The global Li-Fi technology market, by 2028, is expected be worth USD 35.82 billion, rising exponentially from USD 88 million in 2017. The market, according to a recent BIS Research report, will show an exceptional CAGR of 71.20 % during the forecast period of 2017-2028.
Li-Fi technology uses LED bulbs for transmitting data where they act as both emitter and photodiode for detecting the light. Also, the transition from CFL and bulbs to LED's is acting as a major driving force for the technology. Owing to its benefits such as reliability, fast response, and the rising demand for higher bandwidth is anticipated to drive the market during the forecast period of 2018 - 2028.
The adoption of Li-Fi technology is rapidly gaining momentum and factors such as adoption of light emitting diode (LED), superior properties of Li-Fi, and increased demand for wireless networks are responsible for the growth of the Li-Fi technology market. The lighting industry has progressed a lot with transformational technological shifts from incandescent, halogen incandescent, fluorescent tube lamp technology, compact fluorescent lamps (CFLs) to light emitting diodes (LEDs). These technological shifts have improved the energy efficiency to cater to the global energy crisis.
Due the ongoing changes in the industry, a detailed chapter on the market dynamics including the key driving and restraining forces, along with the opportunities for the global Li-Fi technology market during the forecast period has been included in the report. The market numbers play an important role in the industry, following which a proper market sizing and estimation by components, applications, and geographical location has been undertaken for the industry. The application segment of the market for Li-Fi technology has been analyzed for healthcare, education, retail, aviation and museum segments, among others.
According to BIS, healthcare is among the early adopters of this technology owing to its usage which does not interfere with the radio waves. Additionally, this technology has a tremendous potential for the retail application. Geographically, Europe is dominating the market at present for Li-Fi technology. However, the APAC region is expected to witness the highest growth rate during the forecast period (2018-2028), owing to various factors such as growth in the usage of smartphones and other devices, demand for high speed and fully secured wireless communications, among others."
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary and SWOT analysis. The overall market has been segmented by component types along with end-users. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest-of-the-World (RoW).
Key questions answered in the report include:
- What will be the global Li-Fi market value by 2028 along with the estimated CAGR?
- What are the driving factors for the global Li-Fi Technology market through 2017 to 2028?
- Which factors are impeding the growth of the global Li-Fi Technology market?
- What are the recent trends and developments in the global Li-Fi Technology market?
- Which Li-Fi component type will lead the global Li-Fi technology market by 2028?
- What is the revenue generated by Li-Fi technology across different application verticals during the forecast period (2018-2028)?
- Which application will dominate the global Li-Fi technology market by 2028?
- Which region will lead the global Li-Fi technology market by 2028?
Click here for the full report, “Global Li-Fi Technology Market - Analysis and Forecast, 2018-2028".
