Power over Ethernet lighting market will grow rapidly at an annual growth rate of 35.6%
Research And Markets recently released a report entitled "Power over Ethernet (PoE) Lighting Market-Global Forecast to 2024". According to the report, by 2024, the PoE lighting market is expected to increase from 256 million in 2019. The US dollar increased to 1.174 billion US dollars, with a compound annual growth rate of 35.6%.
The growing popularity of PoE lighting solutions in commercial and health care applications is expected to drive the overall growth of the PoE lighting market
A number of factors are driving the growth of the PoE lighting market, such as increasing LED penetration and declining costs, increasing PoE lighting solutions in increasing commercial and health care applications, and 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 limited transmission distances and power transmission rates are obstacles to the growth of this market. However, as the PoE standard increases, the penetration rate of PoE lighting systems for connected lighting applications in commercial spaces is expected to increase.
In 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 a PoE lighting solution, some hardware components are indispensable, such as power supplies, powered devices, and more. Most of the cost of a PoE solution is spent on hardware. In addition, with the improvement of the PoE standard, new standardized switches are expected to be commercialized, which will further promote the PoE lighting market.
In the forecast period, industrial applications will grow at the highest compound annual growth rate
Industrial applications include lighting in production halls, warehouses, business meeting rooms and other indoor areas. With PoE, the installation of smart 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 preferred solutions they use. In addition, the arrival of Industry 4.0 will also open doors of opportunity for PoE lighting.
During the forecast period, the North American market will remain the leader, and the European market will remain second.
Europe's high market share is due to increasing awareness of energy conservation and various government policies. The European Union's Energy Efficiency Directive and Building Energy Efficiency Directive (EPBD), issued in 2012, has helped develop and promote energy efficiency measures in different sectors. The growth of the European PoE lighting market is also expected to be driven by more and more digital work spaces, and The Edge in Amsterdam is a model of European smart office buildings.