The global VLC/Light Fidelity (Li-Fi) market is expected
to reach USD 101.30 billion by 2024, according to a new report by Grand View
Research, Inc. Increasing concern over cyber security is anticipated to drive
demand over the forecast period.
Growing need
of green technology solutions with low power consumption is encouraging the
development of advanced communication systems. VLC is a disruptive technology
and is therefore expected to grab a substantial portion of the Wi-Fi industry
in the near future. However, the adoption is at the nascent stage and is
currently being used for niche applications, due to which, an extensive R&D
investment would help market players to obtain a competitive advantage.
High
illumination, longer life and low power consumption of has led the
implementation of LED as a component in LiFi systems. Government promotions for
smart LED bulbs in developed countries such as the U.S., and the UK are
expected to provide a massive infrastructure base to the VLC system providers.
Increasing
applications of indoor location-based services embedded with light fixtures in
retail shops and hotels is projected to be one of the factors driving revenue
growth. Several companies such as GE Lightings, ByteLight Inc. including
Koninklijk Philips N.V. are deploying VLC installations in supermarkets which
in turn is aiding retailers to tie customers’ shopping history by tracking
their location details. This is helping the retailers to deliver on-site
information tailored to a customer needs.
Advancements
in the automotive industry are projected to enhance the safety of commuters.
This is being executed through the vehicle to vehicle (V2V) and vehicle to the
roadside (V2R) communication by installing LEDs in headlight and tail light of
the vehicle. However, high installation and repair cost are projected to
obstruct the large-scale implementation of these systems, especially in the
emerging economies.
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Further key findings from the study suggest:
- In 2014, LED captured a sizeable industry share for over 40% of the overall revenue. Need for safer and reliable communication system using LED lightening has led to an upsurge in demand across commercial buildings, traffic lights, smart stores, game consoles, and consumer electronics.
- LED technology is projected to be an important component in the VLC system. It enables transmitted signals to utilize various bandwidths as the medium for transmission. Low power consumption, long productive life of LED products has led to profitable opportunities for industry growth.
- Automotive & transport application segment is estimated to witness high growth and is expected to reach over USD 19.0 billion by 2024. The technology is capable of delivering real-time traffic updates for proper traffic management and road safety featuring vehicle tracking. LED-based traffic lights are also expected to provide a short-route guideline to the driver and help in saving traffic congestion.
- North America visible light communication (Li-Fi) market is anticipated to grow at a CAGR of 75.9% from 2016 to 2024. This can be primarily attributed to the increasing data traffic and rising adoption of communication system along with the availability of advanced infrastructure. RF spectrum overuse has led increased the data traffic, hence, providing broad growth avenues for the adoption of VLC communication systems.
- VLC market in Asia Pacific is anticipated to witness substantial growth owing to rising awareness among smartphones consumers. The region is expected to account for around 30% of the overall revenue share by 2024. The existence of major players is expected to propel demand across this region.
- Notable companies operating in the VLC market include PureLifi, Velmenni, Oledcomm, IBSEN Telecom, and Visilink. The technology is predicted to penetrate across smart cities, wireless sensor networks, augmented reality (AR) applications, ubiquitous networks, power over Ethernet (PoE) and M2M communication.
- Several institutes and consortiums such as the University of Oxford, Visible Light Communication Consortium (VLCC), Keio University, and Smart Lighting Engineering Research Centre are focusing on innovation and product commercialization
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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Grand View Research, Inc
Phone: 1-415-349-0058
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