aviation

Visible Light Communication Regional Outlook (Revenue, USD Million, 2013 – 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • MEA

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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