North America Li-Fi Market Size surpassed USD 20 Million in 2019 and is anticipated to witness over 55% CAGR from 2020 to 2030.
The industry growth is due to the increasing utilization of connected devices in offices and business establishments. Li-Fi allows users to surf the Internet at enhanced speeds, boosting business productivity. Li-Fi is witnessing rapid adoption in indoor networking owing to its ability to transfer high volumes of data without any interference from the existing radio frequencies. Li-Fi networks use the visible light spectrum to transmit & receive data and can be used as a complementary technology to Wi-Fi.
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The North America Li-Fi industry witnessed a slow yet steady growth in 2020 and 2021. Factors contributing to the sluggish growth include a rapid rise in unemployment, slow business growth, and a reduction in consumer disposable income. With the growing impact of the COVID-19 pandemic, consumers in the region delayed the adoption of expensive and advanced technologies, hampering the growth rate of Li-Fi technology. However, the regional market is picking up pace with the economic revival in 2021.
The ability of Li-Fi systems to operate without radio frequencies is driving their adoption in hospitals and healthcare facilities in North America. Electromagnetic radiations emitted by radio frequencies pose a risk to patient health. The visible light spectrum used by Li-Fi-enabled devices eliminates these health risks and offers safe & secure high-speed internet connectivity to patients and doctors. Li-Fi is increasingly used by pharmacists for real-time tracking of medical equipment and machinery in hospitals.
North American Market, By Component
Microcontrollers are expected to display a growing demand for Li-Fi technology. Growth in demand is attributed to the upward trend of miniaturization in electronic components. The introduction of small microcontroller chips and integrated circuits are facilitating the large-scale deployment of Li-Fi-enabled devices. The growing presence of electronic component manufacturers coupled with decreasing price of these components will drive the segment growth.
North American Market, By Application
The increasing demand for in-flight connectivity in the aviation & aerospace sector is supporting the applications of Li-Fi in these industries. The potential of Li-Fi communication systems to transform in-flight entertainment systems and revolutionize cabin & fuselage design is driving their adoption in this sector. Additionally, Li-Fi provides a highly safe method for communication as it does not interfere with wireless networks used by pilots for navigation & ground communication purposes.
Competitive Industry Landscape
Key players active in the North America Li-Fi market include Oledcomm, Integrated System Technologies Ltd., NAV Technologies, PureLiFi, Signify, VLNComm, and General Electric.
These players are laying a strong emphasis on establishing partnerships and collaborations with other industry players to enhance their technological competencies. In February 2019, PureLiFi partnered with Zumtobel, a European professional lighting solutions provider. The partnership assisted these market players to develop technologically advanced Li-Fi-enabled lighting solutions.