LiFi (Light Fidelity) Market to grow at a CAGR of 64.84% from 2022 to 2027

The global LiFi (light fidelity) market size is estimated to increase by USD 7,325.58 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 64.84% during the forecast period. The increase in end-user applications is the leading trend in the global light fidelity market growth. Numerous sectors benefit from using light-fidelity systems.

Additionally, LiFi also ensures a shift from RF communication in industrial sectors such as mining, oil and gas, and petrochemicals to eliminate any problem related to safety. The Walt Disney Company also plans to use these systems for communicating with toys. Thus, these applications will ensure the rapid adoption of LiFi technology in the consumer electronics sector during the forecast period.

The global LiFi (light fidelity) market is fragmented with the presence of several global as well as regional vendors. A few prominent vendors that offer LiFi (light fidelity) in the market are Acuity Brands Inc., Fujitsu Ltd., General Electric Co., Global LiFi Tech, Koninklijke Philips NV, KYOCERA corp., LIFX, LightBee SL, Lucibel SA, Luciom, LumEfficient Lighting Corp., LVX System, nextLiFi, Oledcomm, pureLiFi Ltd., Signify NV, Velmenni, VLNComm Inc., Wipro Ltd., and Zero1 Pte Ltd. and others.

North America is estimated to contribute to 38% of the growth of the global market during the forecast period. The use of radiofrequency for WiFi has created a severe spectrum crunch in North America, which has led to a decline in the bandwidth offered, thus affecting high-speed communications. Hence, the new disruptive light fidelity (LiFi) technology is expected to take over the WiFi market in applications such as horticultural lighting, industrial and commercial, and marine lighting. Hence, the demand for faster and safer wireless communication in the region will likely drive the adoption of this technology in the region.