The Wi-Fi and Li-Fi market garners substantial traction, witnessing rising usages of wireless communication technology. Li-Fi technology uses light for transmitting data between devices, offering a larger spectrum of connectivity and advantages of higher bandwidth than Wi-Fi. The technology work in environments with electromagnetic sensitivity, including nuclear power plants, hospitals, and aircraft cabins, driving the market demand.

Besides, rising uses in industrial and military & defense applications substantiate the market sales. Technological advances in imaging solutions escalate the growth of the market, improving Li-Fi components & devices. According to Market Research Future (MRFR), the global Wi-Fi and Li-Fi market is poised to create an exponential valuation by 2027, growing at an impressive CAGR during the assessment period (2020 – 2027).

Advances and integration of vehicle-to-vehicle (V2V) communication and machine learning can drive the need for Li-Fi to exchange data and prevent potential accidents. Additionally, the use of Li-Fi tracking fleets can bolster the market growth providing coverage in confined areas.

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Global Li-Fi Market - Competitive Analysis

Highly competitive, the light-field market appears fragmented with the presence of several well-established players. To gain a sizable competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Substantial investments are transpired in R&D to develop a completely different technology compared to their competition.

Major Players:

Players leading the light-fidelity market include Panasonic Corporation (Japan), Oledcomm (France), Koninklijke Philips N.V. (the Netherlands), LightPointe Communications, Inc. (US), PureLiFi Limited (UK), and LightBee Corporation (US), FSONA Networks (UK), Velmenni (Tartu), Acuity Brands, Inc. (US), and General Electric (US), among others.

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Global Li-Fi Market - Segments

The report is segmented into components, applications, end-users, and regions. The component segment is sub-segmented into LED, optical sensing, microcontroller, photodetector, and others.

At the same time, the LED segment garners a significant market, witnessing significant demand in industries and commercial establishments due to their high energy output, low consumption rate, and durability. The application segment is sub-segmented into smartphones, standalone trackers, advance trackers, and others. The end-user segment is sub-segmented into retail, automotive, and others.

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Global Li-Fi Market - Regional Analysis

North America leads the global Li-Fi market owing to the high demand for energy-efficient devices and high-speed communication technologies. Besides, the largest market share attributes to the infrastructure and implementation of advanced technologies with better connectivity drive the market expansion in the region.

The presence of Li-Fi component manufacturers and technology development centers drives the market growth. The region witnesses increasing adoption of machine learning technologies and artificial intelligence, propelling the market growth.

The US and Canada are major Li-Fi markets contributing to the regional market growth. Moreover, developments in LED technology with extra shelf-life drive the region's LiFi market share. The high demand for Li-Fi technology in the defense, and commercial & industrial sectors are the major LiFi market trends.

Europe stands second in terms of the global Li-Fi market revenues. The high demand for optical sensing, microcontrollers, and photodetectors boosts the market growth, driving Li-Fi technology deployment in various applications. Additionally, the increasing penetration of advanced smartphones and tracking devices substantiates the market's growth in the region.

The rising awareness for Li-Fi application areas increases the market size. Germany and the UK are major Li-Fi markets in the region. The European Li-Fi market is projected to create a substantial revenue pocket during the assessment period.

The Asia Pacific region also accounts for a substantial Li-Fi market share. Increased spending to strengthen defense sectors and implementation of advanced Li-Fi technologies drives the growth of the regional market. Furthermore, enormous investments in R&D activities to develop related technologies and constant technological upgrades propel the regional market growth. China, Japan, and India are the emerging Li-Fi markets, offering significant opportunities for industry players.