Free Space Optics (FSO) worth $1,977 million and Visible Light Communication (VLC)/Light Fidelity (Li-Fi) Market worth $200.1 billion by 2025 - Exclusive Report by MarketsandMarkets™
Increasing manufacturing facilities, advanced infrastructure, and the growing computer-aided design (CAD) industry are the factors driving the FSO market in APAC.
CHICAGO, Nov. 23, 2020 /PRNewswire/ -- According to the new market research report "Free Space Optics (FSO) and Visible Light Communication (VLC)/Light Fidelity (Li-Fi) Market by Component (LED, Photodetector, Microcontroller, and Software), Transmission Type, Application, and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the overall FSO market is expected to grow from USD 402 million in 2020 to USD 1,977 million by 2025; it is expected to grow at a CAGR of 37.5% during 2020–2025. The overall VLC market is expected to grow from USD 6.8 billion in 2020 to USD 200.1 billion by 2025; it is expected to grow at a CAGR of 396.5% during 2020–2025. Key factors fueling this market's growth include the alternative solution to overburdened RF technology for outdoor networking, last-mile connectivity, faster and safer data transfer than other challenging technologies, and less energy consumption by LEDs. The demand for Li-Fi technology is increasing across the world to provide secure communications with high data bandwidth, and so on. Various applications such as healthcare, consumer electronics, defense, and commercial create a strong demand for FSO/Li-Fi for efficient industrial operations in the midst of COVID-19.
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Software is expected to gain a significant share of Li-Fi market by 2025
The software is expected to account for the largest share of the Li-Fi market by 2025. Due to the commercialization of bidirectional VLC in late 2017, the demand for software solutions is projected to rise and support the uplink and downlink for two-way communications in various applications.
Based on application, Healthcare and underwater communication to witness the highest CAGR in FSO and VLC markets during 2020–2025
The FSO market for the healthcare application and VLC market for underwater communications application is expected to grow with the highest CAGR during the forecast period. FSOs are hugely deployed in the healthcare application, where wireless communication through radio waves is not allowed due to potential health hazards. On the other hand, Underwater communications rely on acoustic technologies that limit the speeds to a fraction of terrestrial wireless systems. RF does not work underwater, but visible light can support high-speed data transmission over short distances in this environment. VLC can be a safe alternative to RF communication and serve the purpose of this untapped application area.
Browse in-depth TOC on "Visible Light Communication Market"
113 – Tables
64 – Figures
209 – Pages
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FSO and VLC market in APAC to grow at the highest CAGR during the forecast period
The FSO and VLC market in APAC is expected to grow at the highest CAGR during the forecast period. Increasing manufacturing facilities, advanced infrastructure, and the growing computer-aided design (CAD) industry are the factors driving the FSO market in APAC. Also, with the recent developments and increased expenditure on VLC-related R&D activities, the APAC region is expected to be the fastest-growing market for VLC during the forecast period. Similarly, end-user industries such as automotive, aerospace & defense, and consumer electronics are expected to create huge opportunities for VLC or Li-Fi solution providers.
Key players in the market include fSONA Networks Corp. (Canada), Wireless Excellence Limited (UK), Signify Holding (Netherlands), Oledcomm (France), Lucibel (France), pureLiFi Limited (UK), Acuity Brands (US), Panasonic Corporation (Japan), Fraunhofer HHI (Germany), and Trimble Hungary (Hungry). These players are increasingly undertaking product launches and developments, partnerships, contracts, expansions, and acquisitions, to increase their market shares.
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