The latest market report published by Credence Research, Inc. “Global LIFI Building Automation Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global LIFI Building Automation Market generated revenue of around USD 283.43 million in 2021 and is anticipated to grow a CAGR of over 65% during the forecast period from 2021 to 2028 to reach around USD 9,437.00 million in 2028. While, cumulative growth opportunity presented by the global LIFI Building Automation is around USD 23.51 billion during 2022 to 2028.
Global LIFI Building Automation Market, 2021 – 2028 (USD Million)
The LIFI Building automation market will undergo double-digit growth over the next 10 years. This will be due to a number of factors. The most vital among them will be developments in AI since LiFi building automation is based on it.
There are several inherent benefits to LiFi, so it will be central to IoT, AI, and other emerging technologies. This signalling technology takes advantage of the infrared and visible light spectrum to transfer data at very rates that are much higher than what WiFi is currently capable of.
Indoor LIFI Building Automation to Grow at Rapid Pace
Indoor and Outdoor are some of the important types of LIFI Building Automation used across different industries. However, Indoor LIFI Building Automation is growing in demand and held significant share in total revenue generation with over 55% in 2021. While, outdoor LIFI Building Automation market are poised to play important role in growth of LIFI Building Automation in the years to come.
Commercial Buildings to Govern Future Growth of LIFI Building Automation Industry
Industrial, Commercial and Residential are major application markets for the global LIFI Building Automation industry. Commercial building segment held the largest share of global LIFI Building Automation industry in 2021 with over 40% contribution to revenue generated by LIFI Building Automation market. Growing building automation and smart building trend in North America and Europe is mainly driving the demand for LIFI Building Automation in the region.
While, industrial and residential applications are also expected to contribute in growth of LIFI Building Automation industry. However, as the industry is still in nascent stage the cost of LIFI Building Automation is considerably high and probably one of the major constraints for the growth of the global LIFI Building Automation market.
North America is Leading LIFI Building Automation Demand
North America is leading the LIFI Building Automation industry with over 35% share in 2021. Increasing demand for energy efficient building, adoption of advanced technology and need for high speed data transmission and communication are some of the major factors influencing the demand for LIFI Building Automation in the region. U.S. is single largest market for the LIFI Building Automation with over 25% share in global market.
Major players operating in the LIFI Building Automation industry include but not limited to LightBee Corp., Lucibel SA, LVX System, Oledcomm SAS, pureLiFi Ltd, Renesas Electronics Corporation, Signify Holding BV, SLD laser and Velmenni OU. Global LIFI Building Automation market is characterized by the presence of large number of players across the world.
Global LIFI Building Automation Market by Type, 2016 – 2028
Global LIFI Building Automation Market by Distribution Channel, 2016 – 2028
Global LIFI Building Automation Market by Company, 2016 – 2028
- LightBee Corp.
- Lucibel SA
- LVX System
- Oledcomm SAS
- pureLiFi Ltd
- Renesas Electronics Corporation
- Signify Holding BV
- SLD laser
- Velmenni OU