According to a market intelligence report by BIS Research, titled ‘Global Li-Fi Technology Market – Analysis and Forecast, 2018-2028″, the light fidelity (Li-Fi) technology market was estimated at $88.0 million in 2017 and is expected to reach $35.82 billion by 2028, growing at a CAGR of 71.20%, during the forecast period. The Li-Fi technology uses LED bulbs for transmitting data where they act as both emitter and photodiode for detecting the light. Also, the transition from CFL and bulbs to LED’s acts as a major driving force for Li-Fi technology. Owing to its benefits such as reliability, fast response, and the rising demand for higher bandwidth is anticipated to drive the market during the forecast period of 2018 – 2028.
The adoption of Li-Fi technology is rapidly gaining momentum and factors such as adoption of light emitting diode (LED), superior properties of Li-Fi, and increased demand for wireless networks are responsible for the growth of the Li-Fi technology market. The lighting industry has progressed a lot with transformational technological shifts from incandescent, halogen incandescent, fluorescent tube lamp technology, compact fluorescent lamps (CFLs) to light emitting diodes (LEDs). These technological shifts have improved the energy efficiency to cater to the global energy crisis.
Due the ongoing changes in the industry, a detailed chapter on the market dynamics including the key driving and restraining forces, along with the opportunities for the global Li-Fi technology market during the forecast period has been included in the report. The market numbers play an important role in the industry, following which a proper market sizing and estimation by components, applications, and geographical location has been undertaken for the industry. The application segment of the market for Li-Fi technology has been analyzed for healthcare, education, retail, aviation and museum segments, among others.