According to the research report titled ‘Global Free Space Optics (FSO) and Visible Light Communication Market Size study, by Component ( Light Emitting Diode, Photodetector, Microcontroller) By Transmission Type ( Unidirectional Transmission, Bidirectional Transmission), By Application (Smart Store, Streetlight, Consumer Electronics, Defense and Security, Vehicle and Transportation, Others) and Regional Forecasts 2019-2026’, available with Market Study Report, global free space optics and visible light communication market was worth USD 282.6 million in the year 2018 and is expected to grow with a CAGR of 36% between 2019 and 2026.
 

For the record, FSO (Free Space Optics) is a communication technology that uses the traveling light in a vacuum, air or outer space for optical communication purposes. This technology plays a significant role in conditions where the connection of optical fiber is unreasonable owing to high costs. Whereas, VLC (visible light communication) is a part of optical wireless communications technology that utilizes the light in the range of 400-800 THz to transmit signals in 1-2 kms distance range.
 

Inclination towards substituting old technology with FSO startups along with increasing space research activities are major factors driving the growth of free space optics and visible light communication industry. The market is expected to further expand due to the advent of 5G and IoT technologies. However, high cost of installations associated with FSO & VLC may act as a restraining factor to the overall market growth.
 

As per component type, the market is split into microcontroller, photodetector and light emitting diode. In terms of transmission type, free space optics and visible light communication market is divided into bidirectional transmission and unidirectional transmission, whereas based on the application landscape, the industry is bifurcated into vehicle & transportation, defense & security, consumer electronics, streetlights, smart stores and others.
 

Citing the regional spectrum, free space optics & visible light communication industry in North America is predicted to expand significantly during the forecast period. Surging investments towards telecom infrastructure and increasing inclination towards VLC systems in public and commercial spaces are promoting the market outlook in North America.
 

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Additionally, Asia-Pacific market is slated to record a substantial growth rate through 2026, primarily due to rapid expansion of CAD industry and rising expenditure on R&D pertaining to VLC systems.
 

The key players in free space optics & visible light communication market are Acuity Brands, pureLiFi, Lucibel, Oledcomm, Signify Holding (Philips Lighting), Trimble Hungary, Plaintree Systems, Wireless Excellence, fSONA Networks and LightPointe Communications among others.