Technology Market report: January 2018

Wednesday, 24 January 2018

Li Fi Growth Opportunities and Applications in Various Sectors

The Global Light Fidelity (Li-Fi) Market was valued at around USD 455 million in 2015. It is expected to grow beyond USD 101 billion during the forecast period (2016- 2024).

Light fidelity is a visible light communication (VLC) system. This system runs high speed wireless communications. Li-Fi uses common household LED light bulbs to transfer data boosting speed up to 224 gb (gigabits) per second.

Increasing need for eco-friendly technology is expected to drive the market. Moreover, longer life, low power consumption, and high illumination are expected to augment market growth in the coming years. Government promotion for these lights is expected to boost market growth till 2024. The light fidelity market is split into components, application, and geographies.

Li-Fi components include LED, photo-detector, and microcontroller. LED based light-fidelity devices held over 40% of the market share in 2015.

These LED lights can be controlled to switch on and off to generate a digital string of binary numbers. Moreover, it can also change colors to red, green, and blue.

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Photo-detectors, accounted for over 30% of market revenue in 2015. Microcontroller segment was valued at more than USD 95 million that year.

On the basis of application, the industry is split into automotive & transportation, consumer electronics, defense & security and aviation, healthcare, and retail. Retail sector held market shares surpassing 30% in 2015.

The automotive & transport segment is anticipated to witness a CAGR of over 80%. This segment is expected to grow at the fastest rate. Technological advancements and communication machinery of cars is expected to increase adoption of these lights in traffic and car lights.

Geographies comprise of North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa (MEA). North America light fidelity industry accounted for more than 40% of the global market share, in 2015. This region is expected to grow at a CAGR of around 76% during the forecast period.

Europe has established the infrastructure of Li-Fi communication systems and is expected to show positional growth in the region. This will create a large platform for market growth in the coming years.

The light fidelity market in Asia Pacific was valued at over USD 95 million in 2015. It will witness a significant growth of around 30% by 2024. This growth can be attributed to the contribution made by countries like Korea, China, and Japan.

Key market players encompass ByteLight Incorporated, Lightbee Corporation, Ibsentelecom Limited, and PureLifi Limited. The adoption of Li-Fi is at its budding stage and is used in limited niche applications. Therefore, an extensive research & development investment could benefit the players in the long run.

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Rise in Digitization and Network Communications is Driving the Wireless Charging Market

Wireless Charging Market is expected to grow beyond USD 20 billion by 2024. Elimination of cables allows clutter-free charging, which has impelled the consumption levels. Another growth driving factor for the global market includes the growing demands for smartphones, specifically in India, China, and South Korea. The rise in infrastructural development, digitization, and network communications has also driven the growth. Moreover, rising demands across the automotive industry on account of the increased sales of electric vehicles is also a key market driver. The global market is segregated as applications, technologies, and regions.

The application sector includes defense, consumer, automotive, healthcare, and industrial. The consumer application sector led the global market and is expected to generate a revenue share of more than USD 16 billion by 2024. Rising demands for wireless chargers is likely to augment the segment. The healthcare sector is projected to be the most lucrative application sector, with a CAGR of over 38 % over the forecast period (from 2016 to 2024).

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The technology sector comprises resonant, Radio Frequency (RF), and inductive. Inductive wireless charging market led the overall technology sector, particularly in the automotive industry, in 2015. However, this technology is inconvenient for a multi-device ecosystem since it permits just a single device to be charged per coil. The RF technology sector is expected to exceed USD 3.5 billion by 2024 growing at a CAGR of over 45 % from 2016 to 2024. This is mainly because it eradicates the necessity for appropriate alignment in case of any small devices.

Regionally, the United States occupied over 30 % of the total revenue in 2015. High tendency to spend on these devices because of the high levels of technological awareness and advancements are anticipated to favorably impact the market growth. In addition to this, significant technological proliferation across various application sectors is also likely to be a key growth driver. The Asia-Pacific wireless charging market is projected to reach USD 12 billion by 2024 growing at a healthy CAGR of over 35 % during the estimated years.

The major companies in the global market include WiTricity Corp.; PowerbyProxi Ltd.; Qualcomm Inc.; and Integrated Device Technology Inc. (IDT). New players generally work together with technology providers and then launch their products. However, huge set-up costs may pose a challenge to these new companies that want to establish and develop their market presence.

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