Visible Light Communication (VLC) Market Size, Share & Trends Analysis Report by Component (Image Sensor, Visible Light Diode), By Application (Location Based Service, Indoor Applications, Outdoor Applications), By Vertical (Transportation, Automotive, Defense, Healthcare) and Regional Forecasts, 2023-2030
The global visible light communication (VLC) market size is projected to reach USD 2.32 Billion by 2030, registering a CAGR of 37.5% during the forecast period, 2023-2030. The increasing use of LED lights in light fidelity (Li-Fi) owing to its easy availability, low cost, long lifespan, and low energy consumption will offer robust opportunities for the market over the forecast period.
VLC is a wireless communication technology that uses visible light as a medium to transmit data. It is a promising alternative to traditional wireless communication technologies such as Wi-Fi and Bluetooth, as it offers several advantages, such as high data rates, high security, and low interference.
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The increasing adoption of LED lighting systems is one of the key factors driving the growth of the VLC market. LED lights are becoming increasingly popular due to their energy efficiency, long lifespan, and low cost. VLC can be used to transmit data over LED lighting systems, which can offer a number of benefits, such as the ability to provide high-speed data connectivity in areas where traditional wireless communication technologies are not available or are not feasible.
The growing demand for high-speed communication networks is another key factor driving the growth of the VLC market. The increasing use of smart devices, such as smartphones, tablets, and laptops, is driving the demand for high-speed communication networks. VLC can be used to provide high-speed data connectivity to these devices, which can offer a number of benefits, such as the ability to stream high-definition video and audio, play online games, and download large files quickly.
The rising popularity of IoT devices and smart home automation systems is also driving the growth of the VLC market. IoT devices are becoming increasingly popular due to their ability to connect and collect data from a variety of devices. VLC can be used to connect IoT devices and smart home automation systems, which can offer a number of benefits, such as the ability to monitor and control devices remotely, and the ability to collect data to improve the efficiency and functionality of these systems.
The VLC market is segmented by component, application, vertical, and region. By component, the market is segmented into image sensor and visible light diode (VLD). The image sensor segment is expected to dominate the market during the forecast period due to the increasing demand for high-speed data transmission. The VLD segment is expected to grow at a significant rate during the forecast period due to the increasing adoption of LED lighting systems.
By application, the market is segmented into location based service (LBS), indoor applications, and outdoor applications. The LBS segment is expected to dominate the market during the forecast period due to the increasing demand for location-based services, such as navigation, mapping, and tracking. The indoor applications segment is expected to grow at a significant rate during the forecast period due to the increasing use of VLC in indoor environments, such as offices, homes, and hospitals. The outdoor applications segment is expected to grow at a moderate rate during the forecast period due to the increasing use of VLC in outdoor environments, such as stadiums, airports, and highways.
By vertical, the market is segmented into transportation, automotive, defense, healthcare, and others. The transportation segment is expected to dominate the market during the forecast period due to the increasing use of VLC in transportation systems, such as trains, buses, and cars. The automotive segment is expected to grow at a significant rate during the forecast period due to the increasing use of VLC in automotive systems, such as infotainment systems and driver assistance systems. The defense segment is expected to grow at a moderate rate during the forecast period due to the increasing use of VLC in defense systems, such as surveillance systems and communication systems. The healthcare segment is expected to grow at a significant rate during the forecast period due to the increasing use of VLC in healthcare systems, such as patient monitoring systems and medical imaging systems.
The global VLC market is expected to be dominated by North America during the forecast period. The growth of the market in North America is attributed to the increasing adoption of LED lighting systems, the growing demand for high-speed communication networks, and the rising popularity of IoT devices and smart home automation systems. Europe is expected to be the second-largest market for VLC during the forecast period.