Published Date : 03 Sep 19 | Views: 272 | Industry : Internet & Communication
The global Li-Fi Technology market is primarily segmented into two segments such as by component and by end-use. By component, the market is segmented into the photodetector, LED, microcontroller, and Others. The LED segment is anticipated to capture a larger share in the global Li-Fi Technology market. Li-Fi enabled LED bars are used as an alternative over fluorescent tube light is an important reason for increasing the demand for Li-Fi enabled LED bars in the global market.
By end-use, the market is segmented into retail, healthcare, aerospace and defense, power and utilities, chemical, education, automotive, chemical, IT and communication, and transportation, media, and entertainment.
North America is likely to acquire a significant market share in the global Li-Fi Technology market followed by other regions. The adoption of advanced technologies in North America is helping the market growth in the region. Deployment of Visible Light Communication (VLC) systems at retail locations, Introduction of premium Li-Fi Technology enabled products, and development of smart buildings are the important factors for boosting the market growth in North America.
Some of the prominent market participants functioning in the global Li-Fi Technology market are Velmenni R&D Pvt. Ltd., GE, Philips, VLNComm Inc., LVX, Panasonic Corporation, Acuity Brands, Inc., LightBee Corporation, Siemens, Renesas Electronics, LightPointe Communication, and pureLiFi. Players are introducing a variety of innovative products in the consumer electronics segment to achieve a strong position in the market. Apart from this, the manufacturers are using different strategies including pricing analysis, product differentiation, and branding to sustain in the global market.
Li-Fi technology has various advantages as compared to Wi-Fi technology such as wider bandwidth, larger visible spectrum, eco-friendliness, and less expensiveness. These factors are prophesied to rise the adoption of Li-Fi technology in the global market. Increasing demand for smart devices is foreseen to contribute to the growth of the global Li-Fi Technology market during the forecasted period. It has been noticed that residential as well as commercial places are installing smart lighting systems. Apart from this, increasing requirement of advanced indoor lighting infrastructure and high-speed wireless data communication expected to generate sale opportunities for key market participants.