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.
Get more details on this report - Request Free Sample PDF
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.
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.
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.
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.