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One of the primary factors driving the growth of the visible light communication market is the increased use of LEDs in signaling or illumination entities worldwide. Growing demand for a secure, fast, and reliable network across the Li-Fi industry and a rise in spectrum shortages due to increased data traffic are causing network providers to shift to more robust and high-efficiency internet services, which accelerate market growth.
Additionally, The market is also influenced by the use of LED-based lighting systems in various applications such as automotive, in-flight communication, transportation, smartphones, and the increased demand for mapping portals. For Instance, According to IEA, LED costs are continuing to reduce, and sales are tracking along with the SDS, while further strong growth is required for LEDs to account for more than 90% of sales by 2030.
Furthermore, in developed nations, increased smartphone penetration, investments, internet users, rapid digitalization, expansion of end-use sectors, and high data traffic all benefit the visible light communication market.
The COVID-19 pandemic has put significant strain on the economy in a variety of ways. It has also moved its attention to the digital economy. The Covid-19 had a positive impact on the global visible light communication market. Due to the development in wireless communication technologies and the network infrastructure provider's huge investment in Li-Fi technology.
The report will cover the following insights-
Automotive and Transportation to Boost the Market Growth.
LEDs are being used to replace most automotive headlights and taillights. VLC can transform these LEDs for car-to-car communication. This aspect can help anti-collision systems and the interchange of various types of data between cars. Due to the usage of LED illumination in traffic lights is becoming a viable option in citywide traffic management systems, such as pedestrian signals and traffic signals that employ VLC. For Instance, street lights that communicate with a pedestrian's VLC-enabled smartphone can control car traffic and allow pedestrians to cross a street.
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North America is expected to hold a major market share in the visible light communication market due to increased investment in R&D in innovative technical solutions like artificial intelligence, big data analytics, and sustainable energy. The key providers in the region, such as Rogers Communications Inc., Telus Corp, BCE Inc.'s Bell Mobility, are investing considerably in R&D initiatives in VLC and 5G technologies, improving their market share among wireless and web service providers in the region.
Additionally, Increased adoption of LED in the United States, boosting the market growth. For Instance, According to the US Department of Energy, LED product installations increased in all applications from 2016 to 2018, approximately doubling to 2,325 million units or 30.0 percent of total general illumination lights.
Key players in the visible light communication market include LVX System, Panasonic Corporation, Lucibel SA, Koninklijke Philips NV, Firefly Wireless Networks LLC, Latecoere Interconnection Systems, Signify Holding, Acuty Brands Lighting, Inc., Lightpointe Communications, Inc., Outstanding Technology Co., Wireless Excellence Limited, Qualcomm Technologies Inc., and others.
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