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The global POE (Power over Ethernet) LED lighting market size is projected to reach 544.8 million units by 2026. The surge in demand for advanced devices installed with POE LED lighting is boosting the market. As per Fortune Business Insights report, titled “POE LED Lighting Market Size, Share and Industry Analysis, by End Users (Commercial (Retail, Healthcare, and Education), Industrial and Residential} and Geography Forecast, 2019 2026,” the market was estimated to be 192.3 million units in 2018 and is further anticipated to rise at a stellar CAGR of 14.1% during 2019 to 2026.
On the basis of end user, the global POE LED lighting market is classified into industrial, residential, and commercial sector. Further segmentation of commercial sector includes retail, healthcare, and education sectors. Of these, the commercial segment is leading the market because of the increasing demand for VOIP and need for applying security cameras in various retail, education, and healthcare sectors.
Advent of Artificial Intelligence Encourages Market Growth
Major factors driving the global POE LED lighting market growth are the rise in adoption of advanced lighting systems, especially in smart buildings, introduction of automation, and increase in number of connected devices for homecare, industrial, or commercial settings. This, accompanied by the advent of technological advancement such as artificial intelligence in lighting systems, is considered a major growth driver of the global market. Smart technologies such as artificial intelligence, in integration with POE technology, will permit personalization in lighting. With availability of personalization in POE LED lighting technology, we can connect to devices such as Alexa, Siri, and other virtual assistants or control devices, and this will ultimately promote global Power over Ethernet LED Lighting market growth.
Additionally, the advent of Li-Fi technology will also help the market for POE LED lighting generate attractive revenues during the forecast period. Li-Fi technology is a cost-effective way of using advanced wireless communication to POE LED lighting. With the help of this technology, LED lights can transmit data in a wireless format. Besides this, the increasing initiative to develop smart city is also expected to provide opportunity for POD LED Lighting market in the forecast period. The demand for POE LED lighting is anticipated to increase from industries such as oceans lighting, aircraft carriers, traffic lights, retail industries, and others.
Introduction of SpiceBox is Intensifying Prevailing Competition
Major companies operating in the global POE (Power over Ethernet) LED Lighting market are focusing on developing POE connecting lighting solutions. To cite an example, an advanced POE controlled module called SpiceBox was launched by NuLEDs in 2017 in order to deliver management and power capabilities for LED fixtures. SpiceBox is a networking device and has a unique MAC and IP address which delivers power to POE LED lighting. Such innovations are likely to bring lucrative growth opportunities for the future market.
Other strategies adopted by market players include company collaborations, increasing use of artificial intelligence in POE LED lighting, mergers and acquisitions with power management companies and others. Some of the other players operating in the global POE LED Lighting market include Signify Holding (Philips), NuLEDs, Inc., Igor, Inc., Eaton lighting, Akros Silicon, Inc., Texas Instruments Incorporated, Platform tics INC., Maxim Integrated Products, Inc., GENISYS POE LED lighting Systems, Cisco Systems, Inc., and others.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/power-over-ethernet-poe-led-lighting-market-101666
Global Power over Ethernet (POE) LED Lighting Market Scope & Table of Segmentation
Volume (Million Units)