The global visible light communication market size was valued USD 23.09 million in 2020 and is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to rising demand and investments in visible light communication (VLC) technology.
VLC systems are used to provide ultra-high-speed, secure, and biologically compatible communication networks that allow for the creation and spread of unified computing applications.
For purpose of communication, such systems utilize changed light wavelengths emitted by a range of sources, including indoor and outdoor illumination, signaling, bulletin board, television, computer screens, digital cameras, and digital cameras on mobile phones. This type of system largely using light emitting diodes (LEDs). The use of wireless technologies such as infrared (IR), Bluetooth, and Wi-Fi, can be obsolete in the future due to rising penetration of VLC for various applications.
Market Trends Drivers, Restraints and Opportunities
- Rising preference for VLC applications is expected to drive the market growth.
- The exponential expansion of LED in most lighting devices is anticipated to fuel the adoption of high-speed VLC, spurring the growth of the market.
- Lack of awareness about VLC technology can hamper the market expansion
- Ongoing technological developments is estimated to offer lucrative opportunities for industry players in the projected timeline.
Scope of Visible Light Communication Market Report
The report on the global visible light communication market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Visible Light Communication Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Components (Photo Detector, LED, Microcontroller, and Software & Services), Transmission Types (Unidirectional and Bidirectional), Applications (Automotive, Infrastructure, Consumer Electronics, Defense & Security, Life Sciences, and Others),
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Panasonic Corporation; Lucibel SA; LVX System; Koninklijke Philips NV; and Firefly Wireless Networks LLC
Visible Light Communication Market Segment Insights
LED segment is expected to grow at a rapid pace
Based on components types, the market is divided into photo detector, LED, microcontroller, and software & services.
The LED segment is expected to grow at a rapid pace during the forecast period due to its inexpensive cost and increased use in various applications such as residences, offices, automobiles, airlines, and retail outlets, among others. Moreover, LEDs are also chosen over all other lighting systems as they can be turned on and off using a microcontroller.
Bidirectional segment is projected to expand at a considerable CAGR
On the basis of transmission types, the market is segregated into unidirectional and bidirectional.
The bidirectional segment is projected to expand at a considerable CAGR during the forecast period. Retailers require notify consumers about various product offerings to enhance sales, which is done through the use of VLC systems.
Automotive segment is estimated to account for a significant market share.
Based on applications, the market is divided into automotive, infrastructure, consumer electronics, defense & security, life sciences, and others.
The automotive segment is estimated to account for a significant market share during the forecast period owing to rising VLC technology in road transportation, which allows drivers to access and create information from traffic light sources utilizing smart devices or car headlights.
North America is anticipated to constitute a key market share
In terms of regions, the global visible light communication market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is expected to constitute a key share of the market during the projected period due to the existence of numerous research and development centers in the region, as well as investments by large corporations in the region to adopt this technology.
However, Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the presence of various emerging countries where government state bodies are pushing the use of LED lights. In 2020, China accounted for nearly 50% of the market in Asia Pacific and is estimated to dominate during the forecast period.
The global visible light communication market has been segmented on the basis of
- Photo Detector
- Consumer Electronics
- Defense & Security
- Life Sciences
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global visible light communication market are Panasonic Corporation; Lucibel SA; LVX System; Koninklijke Philips NV; and Firefly Wireless Networks LLC. The market is very competitive in nature owing to the presence of many major players.