Market Research Future (MRFR) in its latest “Visible Light Communication Market” report stated that the market is expected to thrive at a substantial CAGR across the forecast years of 2016 to 2022.
The visible light communication technology eliminates the need for wireless technologies, such as Bluetooth, Infrared (IR), and Wi-Fi that emit RF and electromagnetic interference (EMI) waves, which are harmful for humans and reduce the shelf life of devices supporting this wireless connectivity. The better safety offered by visible light communication technology is identified as the primary factor that is expected to escalate the visible light communication market growth across the assessment years. The technology is in its emerging phase, where prototypes are being developed. This is creating great scope for the market to proliferate.
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The growing preference for LEDs in signaling and illumination entities is another important driver for the global market of visible light communication. It is likely that by 2020, majority of new energy efficient light installations will be LED-based. In addition, light from LEDs is transmit at high speeds. Hence, the impact of LEDs on the market is expected to bolster the visible light communication market. The surge in demand for the visible light communication technology is due to the elimination of congestion problem that is often associated with Wi-Fi and cellular radio systems. Investors are targeting the market as it holds huge potential to unfurl new innovations that are expected to eliminate challenges, such as reliability, line of sight (LOS) requirements, network coverage issues, and can resolve complexities in system setup. On the downside, lack of cognizance of awareness about the technology can dampen the visible light communication market growth.
Market Key Players
MRFR listed some of the well-known players of the visible light communication market. They include; General Electric Company (US), fSONA (Canada), Panasonic Corporation (Japan), Toshiba Corporation (Japan), Casio Computer Co., Ltd (Japan), Nitto Denko Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), NEC Corporation (Japan), Qualcomm, Inc. (U.S.), Fujitsu Ltd. (Japan), and others. The market is observed to house some strong contenders, which, in turn, is expected to make high business for the global market. The emergence of new technologies and others in the pipeline are further disrupting the market expansion.
Market Segmental Outline
The worldwide market of visible light communication is segmented by component, application, and vertical. By component, the market is segmented into Diode, R Emitters, Image Sensors, Opto-couplers, and others. By applications, the market is segmented into underwater communications, image sensors, indoor applications, location-based services, smart lighting, outdoor applications, and others. By vertical, the market is segmented into transportation, healthcare, defense, aviation, automotive, and others.
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Detailed Regional Outlook
The visible light communication market in North America is likely to head the global growth line. The increase in investment on research and development undertakings and integration of advanced technological, such as sustainable energy projects, artificial intelligence, and big data analytics with visible light communication technology are likely to bolster the regional market growth. The presence of eminent wireless network suppliers is an additional factor that is expected to gain high traction for the market. The advent of 5G technology can pack a punch for the market. In the United States, the Li-Fi technology is being extensively exercised, which is expected to boost the US economy and surge the North America economic growth because of the creation of new job opportunities. Hence, the overall health of the North America visible light communication market is expected to improve through the review period.
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