The report "Power Over Ethernet Lighting Market with COVID-19 Impact Analysis by Offering (Hardware, Software and Services), Wattage (Up to 25 Watts, Above 25 Watts), Application (Commercial, Industrial), and Geography - Global Forecast to 2026",PoE lighting market is projected to reach USD 922 million by 2026 from USD 243 million in 2021; it is expected to grow at a CAGR of 30.6% from 2021 to 2026. North America has the largest market share for PoE lighting. Whereas, APAC is expected to witness the highest growth during the forecast period owing to the rapidly changing face of technology and customer needs in high-potential markets such as China, Japan, South Korea, and Australia. Due to advancements in technology and the emergence of new business models as well as new constructions in the developing cities of the region, the PoE lighting market is exhibiting an upbeat outlook. The booming commercial and industrial sectors would further fuel the adoption of PoE lightings in APAC. Furthermore, growth in end-use sectors and mounting investments from government bodies are also favoring the growth of the PoE lighting market in the region. China is projected to witness the highest demand for PoE lighting in the region.
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Driver: Increased adoption in commercial and industrial sectors due to low overheads and maintenance costs
PoE provides power and network connectivity to devices through a single network cable the technology enables end-users to deliver power and data through cables from power sourcing equipment (PSE), such as switches, directly to the network port of connected powered devices (PD), such as LED luminaires. PoE solutions make installation and expansion of a network simpler and cost-effective, especially in buildings where it is too expensive or inconvenient to install new power lines.
Industrial sectors and commercial buildings such as office buildings, warehouses, and retail buildings are increasingly opting for PoE-enabled solutions, which bring benefits such as savings in installation and maintenance costs, low overall design and construction costs, and reduced labor efforts due to the limited amount of Ethernet cables required. PoE is largely considered in commercial applications because of the presence of data networking switches that support thousands of endpoints. The use of PoE lighting in commercial buildings enables the implementation of concepts such as smart buildings that drive efficiency and productivity. According to the University of Michigan, in the US, the commercial building floor space is expected to reach 126.1 billion sq. ft. by 2050, a 39% increase over 2017 levels. The growing commercial floor space holds significant potential for PoE lighting vendors.
PoE-enabled lighting solutions are easy, safe and cost-effective to install. The ability to reuse the existing IT networking infrastructure is one of the biggest reasons driving the use of such solutions in commercial spaces. . For instance, in 2018, CompuCom saved USD 275,000 on electrical labor and wiring by powering its global 151,000 sq. ft headquarters in Charlotte, NC, US with PoE lighting. PoE enables IT personnel and even end-users to install additional LED light sources at almost any location. PoE lighting offers a more cost-efficient option for automated lighting and helps to manage the power supply for devices through a centralized switch. The growing use of PoE lighting in the commercial and industrial sectors is expected to boost the PoE lighting market.
Restraint: Hight initial costs of PoE equipment and accessories
The initial capital investment required for setting up a PoE network is high. This is mainly due to the high cost of Ethernet switches that use PSE (Power Sourcing Equipment) over traditional counterparts; and the cost of maintenance power sourcing equipment. Additional equipment, such as switches, injectors, splitters, ethernet cables, and PoE jacks, are also required. The cost of procuring these components also adds to the total initial costs. This is one of the major barriers to the growth of the PoE lighting market. While, in the long run, the PoE network can be more cost-effective, the uncertainty about the return on investment also proves to be a retraining factor.
The PoE lighting market in APAC projected to have the highest CARG during the forecast period (2021-2026)
The PoE lighting market in APAC comprises China, Japan, Australia, South Korea, and the Rest of APAC, which primarily includes India, Indonesia, Singapore, Taiwan, Malaysia, Thailand, Vietnam, Bangladesh, and the Philippines. This region is expected to have the highest CAGR during the forecast period. It is expected to be the fastest-growing market for PoE lighting during the forecast period. The PoE lighting market has enormous growth potential in this region, as connected lighting systems are rapidly being adopted in various applications, especially in smart offices/workspaces.
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 cost-effective land, good infrastructure, and abundant workforce to attract investments in industrial development. China is expected to lead the PoE lighting market in APAC owing to the availability of cost-effective land for setting up manufacturing plants as well as for new constructions of commercial spaces, presence of multiple lighting manufacturers, and continuing growth in commercial and industrial buildings as well as smart offices. The country has expertise in manufacturing lighting equipment and adopts technologies at a faster rate than other nations in the region. Rapid economic growth in China, India, Japan, and South Korea is expected to propel the APAC PoE lighting market in the coming years.
Some of the major companies in the PoE lighting market are Signify Holding (Philips Lighting) (Netherlands), Hubbell Inc. (US), Cisco Systems (US), H.E. Williams (US), Molex (Koch Industries) (US), Ubiquiti Networks Inc. (US), Siemon (US), Silvertel (UK), NETGEAR (US), Ideal Industries (Cree) (US), Herbert Waldmann GmbH & Co. Kg (Waldmann Lighting) (Germany), Prolojik (UK), Innovative Lighting (GENISYS) (US), Deco Lighting (US), Wipro Lighting (India), Axis Lighting (Canada), Igor Inc. (US), ALLNet GmbH (Germany) and NuLEDs (US).
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