The Li-Fi market is expected to reach at USD 81.70 Billion by 2025 growing at an extremely high Compound annual growth rate (CAGR) of 71% from 2018 to 2025. Rise in the demand for high speed transmission of data is the key factor driving the global Li-Fi market. Rising applications of Li-Fi in building smart cities coupled with the increasing demand for reliable and fast communication through internet are further estimated to create new necessities and augment the market of growth over the forecast period of 2018-2025.
The Li-Fi market has been segmented based on component which is further divided LEDs, microcontroller, optical sensor and photo detector. Based on end-user the li-fi market has been segmented as aerospace & defense, transportation, education, healthcare, government and others. High durability and low power consumption feature of LEDs are expected to boost the demand of LEDs which in turn will drive the LEDs segment of the global Li-Fi market during the forecast period. Moreover, increasing demand for super-fast data transmitters is further expected to drive the LEDs segment across the globe.
The global Li-Fi market has been geographically segmented into Asia-Pacific, Europe, North America, Latin America, the Middle East and Africa region. In addition to this, North America region holds the largest market share. The reason may be attributed to the high adoption rates of Li-Fi technology by countries such as US and Canada across healthcare and defense sectors. Moreover, increasing demand for efficient rapid data transmission technologies is another factor that led the North America Li-Fi market to grow at a significant rate. However, owing to the rise in public spending towards developing smart cities, improved healthcare and education infrastructures and increasing private spending towards retail sector to improve customer handling and client management, Asia-Pacific Li-Fi market is expected to grow at the fastest CAGR throughout the forecast period. These reasons are expected to positively influence the market growth during the forecasted period.
Some of the key players in the global Li-Fi market include Acuity Brands, Inc., General Electric, LightBee Corporation, LVX System, Panasonic Corporation, Philips Lighting B.V., PureLi-Fi Ltd., QUALCOMM Incorporated, Renesas Electronics Corporation, VLNComm Inc.
· Optical Sensor
· Photo Detector
· Aerospace & Defense
· North America
o Rest of Europe
· Asia Pacific
o Rest of Asia Pacific
· Middle East and Africa
o South Africa
o Rest of Middle East and Africa
· Latin America
o Rest of Latin America
Customization options available to meet your custom research requirements :