Comfort & Lighting - Albania | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$2.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.16%, resulting in a projected market volume of US$5.0m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 104.8k users by 2029.
Household penetration will be 7.7% in 2024 and is expected to hit 13.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$44.56.

Definition:

Comfort & Lighting market includes devices for the improvement of the living atmosphere. These are devices such as sensors and actuators (e.g., door and window sensors, shutters) as well as connected and remote controllable light sources (smart bulbs) or garage door controls.
Programmable or controllable power sockets are not included (see Control & Connectivity).

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Philips, Google, Ring Samsung, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Digitally connected and controlled devices for living atmosphere improvement
Smart lighting/bulbs
Window/door sensors (e.g., Ring Alarm Pack), shading devices (e.g., Lutron Caséta), garage door controls (e.g., Meross Smart WiFi Garage Door Opener)

Control buttons, gateways/hubs
Smart TVs
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

The Comfort & Lighting market in Albania is experiencing steady growth due to increasing customer preferences for energy-efficient and smart lighting solutions.

Customer preferences: Customers in Albania are increasingly looking for lighting solutions that are not only aesthetically pleasing but also energy-efficient. This shift in preferences is driven by the rising awareness of the environmental impact of traditional lighting technologies and the desire to reduce energy consumption. LED lighting has gained popularity in the market due to its long lifespan, low energy consumption, and ability to provide various color options. Additionally, customers are also showing interest in smart lighting solutions that can be controlled remotely through smartphone applications or voice commands.

Trends in the market: One of the key trends in the Comfort & Lighting market in Albania is the adoption of LED lighting solutions. LED lights are more energy-efficient compared to traditional incandescent or fluorescent lights, resulting in lower electricity bills and reduced carbon emissions. The increasing availability and affordability of LED lights have contributed to their widespread adoption in both residential and commercial sectors. Furthermore, the market is witnessing a growing demand for smart lighting solutions, driven by the convenience and flexibility they offer. Smart lighting systems can be programmed to adjust brightness levels, color temperatures, and even create personalized lighting scenes, enhancing the overall comfort and ambiance of a space.

Local special circumstances: Albania has made significant progress in improving its energy infrastructure and reducing energy consumption in recent years. The government has implemented various initiatives to promote energy efficiency, including the introduction of energy-saving regulations and incentives for the use of energy-efficient lighting solutions. These efforts have created a favorable environment for the growth of the Comfort & Lighting market in the country. Additionally, the increasing urbanization and development of commercial spaces in Albania have also contributed to the demand for lighting solutions.

Underlying macroeconomic factors: The Comfort & Lighting market in Albania is influenced by several macroeconomic factors. The country's economic growth and rising disposable incomes have led to increased consumer spending on home improvement and renovation projects, including lighting upgrades. Furthermore, the government's focus on sustainable development and energy efficiency has created opportunities for companies operating in the Comfort & Lighting market. The favorable investment climate and supportive policies have attracted both domestic and foreign companies to invest in the market, leading to increased competition and innovation. In conclusion, the Comfort & Lighting market in Albania is witnessing growth driven by customer preferences for energy-efficient and smart lighting solutions. The adoption of LED lighting and smart lighting systems is a key trend in the market, supported by favorable government initiatives and increasing consumer awareness. The market is expected to continue growing as the country's economy expands and the demand for sustainable and innovative lighting solutions increases.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.