As per the research literature titled ‘North America 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, North America Li-Fi market is projected to showcase a CAGR of 55% CAGR throughout 2020-2030, subsequently amassing a valuation of USD 2.5 billion by the forecast period end.
 

According to the report findings, North America Li-Fi market growth is largely driven by increasing cases of cybercrimes, especially across the commercial sector. In particular, growing number of cybersecurity challenges during utilization of Wi-Fi over radio frequencies are necessitating the use of reliable, high-speed, and secured Li-Fi networks. Further, rising adoption of connected devise in office premises is drafting a favorable scenario for the industry.
 

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Based on component, the market is fragmented into photodetectors, LED, and microcontrollers. Among these, microcontrollers segment is touted to record momentous growth in the ensuing years owing to rising trend of miniaturizing electronic components. Further, declining costs of these components, along with high concentration of electronics manufacturers and suppliers in the region are supporting the industry growth.
 

Considering the application spectrum, North America Li-Fi market size from aerospace segment is slated to record strong gains in the upcoming years on account of growing in-flight connectivity requirements. Li-Fi holds immense potential for in-flight entertainment and as well as revamping cabin & fuselage design, as this form of communication does not interfere with networks that pilots utilize for navigational purposes and ground communication.
 

Meanwhile, intrinsically safe environment segment is witnessing an increased demand for Li-Fi in recent times. Growing concerns over health & safety and environmental damage associated with the use of Wi-Fi technology in intrinsically safe environments is driving the demand for Li-Fi solutions. This technology does not use radio waves for data transmission, instead leverages the light spectrum, thus encouraging their adoption in such sites.
 

Indoor networking, automotive, healthcare, location based services, underwater communication, and defense & security are the other key application areas for Li-Fi technology.
 

Major players influencing North America Li-Fi market dynamics are Qualcomm Technologies Inc., PureLiFi Ltd., Panasonic Corp., Oledcomm S.A.S., LVX System, Lucibel S.A., LumEfficient Lighting Corp., LightBee S.L., Integrated System Technologies Ltd., Global LiFi Tech, General Electric, Fujitsu Ltd. and Acuity Brands Inc. among others.