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Global Visible Light Communication Market Likely to Reach US$113,273.4 Million by 2022
The global visible light communication market is forecast to grow at a staggering CAGR of 109.2% for the period between 2015 and 2022.
Published 27 October 2015
The global visible light communication market is forecast to grow at a staggering CAGR of 109.2% for the period between 2015 and 2022. The global visible light communication market amounted to US$267.6.0 million in 2014 and is likely to reach US$113,273.4 million by 2022.
North America Leads Global Market, Asia Pacific to Grow the Fastest
The global visible light communication market is geographically divided into Asia Pacific, North America, Europe, Africa, the Middle East, and Latin America. The global visible light communication market was led by North America in 2014, with 43.4% share of the total revenue. The Asia Pacific segment was in the second position in 2014 and is likely to develop faster in coming few years. Swelling demand for retail indoor positioning and technological advancements have fueled the market in these regions.
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The major regions that contributed towards the growth of the global visible light communication market are China, India, Japan, the U.K., Germany, Spain, France, Italy, South Africa, Israel, and Mexico. Investment in research and development in regions such as South Korea, Japan, and China has fuelled the visible light communication market in Asia Pacific.
Key participants of the visible light communication market operating across one or several of these regional segments of the global market are Axrtek Inc., General Electric Lighting, Outstanding Technologies Co. Ltd., ByteLight Inc., Nakagawa Laboratories Inc., Fraunhofer Heinrich Hertz Institute, Koninklijke Philips N.V., pureLiFi Ltd., and Lightbee Corp.
Retail Indoor Positioning Leading the End-use Segmentation of Global Market
The global visible light communication market is segmented on the basis of the end-use application, data rate, distance, and communication type. On the basis of end-use application, the global visible light communication market is divided into retail indoor positioning, hospitality, underwater communication, connected devices, transport and automotive, and light-based internet. As per distance, the global visible light communication market is divided into the segments of up to 10m and above 10m. By data rate, the market covers up to 1 Mb/s and above 1 Mb/s data. By communication type, the market is divided into bidirectional and unidirectional.
In 2014, the end-use application of visible light communication was led by retail indoor positioning, which accounted for 57.5% of the total revenue in the global market. As mobile companies strive to incorporate visible light communication in their devices, the connected devices application segment is likely to grow fast during the forecast period. Thanks to light-based internet, in 2014, the global visible light communication market was led by the U.S. and Japan. Light-based internet accounted for 39.2% of the total revenue in the global visible light communication market. Growth in the adoption of LED applications has fueled the market further.
Features such as high energy efficiency, safety, and minimum interference are contributing towards the growth of the global visible light communication market. Leading local and international players in the global visible light communication market are aiming to cover large distances by offering high-speed VLC applications. With ample new opportunities being developed across the visible light communication market, international and local companies, too, are exploring various possible growth options.
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