Li-Fi Market in LED segment to surpass USD 33 billion by 2023. These products can be used off-the-shelf since they combine illumination with the ability to modulate brightness, which can be received and used as data. The Li-Fi industry consists of large number of suppliers of raw materials that are used to manufacture Li-Fi enabled products. Raw materials such as LEDs (light emitting diode), microcontroller, and photodetector used to enable these solutions.
Li-Fi Market finds widespread applications across location-based services, indoor networking, defense & security, intrinsically safe environments, automotive, underwater communication, aerospace, and healthcare. Location-based services are predicted to grow noticeably at a CAGR of 75% over the period of 2016 to 2023. The growth can be attributed to escalating technological innovations and enhancement in the location and indoor positioning system. This service enhances shopping experience by giving accurate information about the location and current offers on products available in the store which in turn helps the owners to manage the inventory.
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Li-Fi Market will exhibit massive growth over the coming six years, driven by its increasing demand across electromagnetic sensitive areas such as hospitals, nuclear power plants, and aircraft cabin. Light fidelity market has gained high popularity in the global business space over the recent years, driven by its growing preference over traditional technologies on account of its favorable features such as energy efficiency, directional lighting, high-speed data transfer, and intrinsic security. The additional advantages of Li-Fi such as no bandwidth limitations, RF spectrum bandwidth crunch will provide an upper hand to this technology over the traditional channels such as Wi-Fi.
Increasing data production and usage will lead the usage of RF based networks and wireless optical network. Flourishing demand from medical centres, educational institutes and hospitals is witnessed. Healthcare sector is estimated to reach over USD 2.5 billion by 2023 owing to reduction of electromagnetic radiations and patient data sharing inter-department at high speed rates. High adoption rate for wireless communication will support the Li-Fi market growth.
Geographically, Asia Pacific light fidelity market worth USD 185 million in 2015, is slated to exhibit substantial growth rate over the coming six years. The growth can be attributed to the increasing need for internet connectivity in developing countries. Significant R & D activities across the European region will boost Europe Li-Fi market share in the coming timeframe.
U.S. light fidelity market exceeded USD 150 million in 2015. Europe will witness high adoption rate with considerable technology innovations. Li-Fi market players include Purelifi Ltd, Philips, Oledcomm, ByteLight, Visilink, GE, LVX, Velmenni, etc. Increasing number of participants provide technological differentiation and innovations. The industry consists of considerable number of raw material suppliers such as microcontroller, LEDs, and photodetectors for manufacturing Li-Fi enabled components. Players focus on building partnerships and collaborations for industry expansion.
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