Light Fidelity (Li-Fi) technology utilizes visible light communication for data transmission. It provides several advantages over traditional wireless technologies as Li-Fi utilizes light from LED bulbs for transmission and does not cause any interference. Li-Fi is considered a secure and environmentally friendly alternative for applications requiring high-speed data transmission in areas where Wi-Fi is restricted. The global Light Fidelity Market is estimated to be valued at US$ 664.16 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Emerging applications of Li-Fi technology in various industries are expected to accelerate market growth over the forecast period. Li-Fi technology is finding increasing applications in automotive, aerospace, retail, and industrial sectors owing to its advantages of high-speed and secure data transmission. Major automotive companies are integrating Li-Fi technology for in-vehicle communication and entertainment systems. Li-Fi is also being implemented in airport runway lighting systems to enable better communication for ground operations. Retail stores are utilizing Li-Fi for digital signage, indoor positioning, and analytics. Growing demand for IoT devices coupled with need for connectivity solutions in areas unsuitable for Wi-Fi are further expected to boost the Li-Fi market over the coming years.
Segment Analysis
The global light fidelity market is dominated by the industrial segment. This segment accounted for more than 55% share of the overall market in 2024 owing to extensive usage of Li-Fi technology in various industrial applications such as warehousing, manufacturing, transportation and logistics. Li-Fi offers several advantages over conventional Wi-Fi technologies such as enhanced bandwidth, improved security and ability to operate in hazardous environments which drives its adoption in industrial settings.
Key Takeaways
The Global Light Fidelity Market Demand is expected to witness high growth over the forecast period driven by growing deployment across industries as well as commercial spaces. Rising demand for faster and secure connectivity along with limited availability of radio-frequency bandwidth is expected to fuel market expansion.
Regional analysis: North America dominated the global market in 2024 and is expected to maintain its leading position during the forecast period. Rapid technological advancements and increasing adoption of IoT-enabled smart lighting systems across various industries has driven the regional market. Moreover, presence of prominent technology providers and supportive government policies are further supporting the industry growth.
Key players operating in the light fidelity market are DuPont de Nemours, Inc., Lenzing AG, Kelheim Fibres GmbH, Asahi Kasei Corporation, Grasim Industries Limited (Aditya Birla Group), Sateri Holdings Limited, Tangshan Sanyou Group Co., Ltd., Birla Cellulose (Aditya Birla Group), Indo Bharat Rayon (Aditya Birla Group), China Bambro Textile Co., Ltd. DuPont de Nemours holds the leading position owing to its wide product portfolio and global presence.
For more details on the report, Read- https://www.rapidwebwire.com/light-fidelity-market-trends-size-and-share-analysis/
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