By 2030, the Li-Fi market size in North America is expected to surpass $2.5 billion. The high CAGR of the market can be attributed to the rising frequency of cybercrimes, which has been responsible for the need for secure wireless networks across the commercial sector. Safe data transmission systems are an indispensable necessity for data sensitive domains such as banking and finance. As Li-Fi cannot penetrate opaque surfaces, it ensures superior security from hackers, ensuring safe access to the internet.
With the rising number of cybersecurity challenges faced while using Wi-Fi over radio frequencies, the demand for high-speed, reliable, and safe Li-Fi networks has been witnessing a remarkable uptick in demand. One of the major industry trends that has been vitalizing the North America Li-Fi market outlook is the increasing demand for Li-Wi for location-based applications such as retail and commercial sectors.
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Growing at a whopping 55% CAGR through the forecast period, the industry is certain to gain a substantial revenue share in the forthcoming years, driven by the rising demand for connected devices in business organizations and offices. Li-Fi can offer enhanced user experience by improving the browsing speed, and thereby boosting the overall productivity of the organization.
Intrinsically-safe environments have been exhibiting an escalating demand for Li-Fi technology over the past few months. This is because environmental concerns including health & safety and environmental damage has been intensifying, hampering the usage of Wi-Fi technology across such environments. The switch from Wi-Fi to Li-Fi technology has been fueling the Li-Fi market size in North America.
Li-fi technology can also leverage light spectrum instead of radio waves for transferring data, ensuring their suitability for intrinsically safe environments. As a result, Li-Fi can be efficiently utilized in settings where communication via radio waves can be dangerous or where RF signals cannot penetrate. For instance, underground mines can deploy this technology for reinforced security of the laborers.
The growing need for in-flight connectivity has been paving the way for immense growth of the aviation & aerospace segment in the North America Li-Fi market. Li-Fi communication technology holds considerable potential for transforming in-flight entertainment as well as revolutionizing cabin & fuselage design. This is because Li-Fi communication does not interfere with the wireless networks that pilots use for ground communication and navigation purposes.
In terms of component, microcontrollers are expected to dominate the overall North America Li-Fi market share by 2030. The trending focus toward miniaturization of electronic components including microcontrollers has been responsible for the robust expansion of the segment.
Smaller microcontroller chips as well as integrated circuits are being extensively used in Li-Fi enabled devices. Additionally, the fortified presence of electronic component manufacturers and suppliers in the region, alongside the decreasing costs of these components has been facilitating the expansion of the North America Li-Fi market share.
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General Electric, SLD Laser, Integrated System Technologies, Fujitsu Corporation, PureLiFi, Lightbee S.L., Lucibel, Signify, Velmenni, NAV Technologies, and Renesas Electronics Corporation are some leading Li-Wi providers in North America. Numerous leading players have been laying emphasis on securing strategic partnerships and collaborations with other market players for boosting their competency.
Table of Contents (ToC) of the report:
Chapter 3 North America Li-Fi Trends
3.1 Industry coverage
3.2 Industry size, 2016 – 2026
3.3 Impact of COVID-19 pandemic
3.4 Value chain analysis
3.4.1 Company product snapshot
3.5 Innovation landscape
3.6 Regulatory norms & directives
3.7 Drivers & restraints
3.7.1 Market drivers
3.7.2 Market restraints
3.8 Industry analysis – Porter’s
3.9 Competitive benchmarking, 2019
3.9.1 Strategy dashboard
3.10 PEST analysis
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