Rising adoption of smart lamps in commercial settings, such as hotels, restaurants, and offices is anticipated to drive the growth of the global smart lamp market during the forecast period. The North America region held the majority of the market share in 2022.
WILMINGTON, Del., Jan. 8, 2024 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Smart Lamp Market by Type (Incandescents, Halogen, Compact Fluorescents, Linear Fluorescents, LEDs), By Application (Residential, Commercial, Industrial, Outdoor): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global smart lamp market generated $4.1 billion in 2022, and is anticipated to generate $25.1 billion by 2032, witnessing a CAGR of 20.1% from 2023 to 2032.
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- 180 – Pages
- 124 – Tables
- 49 – Charts
Prime Determinants of Growth
The increasing adoption of smart home technology worldwide, coupled with rising consumer awareness of energy-efficient solutions, is boosting the demand for smart lamps. Additionally, the growing trend of integrating smart lamps into commercial settings, driven by the desire for ambiance control and cost-saving benefits, is further propelling market growth. However, the increasing initial cost of smart lamps acts as a deterrent for price-sensitive consumers. This factor is expected to hamper market growth during the forecast period. On the other hand, the increasing affordability of smart lamps, driven by technological advancements and heightened competition, is expected to unlock growth opportunities in the smart lamp market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$4.1 billion |
|
Market Size in 2032 |
$25.1 billion |
|
CAGR |
20.1 % |
|
No. of Pages in Report |
180 |
|
Segments covered |
Type, Application, and Region |
|
Drivers |
Growing adoption of smart home technology
Increasing consumer focus on environmental sustainability and energy-efficient solutions |
|
Opportunities |
Advancements in smart lamp technology and heightened competition
Rising adoption of smart lamps in commercial settings, such as hotels, restaurants, and offices |
|
Restraints |
High initial cost of smart lamps and associated accessories |
COVID-19 Scenario:
- The COVID-19 pandemic has exerted a profound impact on the growth of the global smart lamp market. While supply chain disruptions have presented challenges, the pandemic has simultaneously acted as a catalyst, driving increased consumer demand for smart home solutions.
- With more individuals working and studying from home, there has been a notable surge in the adoption of smart lamps, especially those offering features like adjustable lighting and remote-control capabilities.
- The closure of physical stores has further accelerated the shift towards e-commerce, prompting smart lamp manufacturers and retailers to enhance their online presence. This changing consumer behavior, along with increased focus on home improvement propelled the market growth during the pandemic period.
Type: LEDs Sub-Segment Expected to Grow Remarkably during the Forecast Period
The LEDs sub-segment dominated the global smart lamp market share in 2022, holding a major share of 56.4%. The sub-segment is expected to observe significant growth, with a CAGR of 20.5% during the forecast period. This is mainly because of the increasing integration ease of LEDs into smart lamp systems, allowing remote control via smartphones and voice assistants like Amazon Alexa and Google Assistant.
Application: Commercial Sub-Segment Anticipated to Grow with Highest CAGR by 2032
The commercial sub-segment observed significant growth in 2022 and is expected to grab a dominant position in the global market by 2032, growing with a CAGR of 21.4%. This growth is mainly due to the increasing adoption of contactless payments in commercial sectors for streamlining transactions, thus offering faster and more efficient checkouts.
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By Region: North America Held the Dominant Position in 2022
The North America region dominated the global Smart Lamp Industry in 2022, holding a major share of 38.7%. This is mainly due to the increasing awareness and adoption of smart home technology among consumers, with a rising interest in remote lighting control through smartphone apps and voice assistants.
Leading Players in the Smart Lamp Market:
- Eaton
- Honeywell International Inc.
- Dialight
- General Electric
- Cisco Systems Inc.
- Syska
- Cree Lighting USA LLC
- Acuity Brands Inc.
- Koninklijke Philips N.V.
- Deco Lighting Inc.
The report provides a detailed analysis of the key players of the global smart lamp market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart lamp market analysis from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart lamp market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart lamp market forecast trends, key players, market segments, application areas, and market growth strategies.
Smart Lamp Market Key Segments:
By Application
- Residential
- Commercial
- Industrial
- Outdoor
By Type
- Halogen
- Compact Fluorescents
- Linear Fluorescents
- LEDs
- Incandescents
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
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