Li-Fi Market Forecast 2024-2031: Key Players and Strategic Insights

The Li-Fi Market is a rapidly evolving sector, driven by advancements in hardware, software, and digital infrastructure. It encompasses a wide range of services, including cloud computing, cybersecurity, data analytics, and artificial intelligence. The increasing demand for digital transformation across industries is fueling growth. Emerging technologies like 5G, blockchain, and IoT are further expanding its potential. With continuous innovation, the IT market is expected to see robust growth in the coming years, particularly in areas of automation and remote work solutions.

Market Size and Growth:

Li-Fi Market size was valued at USD 19.57 billion in 2022 and is poised to grow from USD 21.89 billion in 2023 to USD 116.96 billion by 2031, growing at a CAGR of 31.6% in the forecast period (2024-2031).

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Key Market Players:

VLNComm Inc.
Acuity Brands Lighting Inc.
Axrtek
ByteLight Inc.
Firefly Wireless Networks
Fraunhofer HHI
General Electric
Ibsentelecom Ltd.
LVX System Corp.
Lucibel
Oledcomm
Panasonic Corp.
Philips Lighting
pureLiFi Ltd.
Renesas Electronics Corporation
Samsung Electronics Co. Ltd.
Siemens AG
Signify Holding (formerly Philips Lighting)
Sunpartner Technologies
Toshiba Corporation


Regional Segmentation:

North America: U.S., Canada and Mexico
Europe: Germany, France, U.K., Italy, Spain, and Rest of Europe
Asia Pacific: China, India, Japan, South Korea, Southeast Asia, and Rest of Asia Pacific
South America: Brazil, Argentina, and Rest of Latin America
Middle East & Africa: GCC Countries, South Africa, and Rest of Middle East & Africa

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Segments covered in Li-Fi Market are as follows:

Component
Photodetector, optical sensing, LED, microcontroller, and others
Application
Location based services, advanced tracker, standalone tracker, Indoor networking, and others
End-user
Retail, healthcare, automotive, aerospace and defense, transportation, and others


Li-Fi Market Size And Scope

The Li-Fi market has experienced notable growth in recent years, propelled by the rising demand for power electronics across various sectors, including automotive, telecommunications, and renewable energy. This market is poised for further expansion as the global adoption of electric vehicles and renewable energy sources accelerates. Li-Fi are highly valued for their exceptional thermal conductivity, electrical insulation, and mechanical strength, making them indispensable in power modules and electronic components. With ongoing advancements in technology and manufacturing, the applications of Li-Fi are expected to broaden, extending their reach into an even wider array of uses in the near future.

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This release was published on openPR.