Power over Ethernet lighting market will develop rapidly at an annual growth rate of 35.6%
Research And Markets recently released a report called "Power over Ethernet (PoE) Lighting Market-Global Forecast to 2024". According to the report, the PoE lighting market is expected to rise from 256 million in 2019 by 2024 The US dollar increased to 1.174 billion US dollars, with a compound annual growth rate of 35.6%.
The increasing popularity of PoE lighting solutions in commercial and healthcare applications is expected to drive the overall growth of the PoE lighting market
A variety of factors are driving the growth of the PoE lighting market, such as increasing LED penetration and declining costs, increasing commercial and healthcare applications, PoE lighting solutions, and the growing cost-effective lighting solutions Demand.
On the other hand, factors such as the high cost of PoE switches, the requirements for additional equipment, and the limited transmission distance and power transmission rate are obstacles to the growth of this market. However, as PoE standards increase, the penetration rate of PoE lighting systems for networked lighting applications in commercial spaces is expected to increase.
During the forecast period, the hardware part will occupy the largest share of the PoE lighting market
The growing demand for energy-efficient lighting systems is a key driver of the hardware PoE lighting market. To enable PoE lighting solutions, some hardware components are indispensable, such as power supplies, power-on devices, and so on. Most of the cost of PoE solutions is spent on hardware. In addition, with the improvement of PoE standards, new standardized switches are expected to be commercialized, which will further promote the PoE lighting market.
During the forecast period, industrial applications will grow at the highest compound annual growth rate
Industrial applications include lighting in production workshops, warehouses, business meeting rooms and other indoor areas. With the presence of PoE, the installation of intelligent lighting systems in office or industrial applications can be simplified. In addition, governments of all countries are pursuing energy saving, and industry attaches great importance to energy-saving lighting solutions. Therefore, PoE lighting is one of the first solutions they adopt. In addition, the arrival of Industry 4.0 will also open the door of opportunity for PoE lighting.
During the forecast period, the North American market will maintain its lead, and the European market will remain second.
Europe occupies a relatively high market share because of the increasing awareness of energy conservation and various government policies introduced for this purpose. The “Energy Efficiency Directive and Building Energy Efficiency Directive” (EPBD) issued by the European Union in 2012 has helped to formulate and promote energy conservation measures in different sectors. It is expected that the growth of the European PoE lighting market will also be driven by more and more digital workspaces. Amsterdam ’s The Edge is a model of European smart office buildings.