The Light Fidelity (Li-Fi) Market is estimated to be valued at US$ 576.52 Mn in 2023 and is expected to exhibit a CAGR of 36.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Light Fidelity (Li-Fi) is a bidirectional, high speed and fully networked wireless communication technology that uses light from light emitting diodes (LEDs) as a medium to deliver networked, mobile broadband communications in a similar manner to Wi-Fi. Li-Fi offers advantages over Wi-Fi such as secured connectivity, high speed, energy efficiency and low deployment cost. With rapidly growing demand for high speed internet connectivity, Li-Fi is emerging as a promising technology to support high speed data transmission applications.
Market key trends:
One of the key trends driving the growth of Li-Fi market is increasing demand for high speed internet connectivity. With growing popularity of internet applications like HD video streaming, online gaming, video conferencing etc., there is rising need for internet connections with high bandwidth and speed. This need is currently unmet by existing wireless technologies like Wi-Fi. Li-Fi being 100 to 1000 times faster than Wi-Fi can provide gigabit speed connectivity and leverage unused light spectrum to deliver high speed internet access. This makes Li-Fi a suitable technology to support bandwidth intensive applications and fulfill escalating demand for high speed connectivity.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low as the Light Fidelity market requires high investments in R&D and establishing brand loyalty.
Bargaining power of buyers: The bargaining power of buyers is high as Light Fidelity solutions are not yet commonplace and buyers have alternatives like Wi-Fi available.
Bargaining power of suppliers: The bargaining power of suppliers is medium as some key components require specialized technology however multiple suppliers provide these.
Threat of new substitutes: The threat of substitutes like Wi-Fi is high as it is an established technology however Light Fidelity provides higher speed.
Competitive rivalry: The competitive rivalry is intense as major players compete on technology & market share.
SWOT Analysis
Strengths: Light Fidelity provides wireless communication at very high speeds without any interference. It can support multiple connections simultaneously within a room.
Weaknesses: Light Fidelity devices have a very short operational range limited to a single room. The technology has yet to gain widespread adoption and standardization.
Opportunities: Rising smart home adoption and increasing mobile data usage offer scope for Light Fidelity technology in retail outlets, hospitals and other public places. Support from telecom regulators is helping commercialization.
Threats: Alternative connecting technologies like 5G and Wi-Fi 6 pose competition. Inter-operability among devices from different brands requires further development.
Key Takeaways
The Global Light Fidelity Market Size is expected to witness high growth, exhibiting CAGR of 36% over the forecast period, due to increasing demand for connectivity technologies that offer very high speed. By 2030, the Light Fidelity market size is projected to reach upwards of US$ 27.56 Bn.
Regionally, Asia Pacific is expected to dominate the global market owing to large consumer bases in countries like China and India rapidly adopting new connectivity technologies. North America is another major lucrative region driven by presence of several Light Fidelity technology innovators and faster 5G commercialization.
Key players operating in the Light Fidelity market are Panasonic Corporation, Koninklijke Philips NV, Renesas Electronics Corporation, Siemens AG, Velmenni, Zero1 Pte Ltd., PureLi-Fi, Oledcomm, LightBee Corp., and IDRO Co. Ltd. Major players are focused on expanding partnerships with internet services providers and retailers for commercializing Light Fidelity solutions.
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