$391 Bn Visible Light Communication Market - Global Growth, Trends and Forecast 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 23, 2019--
The “Visible Light Communication Market - Growth, Trends and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The visible light communication market was valued at USD 11.95 billion in 2019 and it is expected to reach a value of USD 391.62 billion by 2024 at a CAGR of 101% over the forecast period (2019-2024).
This technology will eliminate the need for other wireless technologies, such as Infrared (IR), Bluetooth, and Wi-Fi which emit Electromagnetic interference (EMI) and RF waves that are harmful to both instruments/devices and humans.
However, the market is currently in the emerging phase, and prototypes are being developed.
The primary driver behind the growth of the high-speed VLC is the rapidly growing presence of LEDs in practically every signalling or illumination entity. By as early as 2020, the majority of new energy-efficient lighting installations are expected to be LED-based.
Consequently, these bulbs can transmit at high speeds that were not possible with conventional light bulb technologies such as fluorescent and incandescent lamps. According to a research, the global LED penetration in the lighting market is estimated to reach 61% in 2020.
Another important driver for VLC systems comes from the plethora of wireless applications. According to the Federal Communications Commission (FCC), a spectrum deficit (i.e., lack of usable radio frequencies for new wireless applications) is expected, due to exponential growth in demand for wireless transmission capacity.
The problem of congestion of the radio spectrum utilized by Wi-Fi and cellular radio systems is further facilitating investments for development of the market for VLC. Technology innovations addressing challenges, such as line of sight (LOS) requirements, reliability and network coverage issues, and complexities in system setup would further attract end-user interest towards the adoption of VLC technology.
However, lack of awareness about this technology may hamper the growth of the visible light communication market. Since, the technology is still emerging, prototypes are being developed. Further advancements in optoelectronic devices/materials are expected to open up new opportunities for the application of this technology.
Solutions are being developed by Acuity Brands, GE, LG Innotek and Philips. Some of these companies are working with technology partners, such as ByteLight and Qualcomm Technologies, Inc. (Lumicast VLC technology). Acuity and GE have commercialized the technology and have been working with retailers to implement trial installations.
Key Market Trends
Automotive Segment expected to witness a Significant Growth
- Traffic management is a broad segment facing numerous challenges, with increasing population and vehicles on the road. The amount of data transferred through Wi-Fi on the street is neither sufficient nor secure enough for effective management. Apart from aiding traffic management, a promising application for VLC is in vehicle-to-vehicle and vehicle-to-infrastructure communication.
- Most car headlights and tail lights are being replaced with LEDs. VLC can transform these LEDs for car-to-car communication. This factor can improve anti-collision systems and facilitate the exchange of a range of information between vehicles.
- As traffic lights use LED lighting, it is an emerging opportunity in citywide traffic management systems, like pedestrian signals and traffic signals using VLC. For instance, street lights communicating with a pedestrian’s VLC-equipped smartphone can regulate vehicle traffic, allowing pedestrians to cross a street.
- The use of VLC technology in traffic systems allows the drivers to use smart devices or car headlights, in order to connect and generate information from traffic lighting systems. This information can also be transmitted to other cars using tail lights. Information, such as traffic updates, shortest estimated time of arrival to a specific location (considering traffic congestion), or even internet access can be communicated through the usage of this technology.
- However, drivers may use smart devices while driving, which may act as a challenge. The ideal way to overcome this challenge is to incorporate a visible communication system in the vehicle, and use the vehicle’s headlights to send information. However, the efficiency of these intelligent traffic systems may be affected due to noise, which may impact the adoption rate of VLC systems.
North America expected to account for the Largest Market Share
- North America is the most prominent market for VLC due to increasing investment in R&D in advanced technological solutions, such as artificial intelligence, sustainable energy projects, and big data analytics. The major wireless network providers in the region, such as Telus Corp, Rogers Communications Inc., and BCE Inc.’s Bell Mobility are investing heavily in R&D activities in VLC, along with 5G technology to increase their market share among the wireless and internet service providers. The implementation of Li-Fi technology is expected to boost the US economy and aid in the economic growth and create job opportunities.
- The United States is the most prominent market for VLC technology, owing to increasing investments in R&D in advanced technological solutions, such as artificial intelligence, sustainable energy projects, and Big Data analytics. The United States is the first country to install 5G wireless networks, making the country the global test bed for LTE services and apps.
- The lighting industry is embracing new ground-breaking business opportunities through VLC, as data transmission governs all the major sectors in the United States, including the government sector. Further, government initiatives, such as Gigabit Communities that helps make the United States one of the high capacity and the super-fast ubiquitous broadband networks, enhance the adoption of VLC opportunities.
- After the United States, Canada is another major adopter of technological advancements, globally. Major technological adoption in the end-user industries, like the telecommunication and government sectors, is aiding the growth of the market in Canada.
- In 2016, Canadian telecommunication’s revenues amounted to USD 48.6 billion, with the vast majority of 92% derived from retail services and the remaining from the wholesale sector. Of this, the wireless and internet services constitute more than 70% of the market, thus indicating significant opportunities for the VLC market.
The visible light communication market is neither highly competitive nor has limited number of players. It is an emerging market with newer technologies in the pipeline further creating the potential for visible light communication technology.
- March 2019 - Panasonic Corporation featured its portfolio of 4K visual technologies, enterprise media solution, self-service kiosk and customized digital signage solutions at the Digital Signage Expo at the Las Vegas Convention Center in Las Vegas.
- December 2017 - LVX Systems and VeroGuard Systems, a secure digital identity platform provider, partnered to jointly market LVX’s industry leading smart building/campus/city IoT experience, capability and credentials with VeroGuard’s world leading cyber security solution. This partnership will lead to the development of the product which could be safely used for smart city programs preventing cyber threats.
- October 2017 - Panasonic Corporation acquired Arimo, a deep-learning innovator, to accelerate the growth of its AI/IoT-based solution businesses. The company also benefited from this acquisition, as an opportunity to develop its visible light communication product line up, by enhancing interface and development by integrating AI to further improve consumer experience gaining a larger market share in the market.
- Koninklijke Philips NV
- LVX System
- Bytelight Inc. (A Acuity Brand’s Company)
- Panasonic Corporation
- Purelifi Ltd
- Lucibel SA
- Outstanding Technology Co. Ltd
- Firefly Wireless Networks LLC
For more information about this report visit https://www.researchandmarkets.com/r/fyz3se
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Related Topics:LED (Light Emitting Diodes)
INDUSTRY KEYWORD: TECHNOLOGY SEMICONDUCTOR MOBILE/WIRELESS
SOURCE: Research and Markets
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PUB: 05/23/2019 11:23 AM/DISC: 05/23/2019 11:23 AM