According to the research report titled ‘Europe Li-Fi Market Size By Application, By Component, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2030’, available with Market Study Report, Europe Li-Fi market is slated to record a strong compound annual growth rate through 2030.
 

Increasing number of smart city projects is primarily driving the Europe Li-Fi market growth. Additionally, rising interest of the healthcare & medical research industry in advanced wireless technology is enhancing the market outlook. Further, increased preference for Li-Fi technology by various commercial and residential consumers due to its enhanced speed, higher bandwidth and superior safety is further augmenting the market demand.
 

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Notably, advanced management of highly confidential data and sensitive information of various healthcare organizations is possible with Li-Fi infrastructure. Li-Fi technology is widely adopted by many universities and institutes due to its considerable potential in various educational and research applications.
 

For the record, the requirement for Visible Light Communication (VLC) is anticipated to increase with the rising demand for advanced communication technologies. In addition to this, European governments are exploring to harness the potential of innovative cellular and wireless technologies for boosting connectivity, upgrading infrastructure and providing more convenience to residents of the prospective smart cities, in turn, is enhancing the overall market remuneration scope.
 

Based on component, Europe Li-Fi industry is segmented into LED, photodetectors and microcontrollers (MCU). Among these, microcontrollers segment is poised to observe an increased demand on account of growing trend of miniaturization of electronic components, and emergence of small microcontroller chips and integrated circuits that assist in large scale implementation of Li-Fi infrastructure in smart factories.
 

Speaking of the application spectrum, the marketplace is divided into automotive, aerospace, indoor networking, healthcare, location-based services, underwater communication, intrinsically safe environment, defense & security.
 

As cited in the report, the location-based services segment is expected to acquire a significant market by 2030 as they offer accurate location updates to enhance the shopping experience of the user. Location based Li-Fi is used in the retail industry to increase revenues by providing notifications to customers related to offers and discounts on their products along with timely reminders of product stock and shortages.
 

Leading players in Europe Li-Fi industry sphere are Lucibel SA, LumEfficient Lighting Corporation, LightBee S.L., Integrated System Technologies Limited, Global Li-Fi Tech, General Electric Company, Fujitsu Ltd., Acuity Brands Inc., Zero1 Lux Sarl, VLNComm Inc., Velmenni OÜ, Kyocera SLD Laser Inc., Signify N.V., Renesas Electronics Corporation, Qualcomm Technologies Inc., PureLiFi Ltd., Panasonic Corporation, Oledcomm S.A.S., and LVX System.