Smart Lamp Market Expected to Reach $25.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Lamp Market By Type and Application: Global Opportunity Analysis and Industry Forecast, 2023-2032", The smart lamp market was valued at $4.1 billion in 2022, and is estimated to reach $25.1 billion by 2032, growing at a CAGR of 20.1% from 2023 to 2032.  

A smart lamp, also known as a smart light or connected lamp, is a lighting fixture that incorporates advanced technology to offer various features and functionalities beyond traditional lighting. The key defining characteristic of a smart lamp is its ability to connect to a network, typically through Wi-Fi or Bluetooth, and be controlled remotely or automated through a smartphone, tablet, voice commands, or other compatible devices.

Smart lamp offer users the ability to control their lighting remotely through smartphone apps or voice commands. When integrated into a larger smart home ecosystem, users can control not only their lamps but also other connected devices, creating a seamless and convenient way to manage their home environment. Integration with security systems is a significant factor driving demand for smart lamp industry. These lamps can be programmed to simulate occupancy when homeowners are away, deterring potential thieves. They can also be set to turn on or flash during security alerts, providing visual cues for potential threats. Smart lamp can be synchronized with entertainment systems to create immersive lighting experiences. For example, they can change colors and brightness levels to match the mood of music or movies, enhancing the overall entertainment experience at home.

The growth of industry standards and protocols like Zigbee, Z-Wave, and Thread has made it easier for different smart devices, including smart lamps & floor lamp, to communicate and work together seamlessly within a smart ecosystem. This interoperability encourages consumers to invest in multiple smart devices for their homes. As the smart home market continues to expand, competition among manufacturers has led to innovations in smart lamp technology and more affordable options. This has made it increasingly attractive for consumers to integrate smart lamp market demand into their overall smart home setup.

However, smart lamp often collect data about user preferences, usage patterns, and may even have cameras or microphones for features like voice control. The mishandling or unauthorized access to this data can lead to serious privacy concerns. Consumers may hesitate to adopt smart lamp if they fear their personal information will be compromised.

Smart lamp, like any connected device, can be susceptible to hacking attempts. If not properly secured, malicious players could gain access to these devices, potentially disrupting their functionality or using them as entry points to infiltrate the broader network. This risk may deter potential customers. The lack of standardized security protocols in the IoT industry can make it difficult for consumers to assess the security of smart lamps and other devices. Without clear standards and certifications, it is challenging to differentiate between products with robust security measures and those that are less secure.

Smart lamp market growth are equipped with sensors and automation features that adjust lighting levels based on factors like ambient light or movement and time of day. This not only saves energy but also reduces light pollution, making cities more environmentally friendly and cost-effective. Smart lamps integrate with other smart city technologies, such as surveillance cameras and emergency notification systems. They illuminate specific areas when motion is detected, improving safety and security in urban environments.

Smart lamp can be remotely monitored and controlled, allowing cities to proactively address maintenance issues, detect malfunctions, and optimize maintenance schedules. This is expected to lead to reduced operational costs and improved maintenance efficiency. In some urban areas, smart lighting is being used as part of smart city initiatives to improve energy efficiency and reduce operational costs. Smart lamps with remote monitoring and control capabilities play a role in such projects. Smart lamp market demand can be used in conjunction with traffic management systems to adjust lighting levels on roadways based on traffic flow. This not only saves energy but also contributes to smoother traffic flow and reduced congestion. These factors are anticipated to boost the market growth in the upcoming years.

The smart lamp market share is segmented on the basis of type, application, and region. By type, it is classified into incandescents, halogen, compact fluorescents, linear fluorescents, and LEDs. By application, it is classified into residential, commercial, industrial, and outdoor. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the smart lamp market size report include Honeywell International Inc., Syska, Cree Inc., Acuity Brands Inc., Cisco Systems Inc., Deco Lighting Inc., Eaton, Dialight, Koninklijke Philips N.V., and General Electric.

The report offers a comprehensive analysis of the global smart lamps market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights on the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Smart Lamps Industry

• The pandemic changed consumer spending patterns, with more people prioritizing essential goods over non-essential items like smart lamp market trends. Therefore, sales of smart lamp market analysis has been negatively impacted during the pandemic. This led to delays in production and shortages of certain components, affecting the availability of smart lamps in the market.
• The pandemic highlighted the importance of health & wellness, leading to a growing interest in products that can improve indoor air quality, lighting, and overall well-being. Some smart lamps are designed to provide circadian lighting or UV-C disinfection features, which became more relevant during the pandemic. With the increase in remote work and the need for home office setups, there was a surge in demand for home-related technology products, including smart lamps. Many people invested in smart lighting solutions to improve their work-from-home environments.
• With lockdowns and social distancing measures in place, e-commerce became the preferred shopping method for many consumers. Smart lamp manufacturers and retailers that had strong online presences were better positioned to reach customers.

Key Findings of the Study

• Based on type, the LEDs sub-segment accounted for a dominant market share in 2022 and is projected to have a dominant market share during the forecast period.
• Based on application, the residential sub-segment emerged as the global leader in 2022 and the commercial sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, North America registered the highest market share in 2022 and Asia-Pacific is projected to be the fastest growing during the forecast period.