According to a report by Fortune Business Insights, the global POE LED Lighting market will rise from a value of 192.3 Million Units in 2018 to 544.8 Million Units by the end of 2026. The forecast period is set from 2019 to 2026 and the market for POE LED Lighting is anticipated to rise at a CAGR of 14.1%. According to Fortune Business Insights, the rise in adoption of advanced lighting system in smart buildings and infrastructures is boosting the global POE LED Lighting systems market.
Fortune Business Insights report on POE LED Lighting market is titled, “POE LED Lighting Market Size, Share and Global Trend by End Users (Commercial (Retail, Healthcare, and Education), Industrial and Residential} and Geography Forecast till 2026 “. The report focusses on major growth drivers and restraints affecting the market globally. All information provided in this report is gathered from trusted sources including both primary and secondary mediums.
POE lighting solutions illuminate about more than 1 billion square feet of commercial spaces. POE lighting systems reduces the cost of energy upto 90%, at a low capital investment, and therefore are attracting huge revenue to the global POE LED Lighting market. In the past few years POE technology has been used in numerous devices and applications.
Some of the companies operating in the global POE LED Lighting market are as follows:
Commercial Sector Emerges Dominant in Market
As per Fortune Business Insights, the commercial segment held the largest share in global POE LED Lighting market in terms of revenue. This is attributable to the fact that POE transmits data and power simultaneously in commercial applications. The increasing demand for VOIP and security cameras for various commercial industries such as education sector, healthcare sector, and others is another factor helping the commercial segment emerge dominant in the global market.
Europe to Show Significant Growth on Account of Increasing Demand for LAN Switching Technology
Geographically, North America is holding the highest percentage of global POC LED Lighting market share, followed by Europe. This is because of the strong presence of technology providers and quick adoption of core technologies such as natural language processing, machine learning, and others in North America.
On the other side, the market in Europe will witness rise in demand for LAN switching technology across various industry verticals and thus show significant POE LED Lighting market growth in the forecast period.
Major companies operating in the global POE LED Lighting market are making huge investments for developing POE connected lighting solutions. They are also adopting other strategies such as merger and acquisition, company collaborations, and investment in advanced technology for better productivity and revenue generation.
For instance, SpiceBox, an advanced form of POE control Module was launched in 2017 by NuLEDs, Inc. SpiceBox is a device used for networking and has a unique MAC and IP address. This module was developed to help in smooth delivery of management and power capabilities for LED fixtures. Such innovations are likely to provide lucrative growth opportunities for the global POC LED Lighting market in the foreseeable future.