Report : Power over Ethernet Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Power Sourcing Equipment (PSE) and Powered Devices (PDs)); Application (IoT Connectivity, Lighting control, Infotainment, Access control and security, Communication Applications, and Others); End User (Residential, Commercial, and Industrial), and Geography
According to the new research report, titled “Power over Ethernet Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Power Sourcing Equipment (PSE) and Powered Devices (PDs)); Application (IoT Connectivity, Lighting control, Infotainment, Access control and security, Communication Applications, and Others); End User (Residential, Commercial, and Industrial)” published by The Insight Partners, the market is expected to reach US$ 1,917.4 million by 2027, registering a CAGR of 11.8% from 2020 to 2027.
Power over Ethernet Market in APAC to Grow at Highest CAGR during 2020–2027
The Power over Ethernet market in APAC is further segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The rise in disposable income and betterment of internet infrastructure in the Asian countries allow individuals to purchase high-end products, including smartphones, laptops, wearables, and tablets. China, India, Indonesia, and Japan are emerging markets with a large number of smartphone users. Currently, there is a high demand for cost-effective and low power-consuming consumer electronic devices with Power over Ethernet connectivity. Policymakers and regulators in both developed and developing countries in APAC are creating favorable growth and investment environment for the development of industrial sector and adoption of advanced technologies such as artificial intelligence (AI), IoT, Blockchain, 5G, and monopole computing. China is contributing a considerable share to the overall Power over Ethernet market in APAC.
The growing telecom sector in APAC, particularly in the developing economies, coupled with increasing mobile and internet penetration, is propelling the Power over Ethernet market in the region. APAC is the fastest-growing market for telecom service providers. Further, voice and data consumption rate in APAC is witnessing significant growth due to the presence of a high number of mobile and broadband subscribers and users, which is resulting in tremendous growth opportunities for the Power over Ethernet providers. Additionally, mobile data and internet traffic is also expected to increase in the region. Furthermore, the mounting adoption of IoT and connected devices has helped telecom operators to continue to grow and provide services beyond connectivity. The Power over Ethernet offerings are ensuring significant benefits such as reduced costs, increased productivity, and automated business processes to customers; moreover, they are driving businesses toward innovative products and services, new lines of business, and new business models.
Further, due to the interruption in supply chain and logistics due to COVID-19 pandemic, the procurement rate of various industrial equipment has been quite affected. India, South Korea, Japan, Vietnam, and others have witnessed a sharp decline manufacturing activities and new projects owing the lack of availability of work force and movement restrictions. Hence, the disruptions in supply of raw materials and components as well as the demand from China and other Asian countries is expected to impact the growth of the market in coming quarters.
Key Findings of the Study
As the governments and businesses realize the significance of technology, various government and private initiatives are emerging worldwide for the development of smart cities. A smart city is characterized by various connected devices such as cameras, sensors, recorders, and other smart devices, which utilize information and communication technologies to provide better public wellbeing, service levels, economic development, and sustainability. Moreover, smart city is known for its enhanced safety levels, efficient public utilities, improved public transport services, efficient utilization of energy, economic development opportunities, and data-driven decision making system, among other benefits. The growing need for optimum utilization of resources to create sustainable development across the world is paving the way for smart cities, which is expected to create growth opportunities for POE market players.