Overview:
The Li-Fi Market Size was valued at USD 12.78 Billion in 2022. The Li-Fi industry is projected to grow from USD 25.56 Billion in 2023 to USD 116.96 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 31.60% during the forecast period (2023 - 2030). Li-Fi is an emerging technology that uses light signals to create connections or transmit signals. Its feature of providing almost 100 times faster connectivity than Wi-Fi is expected to impact the market significantly. At the same time, countries are investing funds to develop better research and development scope and create a market for this new technology. Its inclusion in gadgets, healthcare, aerospace, defense, and other sectors may also trigger remarkable growth.
LiFi Market Trends
LED or light emitting diode is an essential component of Li-Fi systems. Therefore, the rising demand for LED can mean stupendous growth for the Li-Fi market in the following period. LED is gaining significant traction across the world as it consumes low power, expels no toxic emission, and offers higher illumination. Governments across the globe offer these lights at subsidized prices, which also helps boost its demand. The trend of increasing use of LED can be instrumental in the demand for the Li-Fi market during the evaluation period.
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Latest News
April 2020
In the wake of the Covid-19 outbreak, Nav Wireless Technology Pvt Ltd (India) has developed a LiFi-based communication solution that can be used in hospitals for managing coronavirus patients. It is considered to be a massive breakthrough for the teams that are continuously exposed to the virus.
Market Segmentation
The main segments analyzed while studying the Li-Fi market include component, application, as well as end-user.
With respect to the component, the market comprises optical sensing, light emitting diode (LED), photo detector, microcontroller, and others. The LED segment can claim the leading position in the global market.
The main applications of the Li-Fi technology are advance tracker, standalone tracker, smart phones, and others.
The end-users in the worldwide market are government, education, automotive, aerospace, healthcare, retail, and others. Between these, retail can be the most notable end-user, advancing at the fastest rate in the coming period. LiFi facilitates smooth transfer of every kind of data in a retail store, ranging from the store front end to the customer interaction inside the store. Li-Fi ensures security, speed, data density as well as energy efficiency, all of which are necessary in the retail industry.
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Regional Insight
MRFR report has studied the primary regions of Asia Pacific (APAC), North America, Europe and Rest of the World or RoW, while conducting the research on the Li-Fi market
North America has successfully clinched the leading position in the global market, in line with the rapid advancement in the ICT industry, like Internet of Things, wireless sensor network and Big Data. With the consequent development of smart buildings has resulted in the massive growth of the Li-Fi market in the region. The surging applications of services that are indoor location-based equipped with light fixtures, especially in hotels and retail shops can also help the regional market generate considerable revenue in the near future. Celebrated companies like ByteLight Inc. and GE Lightings are increasingly installing VLC, which helps retailers track the shopping history of a customer by collecting their location details. This factor is anticipated to leave a positive impact on the Li-Fi market in the region.
With the fastest expansion rate, the APAC market can benefit from the increasing investments as well as the surge in partnerships between Li-Fi vendors. The growing support from the government across India and China for the development of smart-city projects can also promote the progression of the Li-Fi market in the region.
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Significant Competitors
LightBee Corporation (U.S.), LightPointe Communications Inc. (U.S.), FSONA Networks (U.K), Koninklijke Philips N.V. (the Netherlands), Panasonic Corporation (Japan), PureLiFi Limited (U.K), Oledcomm (France), Velmenni (Tartu), Acuity Brands, Inc. (U.S.), General Electric (U.S.), are the top contenders that are responsible for the Li-Fi industry expansion around the world.
Global Grow Light Market
Market Research Future Insights
The Grow Light Market Size was valued at USD 2.25 billion in 2022. The grow light market industry is projected to grow from USD 2.988 Billion in 2023 to USD 16.3896 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 32.80% during the forecast period (2023 - 2030). A grow light is an artificial source of light that produces light in the electromagnetic spectrum to promote the process of photosynthesis and rush growth in plants. It is frequently available in light-emitting diodes (LED), fluorescent, high-intensity discharge (HID), and incandescent variants. Grow lights are cast-off when there is not sufficient sunlight for the growth of plants naturally. This can be due to the absence of winter sun, insufficient outdoor space for the garden, or other reasons. Grow lights mostly work in two ways. They can be designed to offer plants an extensive range of light that simulates the sun or adjust the spectrum of light designed to produce a particular plant. Plants have different light cycles at several cultivation levels and use growth light to inspire these light cycles, imitate sunlight, and increase the yield of plants to vegetables and fruits.
COVID-19 impacted the processes of numerous grow lights producer companies and affected the industries of their distributors and suppliers. The decrease in export shipments and slow domestic demand for grow lights compared to pre-COVID-19 levels is also anticipated to negatively impact the market. The supply chain of perishable items such as food was the worst affected segment during the years of the Covid-19 outburst. It encouraged numerous industrialists to establish indoor farming in the outskirts and urban cities. Establishing such commercial greenhouse farming is anticipated to recover the global grow light market during the estimated period.
Regional Analysis
Asia-Pacific dominates the raise lights market in terms of market share and revenue and will remain to flourish its dominance during the estimated period. This is owing to the increasing demand for grow lights in this region. The Asia-Pacific region dominates the grow lights market, with Japan foremost the way in terms of technological advancement and growing commercial vertical farms. Owing to the ease of technological advancement and increasing commercial vertical farms, Japan is leading the Asia-Pacific market.
During the projected period, North America is anticipated to be the fastest developing region owing to the increasing demand for reusable grow lights in the retail sector in this region.
Market Segmentation
The global Grow Light Market has been segmented into technology, installation, and application.
Based on the Technology, The global Grow Light Market has been segmented into LED, High-Intensity Discharge, and Fluorescent Lighting
Based on the Installation, The global Grow Light Market has been segmented into New Installation, Retrofit
Based on the Application, The global Grow Light Market has been segmented into Indoor Framing, Commercial Greenhouse, Vertical Framing
Key Players
Some of the key market players are Iwasaki Electric Co. Ltd. (Japan), Hortilux Schreder B.V. (Netherlands), General Electric Company (US.), OSRAM (Germany), California Lightworks (US), Gavita (Netherlands), Helliospectra AB (Sweden), Valoya (Finland), Signify Holding (Netherlands), LumiGrow Inc. (US.), and Sunlight Supply Inc. (US.)
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