The global Light Fidelity (Li-Fi)/Visible Light Communication Market size occupied USD 114.7 Billion in 2022 and is projected to achieve a size of around USD 6,092.4 Billion by 2032 rising with a CAGR of 49.3% during the forecasted years, as reported by Acumen Research & Consulting
The market was seeing an increase in demand for light fidelity (Li-Fi)/visible light communication (VLC) technologies. Because of the unique benefits and prospective applications given by Li-Fi/VLC, the industry was seeing increased interest and acceptance.
The requirement for high-speed, secure, and reliable wireless communication in areas where traditional radio frequency-based technologies encounter obstacles or restrictions was one of the primary drivers of demand. Li-Fi/VLC technology transmits data using visible light, providing advantages such as higher bandwidth, decreased interference, and better security.
The need for faster and more reliable wireless connection, the growing number of connected devices, and the need for better user experiences drove the demand for Li-Fi/VLC. It's worth noting, however, that Li-Fi/VLC technology was still in its early phases of acceptance, with hurdles such as the need for standardized protocols, infrastructure implementation, and market education.
The creation of regulatory frameworks and standards was critical in establishing the industry environment. Efforts were underway to develop common standards, assure interoperability, and address possible issues associated with coexistence with other wireless technologies.
Overall, the qualitative examination of the Li-Fi/VLC business revealed increased demand, increased interest from multiple industries, continued research and development, and a collaborative ecosystem aiming to advance the technology and broaden its applications.
Light Fidelity (Li-Fi)/Visible Light Communication Market Statistics
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Light Fidelity (Li-Fi)/Visible Light Communication Market Dynamics
Increasing Demand for Smart Grid Infrastructure Drives the Light Fidelity (Li-Fi)/Visible Light Communication (VLC) Market Value
The rising need for smart grid infrastructure has fueled the expansion of the Light Fidelity (Li-Fi)/Visible Light Communication (VLC) industry. The integration of modern digital technologies into the traditional electrical grid to improve its efficiency, dependability, and sustainability is referred to as smart grid infrastructure.
Li-Fi/VLC technology has various advantages that are in line with the needs of smart grid infrastructure. Its capacity to deliver high-speed, dependable, and secure wireless communication is a crucial asset. The smooth flow of data between diverse components such as sensors, metres, and control devices is critical to smart grid systems. Li-Fi/VLC can provide real-time monitoring, control, and administration of power distribution by facilitating efficient data transmission.
Additionally, because Li-Fi/VLC uses visible light, it operates on a different spectrum than typical radio frequency-based communication systems. This enables Li-Fi/VLC to function in circumstances where radio frequencies may be interfered with or suffer from spectrum congestion, making it an appealing alternative for smart grid installations in heavily inhabited regions or industrial settings.
Communication reliability and security are critical in smart grid systems. Because visible light does not penetrate solid surfaces, it is more difficult for unauthorized access to intercept or interfere with data transmission while using Li-Fi/VLC. This improves the smart grid system's overall security.
Moreover, Li-Fi/VLC can coexist with current lighting infrastructure, making it both cost-effective and simple to implement. Smart grid operators may reduce the need for additional infrastructure investments by using existing infrastructure, making Li-Fi/VLC an appealing choice for smart grid installations.
The Li-Fi/VLC industry is predicted to expand as demand for smart grid infrastructure rises. Li-Fi/VLC solutions specialized for the smart grid sector are being developed by industry companies, with the goal of increasing data transmission speeds, expanding coverage, and improving interoperability. Collaborations among Li-Fi/VLC technology vendors, smart grid solution providers, and utilities are also propelling Li-Fi/VLC adoption in the smart grid industry.
Adoption of Li-Fi/VLC in Automotive Communication and Connected Vehicles Will Generate Surplus Light Fidelity (Li-Fi)/Visible Light Communication Market Opportunities
In recent years, there has been a substantial increase in the use of Light Fidelity (Li-Fi)/Visible Light Communication (VLC) technologies in automotive communication and connected automobiles. As the automotive sector embraces digitalization and connection, there is an increasing demand for efficient and dependable wireless communication solutions within cars as well as between vehicles and the surrounding infrastructure.
The features of Li-Fi/VLC technology make it appropriate for automotive applications. For starters, Li-Fi/VLC allows for high-speed data transfer, which is critical for supporting the growing volume of data created and exchanged in connected cars. This high-speed connectivity enables the delivery of crucial information in real time, such as vehicle sensor data, navigation updates, and multimedia material.
Additionally, Li-Fi/VLC operates in the visible light spectrum, which is immune to electromagnetic interference. This feature makes it especially interesting for automobile communication since it decreases the danger of interference from other wireless technologies while still ensuring dependable and uninterrupted connectivity.
Li-Fi/VLC can help improve the security of vehicle communication. Visible light signals have a restricted range and do not travel beyond the vehicle's physical bounds. This intrinsic physical layer security provides an additional degree of defense against unauthorized access or cyberattacks, adding to the overall cybersecurity of connected automobiles.
Furthermore, Li-Fi/VLC can support vehicle-to-vehicle (V2V) communication, enabling critical safety applications such as collision avoidance systems and cooperative driving. Vehicles may transmit real-time information such as speed, direction, and road conditions using Li-Fi/VLC for V2V communication, boosting situational awareness and overall road safety.
Light Fidelity (Li-Fi)/Visible Light Communication Market Segmentation
The global market has been categorized into component, transmission type, application, industry vertical, and region.
Light Fidelity (Li-Fi)/Visible Light Communication Market Share
According to the light fidelity (Li-Fi)/visible light communication market forecast, the LED component will account for the largest market share from 2023 to 2032.
As per the light fidelity (Li-Fi)/visible light communication industry analysis, both unidirectional and bidirectional transmission modalities are expected to develop at a high rate throughout the anticipated timeframe.
According to the Li-Fi/VLC market forecast, the interior lighting application will have a significant share in 2022. Some of the fastest expanding applications in the Li-Fi and VLC industry include LBS, in-flight communication, and entertainment.
In terms of market share, the retail industry vertical had the lion's share in 2022 and is expected to continue to do so in the following years. Other industries, including as healthcare, consumer electronics, defense & security, automotive, and transportation, are gaining significance for the usage of Li-Fi/VLC.
Light Fidelity (Li-Fi)/Visible Light Communication Market Regional Outlook
North America has been a key region for the growth of the Li-Fi/VLC industry. The region is well-known for its superior technical infrastructure and the presence of significant industry players. The United States, in particular, has seen widespread use of Li-Fi/VLC in industries such as retail, healthcare, and defense. The favorable regulatory environment, emphasis on innovation, and expenditures in R&D has all helped to the expansion of the Li-Fi/VLC market in North America.
Asia-Pacific is quickly becoming an important market for Li-Fi/VLC. China, Japan, and South Korea have all expressed strong interest in and investment in Li-Fi/VLC technology. Rapid urban infrastructure construction in the area, rising smartphone usage, and the requirement for high-speed wireless communication has all fueled demand for Li-Fi/VLC solutions. APAC’s manufacturing skills also help to the manufacture and deployment of Li-Fi/VLC devices.
Light Fidelity (Li-Fi)/Visible Light Communication Market Players
Some prominent light fidelity (Li-Fi)/visible light communication companies covered in the industry includes Acuity Brands, General Electric (GE) Lighting, Signify (formerly Philips Lighting), LightPointe Communications, LVX System, Oledcomm, Panasonic Corporation, Qualcomm Incorporated, pureLiFi, Samsung Electronics, Toshiba Corporation, and Velmenni.
Light Fidelity (Li-Fi)/Visible Light Communication Business Strategies
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Mr. Frank Wilson
Acumen Research and Consulting