The design, which can function as a floor or table light, features a torch-shaped red lamp encased in a powder-coated steel cage.
Crasset took inspiration from classic hand-held railway lanterns for the design.
"I've always been interested in different types of transport and been fascinated by how magical it must have been when we got light indoors," said the designer, who previously designed a grid-patterned wardrobe for IKEA's 2014 PS collection.
"So it's maybe not surprising that I was inspired by old railway lights when I created the LED multi-use light in the IKEA PS 2017 collection."
A pair of handles lets the LED lamp be carried or hung, and a circular break in the grid-patterned cage allows room for the light to shine without interruption. The steel surrounding also allows the lamp to be placed on its side.
Crasset has previously created claw-like jewellery, modular furniture and concrete lamps shaped like military listening devices.
Each year IKEA produces a PS range aimed at young urban dwellers, with its most recent collection featuring several "no waste" products made from recycled materials.
To create the range IKEA collaborated with 21 designers to put together a set of 60 products, including marbled vases made from re-melted glass and storage units with cage-like surroundings similar to Crasset's lamp. Pieces are designed to be easily moved from home to home.
IKEA was recently revealed by Dezeen Hot List as the design brand that most interests readers. The company has also partnered with Danish design brand Hay on a furniture and design collection that will be revealed in 2017.