LED communications market worth $101.30 billion by 2024

June 09, 2016 // By Julien Happich
According to Grand View Research's latest report, the global VLC/Light Fidelity (Li-Fi) market could reach USD 101.30 billion by 2024, boasted by increasing concerns over cyber security.

The growing need of green technology solutions with low power consumption is encouraging the development of advanced communication systems and Visible light communication (VLC) is expected to grab a substantial portion of the Wi-Fi industry in the near future. However, the adoption is at the nascent stage and is currently being used for niche applications, due to which, an extensive R&D investment would help market players to obtain a competitive advantage, says the report.

High illumination, longer life and low power consumption of has led the implementation of LED as a component in LiFi systems. Government promotions for smart LED bulbs in developed countries such as the U.S., and the UK are expected to provide a massive infrastructure base to the VLC system providers.

U.S. VLC market share by application, 2013 - 2024 (USD Million)
(source: Grand View Research)

Increasing applications of indoor location-based services embedded with light fixtures in retail shops and hotels is projected to be one of the factors driving revenue growth. Several companies such as GE Lightings, ByteLight Inc. including Koninklijk Philips N.V. are deploying VLC installations in supermarkets which in turn is aiding retailers to tie customers' shopping history by tracking their location details. This is helping the retailers to deliver on-site information tailored to a customer needs, notes the market research firm.

Advancements in the automotive industry are projected to enhance the safety of commuters. This is being executed through the vehicle to vehicle (V2V) and vehicle to the roadside (V2R) communication by installing LEDs in headlight and tail light of the vehicle. However, high installation and repair cost are projected to obstruct the large-scale implementation of these systems, especially in the emerging economies.