DUBLIN--(BUSINESS WIRE)--The "Power Over Ethernet (PoE) Lighting Market - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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%.
- Increasing Penetration and Decreasing Cost of Leds
- Growing Adoption of PoE Lighting Solutions in Commercial and Healthcare Applications
- Rising Need for Cost-Effective Lighting Solutions
- High Cost of PoE Switches and Requirement of Additional Equipment
- Improving PoE Standards for Higher Power, Speed, and Efficiency
- Growing Adoption of Smart and Automated Systems and Rising Demand for Smart Workplaces
- Limited Transmission Distance and Power Delivery Rates
Hardware segment to hold the largest share of PoE lighting market during forecast period
Increasing demand for energy-saving lighting systems is a key driving factor for the PoE lighting market for hardware. To enable a PoE lighting solution, several hardware components, including power sourcing equipment, powered devices, and other components, are required. The majority of the cost involved in deploying a PoE solution is for the hardware. Moreover, with improving PoE standards, new, standardized switches are expected to commercialize, which would further propel the market for PoE lighting.
Industrial application to grow at highest CAGR during forecast period
The industrial segment includes lighting in production halls, warehouses, representative rooms, and other indoor areas. The use of PoE can simplify the implementation of a smart lighting system in an office or industrial application. Industries and factories are now focusing on energy-efficient lighting solutions owing to the government regulations for energy saving. Thus, PoE lighting is among the preferred solutions being adopted by them. Furthermore, growing adoption of industry 4.0 is expected to create opportunities for players offering PoE lighting solutions for the industrial vertical.
Europe to hold second-largest share of PoE lighting market during forecast period
The high market share of the region is attributed to the increasing awareness about energy conservation and the implementation of various government initiatives for it. The 2012 Energy Efficiency Directive and Energy Performance of Building Directive (EPBD) by the European Union has helped establish and promote energy conservation measures in different sectors, such as industrial and commercial workplaces, as well as residential complexes. The growth of the European PoE lighting market is also expected to be driven by the growing adoption of digital workspaces for smart, cost-efficient, and flexible environment. For instance, The Edge in Amsterdam is a leading example of a smart office building in Europe.
Signify (Philips Lighting) (Netherlands), Hubbell Incorporated (US), Innovative lighting (GENISYS) (US), Deco Lighting (US), Ideal Industries, Inc (Cree) (US), Eaton Corp. (Ireland), Herbert Waldmann GmbH & Co. Kg (Waldmann Lighting) (Germany), H.E. Williams (US), NAME Energy Group (MHT Lighting) (US), Ubiquity Networks (US), and ALLNET GmbH (Germany) are some of the major OEMs and solution providers of PoE lighting.
Cisco Systems (US), Igor Inc. (US), NuLEDs (US), Koch Industries (Molex) (US), and Leviton (US) are among the few other important players in the market.
Microchip Technology Inc. (Microsemi Corporation) (US), NETGEAR (US), Wipro Enterprise (Wipro Lighting) (India), euromicron AG (Microsens) (Germany), and The IBS Group LLC (US) are the key innovators operating in this space.
List of the Companies Mentioned (A-Z)
- Allnet GmbH
- Cisco Systems
- Deco Lighting
- Eaton Corporation
- H.E. Williams Company
- Herbert Waldmann GmbH & Co. KG (Waldmann Lighting)
- Hubbell Incorporated
- Ideal Industries (CREE)
- Igor Inc.
- Innovative Lighting (Genisys)
- Microsemi Corporation (Microchip Technology Inc.)
- Microsens (Euromicron AG)
- Molex (Koch Industries)
- North American Manufacturing Enterprises (NAME) Energy Group (MHT Lighting)
- Signify Holding (Philips Lighting N.V.)
- The IBS Group LLC
- Ubiquiti Networks, Inc.
- Wipro Lighting (Wipro Enterprises)
For more information about this report visit https://www.researchandmarkets.com/r/mzqdlf