Visible Light Communication Market Size, Share, Industry Trends and Forecast to 2030

Visible Light Communication Market Size & CAGR

The global visible light communication market is expected to witness a growth rate of 27.2% CAGR from 2021 to 2028. The market is projected to reach a value of USD 8.5 billion by 2028. Visible light communication technology is gaining significant traction due to its benefits such as high data transfer speeds, security, and efficiency.

COVID-19 Impact on the Visible Light Communication Market

The COVID-19 pandemic has had a mixed impact on the visible light communication market. While the initial phase of the pandemic saw a slowdown in the market due to supply chain disruptions and economic uncertainty, the market quickly rebounded as the demand for contactless communication solutions increased. The pandemic has accelerated the adoption of visible light communication technology in various industries such as healthcare, retail, and hospitality.

Visible Light Communication Dynamics

Visible light communication, also known as light fidelity (Li-Fi), is a wireless communication technology that uses light to transmit data. It offers several advantages over traditional radio frequency-based communication technologies, including higher data transfer speeds, increased security, and reduced interference. The growing demand for high-speed and secure communication solutions is driving the adoption of visible light communication technology across various industries.

Segments and Related Analysis

The visible light communication market can be segmented based on component, transmission type, application, and end-user. Components include LED, photodetector, and microcontroller. Transmission types include uni-directional and bi-directional. Applications of visible light communication technology include indoor networking, underwater communication, and intelligent transportation systems. End-users of visible light communication technology include healthcare, retail, and automotive industries.

By Region Analysis

In terms of regional analysis, North America is expected to dominate the visible light communication market due to the presence of key market players and the rapid adoption of advanced communication technologies in the region. Europe and Asia Pacific are also expected to witness significant growth in the market, driven by increasing investments in smart city projects and the expansion of the healthcare and retail sectors.

Key Market Players and Competitive Landscape

Key players in the visible light communication market include Acuity Brands, General Electric, Oledcomm, Panasonic Corporation, and Signify. These companies are focused on developing innovative products and solutions to cater to the growing demand for visible light communication technology. The market is highly competitive, with players investing in research and development activities to stay ahead in the market.

Recent Happenings in the Visible Light Communication Market

In recent years, the visible light communication market has witnessed several developments, including partnerships, product launches, and acquisitions. For example, in 2020, Signify acquired Cooper Lighting Solutions to strengthen its position in the lighting industry. Oledcomm launched Li-FiMax, a high-speed Li-Fi solution for indoor networking applications. These developments are expected to drive the growth of the visible light communication market in the coming years.