Global Wireless Smart Lamp Market Size, Share, Growth, and Industry Analysis by Type (White Bulb & Color Changing Bulb), By Application (Commercial, Residential, Industrial, Government and Public & Others) Regional Forecast By 2031

Wireless Smart Lamp Market Report Overview

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The global wireless smart lamp market size was USD 829.1 million in 2022 & the market is expected to reach USD 3,889.61 million in 2031, exhibiting a CAGR of 18.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with wireless smart lamp industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

As they can be smoothly incorporated into the IT network in a building or city infrastructure to share information regarding the status of the operation, wireless smart lamps are also known as connected lighting. For instance, smart street lights that connect to IoT devices ensure safety by providing extensive coverage, environmental monitoring, information on parking and traffic management, and municipal surveillance. Sensors are frequently built into smart lights, making them a point of intelligence for gathering data on activity patterns, sunshine levels, occupancy, temperature changes, or humidity.

For government agencies to respond appropriately and keep an eye out for suspicious conduct, they need this information in order to monitor the city. The development of smart cities, the rise in demand for energy-efficient lighting, and improvements in LED-based lighting solutions can all be attributed to the expansion. The urgent need for intelligent lighting is being pushed by the world energy crisis. The industry is expanding due to factors including rising demand for smart homes, the advantages of customization, and the falling average selling price (ASP) of LED bulbs.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

Manufacturers of semiconductors and electronics experienced issues as a result of the COVID-19 outbreak, including unstable markets, a decline in consumer confidence, and issues with import and export trade. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, labels, and other items has become challenging as a result of lockdowns. The markets for semiconductors were affected financially in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. To address this urgent situation, manufacturers of semiconductors and electronics are focusing on securing their staff, operational procedures, and supply chains. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall semiconductors and electronics industry. This has partially impacted the wireless smart lamp industry.

LATEST TRENDS

"IoT to Boost the Market Growth"

IoT growth is the primary trend driving the market. Wireless smart lamps are made up of a number of interconnected parts, such as lighting fixtures that monitor their physical surroundings and enable users to manage or modify equipment according to their needs. The emergence of the Internet of Things (IoT) and its expanding range of lighting system applications have aided in the market's expansion. The range of applications for smart lighting has also been expanded and diversified thanks to technological developments that make it simple to include features like voice control and ambient sensing into lighting systems. For the networking of essential components, these systems use wired and wireless communication protocols such as Bluetooth, Wi-Fi, ZigBee, DALI, EnOcean, and Sigfox. This trend aids in highlighting the positive outlook of the industry. Thus, a key trend that is opening up potential for the industry to grow is the increase in IoT industry. These new developments are mostly to blame for the market's overall growth.

Wireless Smart Lamp Market Segmentation

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• By Types 

Based on type, the market is classified into White Bulb & Color Changing Bulb.

• By Application

Based on the market is categorized into Commercial, Residential, Industrial, Government and Public & Others.

DRIVING FACTORS

"Energy Crises that Give the Market Extra Boost"

Energy crises are the primary element driving the market upward. Energy prices are rising, the amount of energy available is declining, and people are becoming more concerned about climate change and its potential repercussions as a result of the growing worldwide need for energy. Energy demand is predicted to increase in the next few years in the global economy. Additionally, the risk of climate change associated with the use of fossil fuels has limited the supply of energy. The majority of power used in homes, businesses, and industries is for lighting. This energy problem can be solved by using high-efficiency wireless smart lamps. It is one of the main factors driving consumers toward smart lighting, which is assisting in the market's quick global rise. As a result, the growth, and the increasing in energy crises will boost the market. It will contribute to the expansion of the semiconductor & electronic industry and it will improve the overall wireless smart lamp market growth.

"Advancement in Lighting to Encourage Market Expansion"

The development of lighting is another factor in driving market expansion. Modern lighting control technologies have proliferated during the past few years. There are a variety of opportunities for market participants in the global smart lighting space as a result of the development of sophisticated and cutting-edge automation and lighting control systems using wireless smart lamps and electronic equipment. Lighting controls ensure that lights are turned off when not in use and restrict the quantity of illumination by detecting the brightness of the environment. As a result, the market's sales grow. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"High Cost of Product to Impede Market Expansion"

The high cost of maintenance is the limiting factor for market expansion. The direct and indirect costs spent throughout the course of purchasing or utilizing a product are included in the total cost of ownership. It covers the price of the machinery as well as the price of setup, deployment, operation, upgrading, production, and upkeep. These limitations limit the market's overall growth. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Wireless Smart Lamp Market Regional Insight

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"North America Dominating the Market Across the Globe"

The market for wireless smart lamp in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the wireless smart lamp market share is the growing demand of product use in commercial, residential, industrial, government and public sector is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

LIST OF TOP WIRELESS SMART LAMP COMPANIES

•    Belkin (U.S.)
•    GE (U.S.)
•    Corsair/Elgato (U.S.)
•    Centrica Hive (U.K.)
•    Osram (Germany)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost human parainfluenza viruses diagnostics market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.