(IT-NEWSWIRE.COM, November 28, 2019 ) The PoE lighting market is projected to reach USD 1,174 million by 2024 from USD 256 million in 2019, at a CAGR of 35.6%. Major drivers for the market’s growth are the increasing penetration and decreasing cost of LEDs, growing adoption of PoE lighting solutions in commercial and healthcare applications, and rising need for cost-effective lighting solutions. Opportunities for the PoE lighting market include improving POE standards for higher power, speed, and efficiency; growing adoption of smart and automated systems; and rising demand for smart workplaces. Major restraints for the market are the high cost of PoE switches and the requirement of additional equipment. Limited transmission distance and power delivery rates pose a major challenge for the PoE lighting market.
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The market for the software and services segment is projected to grow at the highest CAGR during the forecast period. Software are used to evaluate energy optimization and savings, emission reductions, and financial viability. It is expected that there would be more configurable options to be included in connected PoE lighting systems, which would require more complex software solutions. The growth of the services segment is mainly propelled by the use of connected PoE LED lighting for energy conservation and ecological safety.
The greater than 25 watts segment is likely to hold the largest size of the PoE lighting market during the forecast period. Improving PoE standards, coupled with the growing demand for high input-powered devices for lighting, are driving the said market. OEMs are developing integrated solutions in luminaires, which require more input power. Thus, there is a growing requirement for power supplying equipment with high output to power the devices. This is expected to further propel the market for high wattage PoE lighting systems.
Among applications, the commercial segment is expected to hold the largest size of the PoE lighting market during the forecast period. The market for the commercial application is driven by the growing adoption of PoE lighting in offices and healthcare applications. Growing affordability and higher efficiencies are driving the use of PoE lighting in commercial buildings. As PoE lighting is more viable where there is existing IT infrastructure, the commercial segment is best suited for deploying PoE lighting solutions. PoE lighting makes installing or expanding a network much simpler and cheaper in office buildings where it is too expensive to install new power lines. Owing to such benefits, the market for PoE lighting solutions is likely to grow further.
The PoE lighting market in APAC is expected to grow at the highest CAGR
during the forecast period. The market has enormous growth potential in this region, as connected lighting systems are rapidly being adopted in differing applications. Moreover, lighting manufacturers based in China are giving fierce competition to companies based in North America and Europe. Chinese cities are offering a perfect mix of cheap land, good infrastructure, and an abundant workforce to attract investments in industrial development. Additionally, China’s New-Style Urbanization Plan (2014–2020) is promoting a greener and environment-friendly society. This would further increase the adoption of PoE lighting within the country.
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