Li-Fi Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 0.98 Billion|
|Market Size (2028)||USD 8.83 Billion|
|CAGR (2023 - 2028)||55.18 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Li-Fi Market Analysis
The Light Fidelity (Li-Fi) Market size is expected to grow from USD 0.98 billion in 2023 to USD 8.83 billion by 2028, at a CAGR of 55.18% during the forecast period (2023-2028).
To find things and communicate with other devices, Li-Fi wireless technology makes use of light. It uses LED bulbs as the source and delivers data more quickly than Wi-Fi.
- One of the key reasons driving the use of Li-Fi technology throughout the forecast period is the growing demand for high-speed networks and energy-efficient solutions. The market under study is experiencing an increase in developments, broadening the technology's potential for commercialization.
- Additionally, an increase in smart and connected devices has generated a large volume of data, straining the capabilities of current Wi-Fi, 5G, and other networking technologies. Therefore, by offering high-speed connectivity, greater capacity, and improved security, Li-Fi technology can resolve these problems.
- Li-Fi can also enable big data and other technologies, including enhanced AI, ML, AR/VR, and IoT. A disruptive technology that will affect numerous industries is Li-Fi. The technology can unleash the IoT's potential, enabling Industry 4.0 applications and the lighting sector's impending light-as-a-service (LaaS).
- Adopting the Li-Fi solution may be constrained by the need for more awareness of the technology, restricted range and connectivity, and these issues. Additionally, as the technology is still in its infancy, gadget manufacturers need to include Li-Fi receivers in their products, forcing customers to affix dongles to their gadgets.
- The COVID-19 pandemic has significantly disrupted the day-to-day operations of various organizations across the industries. However, with the enormous growth in the number of COVID-19 patients worldwide, hospitals and medical facilities face a severe challenge in treating patients.
Li-Fi Market Trends
This section covers the major market trends shaping the Li-Fi Market according to our research experts:
Growing Demand for High-speed Network is Expected to Register a Significant Growth
- The proliferation of smart and connected gadgets has also led to a tremendous increase in data creation, straining the capabilities of current Wi-Fi, 5G, and other networking technologies. Therefore, by offering high-speed connectivity, greater capacity, and improved security, Li-Fi technology can resolve these problems.
- The development of Li-Fi products, which enable wireless networking with light, has occurred concurrently with an increase in research into Li-Fi networking approaches such as multiuser access, interference reduction, and mobility assistance. Additionally, as energy efficiency initiatives are implemented globally, more smart houses and smart cities with energy-efficient technology are anticipated.
- The quick improvements have greatly influenced the rapid growth of smart buildings across the regions in information technology, including wireless sensor networks, the Internet of Things (IoT), Big Data, and smartphones. Due to the development of numerous technologies, it is anticipated that there will be an increase in the penetration of smart homes in the regions, providing the Li-Fi market with several opportunities.
- As the use of LED lamps in buildings for lighting increases, so do the prospects for Li-Fi-based applications. As long as occupants of smart buildings or residences are adjacent to an LED lamp, they may access the internet without needing additional hardware.
- Moreover, Li-Fi can be utilized to get internet access to monitor the patients instead of other radio waves, causing overlapping signals. There is probation on mobiles in a few hospital areas due to the overlapping radio waves problems, which can be further avoided by implementing light fidelity in the hospitality systems.
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Asia-Pacific is Expected to Hold Significant Share
- One of the critical markets for Li-Fi technology is Asia-Pacific. The region is making significant technology investments to improve its internet infrastructure, which presents enormous prospects for the market vendors under study.
- Li-Fi, an emerging technology that competes with Wi-Fi in the Asia-Pacific area, where Wi-Fi is essential to transforming the region's digital economy, employs visible light to transport signals wirelessly.
- Mainly Installing Li-Fi in addition to Wi-Fi, according to several industry experts in the area, can provide more bandwidth to relieve network congestion and boost streaming and downloading speeds. The li-Fi market scope will increase alongside the rise of the Wi-Fi industry rather than replacing it.
- Moreover, a high-quality visible light communication system would be faster and less expensive than the typical Chinese broadband connection. The Chinese government has been investing in R&D to create one.
- For instance, in July 2022, Kyocera SLD Laser, commercialization of laser light sources, was announced, demonstrating a LiFi data rate of 90 Gbps from their LiFi system at the CES 2022.
- Additionally, these medical facilities and hospitals use various technologies being developed and used throughout the region, including UV-LED, CT scans, and other radiography technologies, among others, for the early detection and diagnosis of disease, further promoting the prompt treatment of the patients.
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Li-Fi Industry Overview
The companies operating in the Li-Fi market are currently in the R&D phase and have yet to launch products. As a result, the market is fragmented. However, the competition for innovation and production of advanced products is high as companies constantly engage in bringing Li-Fi into use.
In August 2022 , pureLiFi has announced the recent Kernel release 5.19, broadly acknowledged as a sizable upgrade incorporating security and network improvements that include LiFi drivers to support pureLiFi systems. The official Linux Kernel is the basis for all Linux distributions ranging from Ubuntu and Fedora for PCs and servers to android for mobile devices.
Li-Fi Market Leaders
Signify Holding BV
IDRO Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Li-Fi Market News
- November 2022 - Signify Holding BV announced WiZ products to support the Matter standard, where industry-unifying technology will catapult smart home adoption and enable consumers to connect all their smart home devices seamlessly. By adopting Matter into its complete product portfolio, WiZ continues to give users more flexibility and access to easy-to-use technology to improve daily convenience.
- February 2022 - pureLiFi announced the next generation of connectivity for the home at the Mobile World Congress (MWC) in Barcelona, where the LiFi Home family of LiFi connected experiences consists of a consumer-style downlighter, a smartphone, a smart TV, and an AR Headset all connected by LiFi. The LiFi Home system is powered by an easy-to-install power line communication (PLC) network backhaul that uses existing electrical cabling to connect everything to the internet. Installing the LiFi Home system is as simple as changing a downlighter.
Li-Fi Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Porter Five Forces
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
4.4 Impact of Covid-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Demand For High-Speed Network
5.1.2 Increasing Demand for Energy-efficient Solutions
5.2 Market Restraints
5.2.1 Limited Range and Connectivity and Lack of Awareness about the Technology
6. TECHNOLOGY SNAPSHOT
6.1 Components of a Li-Fi System
6.2 Ongoing Technological Advancements
7. MARKET SEGMENTATION
7.1 Application Type
7.2.1 North America
7.2.4 Latin America
7.2.5 Middle East & Africa
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Signify Holding BV
8.1.2 DRO Co. Ltd
8.1.3 pureLiFi Ltd
8.1.4 LVX System
8.1.5 Oledcomm SAS
8.1.6 Lucibel SA
8.1.7 SLD laser
8.1.8 Velmenni O
8.1.9 LightBee Corp.
8.1.10 Renesas Electronics Corporation
- *List Not Exhaustive
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
Li-Fi Market Research FAQs
How big is the Li-Fi Market?
The Li-Fi Market size is expected to reach USD 0.98 billion in 2023 and grow at a CAGR of 55.18% to reach USD 8.83 billion by 2028.
What is the current Li-Fi Market size?
In 2023, the Li-Fi Market size is expected to reach USD 0.98 billion.
Who are the key players in Li-Fi Market?
Signify Holding BV, pureLiFi Ltd, LVX System, Oledcomm SAS and IDRO Co. Ltd are the major companies operating in the Li-Fi Market.
Which is the fastest growing region in Li-Fi Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Li-Fi Market?
In 2023, the North America accounts for the largest market share in the Li-Fi Market.
Li-Fi Industry Report
Statistics for the 2023 Li-Fi market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Li-Fi analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.