The Global Li-Fi Enabled Communication System Market accounted to US$ 1,229.0 Mn in 2018 and is expected to grow at a CAGR of 73.7% during the forecast period 2019 – 2027 to account to US$ 167,496.4 Mn by 2027.
North America was the leading geographic region in the Li-Fi enabled communication system market and it is anticipated to be the highest revenue contributor throughout the forecast period. High disposable incomes of individuals, investment in advanced technologies, huge consumer electronics industry are some of the major factors driving the growth in this region. The penetration of consumer electronic devices in the region is very high and devices like smartphones, tablets and personal computers have found a broader user base in North America.
Internet of things (IoT) plays a crucial role in the deployments and demands for Li-Fi technology in this region. The majority of the world’s largest technology companies have favored in the high economic growth which drives the Li-Fi enabled communication system market in the region.
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Major Players of Li-Fi Enabled Communication System Market are
Acuity Brands, Inc., Fraunhofer HHI, Global LiFi Tech, Infinity Technology Services Limited, Lucibel SA, NextLiFi, Oledcomm, PureLiFi, Signify N.V., VLNComm
Market Insights
The global Li-Fi enabled communication system market is flourishing at an impressive rate and the same is expected to experience exponential growth rate in the coming years. In terms of geographical growth, Europe is the one of the largest markets for Li-Fi enabled communication systems. The wireless industry of the EU is considered to be a crucial industry as it significantly contributes to the country’s GDP as well as provides employment to millions of people in the region. The automotive sector of the EU is considered to be a crucial industry as it significantly contributes to the country’s GDP. EU is also the leading producer of motor vehicles and several premium automotive manufacturers are based in the region. With the increase in high-speed data connectivity, numerous players in this region are taking initiatives for the deployment of Li-Fi technology. For instance, in February 2019, Netherlands based company, Signify – a global leader in lights has announced that the company is operating with more than 30 customers across North America, Europe, and the Asia Pacific in order to test and commercialize its Li-Fi system. The company’s Li-Fi enabled luminaires to comprise of superior energy-efficient lights that offer high-speed, secure, and stable wireless communication using light waves. The constantly rising demand for advanced technologies among European industries is set to nurture the Li-Fi enabled communication system market in the European region till the forecast period.
Market initiatives by the players is propelling Li-Fi Enabled Communication System market growth
In the global Li-Fi enabled communication system market, new market initiative is a strategy basically adopted by companies to expand their footprint across the world and meet the growing demand of its customers. The market players present in Li-Fi based communication system market are mainly focusing towards product enhancements by implementing advance technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company maintain its brand name globally. Most of the Li-Fi enabled communication system market initiatives were observed in Asia Pacific, North America, and Europe regions, which have high density of Li-Fi related solutions.
Global Li-Fi Enabled Communication System Market – By Component
- LED
- Photo Detector
- Micro Controller
- Others
Global Li-Fi Enabled Communication System Market – By End-User
- Smart Home
- Smart City
- Automotive
- Education
- Retail
- Healthcare
- Government
- Transportation
- Others
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Global Li-Fi Enabled Communication System Market – By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- South Korea
- Rest of APAC
- Rest of the World
Reason to Purchase:
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Li-Fi Enabled Communication System market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to components and end user.
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