According to the research report titled ‘Li-Fi  Market Size By Component, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2030‘, available with Market Study Report, global Li-Fi market is anticipated to amass tremendous growth during 2020-2030.
 

Growing demand for high speed data transmission is expected to drive the growth of global Li-Fi market in forecast period. Major components of a Li-Fi system include white high brightness LED which acts as a transmission source and a silicon photodiode with high responsiveness to the visible light as the receiver.
 

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Li-Fi is an emerging wireless communication technology that allows data transmission using light sources as a substitute to microwaves. The technology is efficient in terms of cost and energy. Li-FI, also known as light fidelity, has huge potential in terms of availability, as where there is a light source, there is internet accessibility.
 

Aforementioned benefits, alongside increasing penetration of smart devices, development of smart cities, and incorporation of Li-Fi technology across healthcare and education sectors are impelling the growth of global Li-Fi market. On the downside, heavy installation cost and back of awareness regarding the Li-Fi benefits are restraining the industry growth.  
 

Based on component, global Li-Fi market is categorized into photodetector, microcontroller, and LED. Among these, LED segment is expected to witness a CAGR of 55% during 2020-2030, owing to its rising adoption due to high power efficiency.
 

With reference to application, the market is classified into defense & security, location-based services, automotive, intrinsically safe environments, underwater communication, aerospace, healthcare, and indoor networking. As per the report underwater communication segment is estimated to witness high growth in the ensuing years, on account of technology deployment for communication between submarines and naval ships.
 

From a regional frame of reference, Latin America Li-Fi market is reckoned to showcase rapid expansion through 2030, owing to rising penetration of smart consumer electronics in the region.
 

Key players operating in global Li-Fi  market are Velmenni, LVX System, Fujitsu Ltd., Panasonic Corporation, SLD Laser, Signify N.V., Zero1 Lux Sarl, Acuity Brands Inc., VLNComm Inc , General Electric, PureLifi Limited, Lucibel SA, Qualcomm Technologies Inc., LightBee S.L., Renesas Electronics Corporation, Global Li-Fi Tech Inc., Integrated System Technologies Ltd., Oledcomm S.A.S., and LumEfficient Lighting Corporation.