Light Fidelity Market is Estimated to Witness High Growth Owing to Wide Range of Applications
Market Dynamics:
Wide range of applications is the key driver propelling the growth of light fidelity market. Li-Fi technology is finding increasing usage in different industries due to its benefits over traditional Wi-Fi networks. For instance, it is being adopted in healthcare facilities to securely transmit sensitive patient data. Similarly, in manufacturing sector Li-Fi is enabling development of digital factories by supporting machine-to-machine communication. Moreover, increasing internet penetration and adoption of smart devices is augmenting the demand for wireless connectivity solutions. This is creating growth opportunities for light fidelity technology globally. However, limited coverage area and non-portability compared to Wi-Fi networks may hamper the market growth during the forecast period.
Key Takeaways
Global Light Fidelity Market Size is expected to witness high growth over the forecast period led by increasing mobile data traffic and adoption of IoT devices. The market size is projected to reach US$ 576.52 Mn by 2024 registering a CAGR of 11% during the forecast period.
Regional analysis: Asia Pacific region dominates the global Li-Fi market currently accounting for over 35% share led by countries like China, India, Japan and South Korea. This is attributed to the rapidly growing adoption of smart devices, digitalization and rollout of high-speed connectivity infrastructure in the region. The region is expected to continue its dominance in the forthcoming years as well considering planned 5G rollouts and government initiatives to develop smart cities across APAC nations.
Key players operating in the Light Fidelity market are DuPont de Nemours, Inc., Lenzing AG, Kelheim Fibres GmbH, Asahi Kasei Corporation, Grasim Industries Limited, Sateri Holdings Limited, Tangshan Sanyou Group Co., Ltd., Birla Cellulose, Indo Bharat Rayon, China Bambro Textile Co., Ltd. These players are focusing on expanding their manufacturing capacities and developing innovative Li-Fi enabled solutions to gain a competitive edge in the market.
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