The Asia Pacific Light Fidelity Market would witness market growth of 47.3% CAGR during the forecast period (2022-2028).
Li-Fi technology is able to give businesses and corporate offices more specialized network access. Network connectivity can be managed more successfully in various locations with various lighting. For instance, overhead desk lighting can give users access to particular business networks and systems. But guest networks can be accessed in other workplace locations owing to overhead illumination. Corporate offices may have more control over the use of their networks, which would consequently increase security.
Furthermore, as this technology does not rely on RF waves, it is appropriate for locations with weak RF spectrum signals and restricted access to radio frequency. Several end-use industries, including those in the automobile, healthcare, retail, aerospace & defense, government, education, and transportation, can benefit from Li-Fi technology.
To obtain a competitive edge in the industry, many important firms, as well as communication service providers (CSP), are concentrating on providing improved and advanced Li-Fi solutions. To meet the growing customer demand, key companies are increasingly concentrating on R&D expenditures in the market. Additionally, the growing customer preference for VLC technologies and smart cities is anticipated to offer a wide range of growth prospects for new market participants.
The region is investing heavily in technology to upgrade its internet network, which offers tremendous opportunities for market participants. Li-Fi competes with Wi-Fi in this region, where Wi-Fi is crucial to modernizing the region's digital economy. According to some local industry experts, installing Li-Fi in conjunction with Wi-Fi can offer extra bandwidth to reduce network congestion and speed up streaming and downloading. Furthermore, compared to the average Chinese internet connection, a high-quality VLC system would be quicker and less expensive. For this reason, the government of China has been funding research and development of Li-Fi technology. Each of these drivers will contribute to the regional light fidelity market's expansion throughout the forecasted period.
The China market dominated the Asia Pacific Light Fidelity Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $286.5 million by 2028. The Japan market is experiencing a CAGR of 46.4% during (2022 - 2028). Additionally, The India market would experience a CAGR of 48.2% during (2022 - 2028).
Based on Component, the market is segmented into LED, Microcontrollers, Photodetector, and Others. Based on End-Use, the market is segmented into Healthcare, Retail, Education, Aerospace & Defense, Automotive, Government, Transportation, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Light Fidelity Market is Projected to reach USD 3.6 Billion by 2028, at a CAGR of 46.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, Signify N.V., Renesas Electronics Corporation, Wipro Lighting (Wipro Enterprises Private Limited), pureLiFi Limited, Oledcomm, VLNComm, Velmenni, LiFiComm Tech, and Lucibel SA.
By Component
By End-Use
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