Comfort & Lighting - Azerbaijan | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$4.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.84%, resulting in a projected market volume of US$9.4m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 201.7k users by 2029.
Household penetration will be 5.2% in 2024 and is expected to hit 9.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$42.73.

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 Azerbaijan is experiencing steady growth due to several factors. Customer preferences for energy-efficient and sustainable lighting solutions, coupled with the increasing demand for smart home technologies, are driving the market forward.

Additionally, local special circumstances, such as government initiatives to promote energy conservation and the growing construction industry, are further boosting the market. Customer preferences in Azerbaijan are shifting towards energy-efficient and sustainable lighting solutions. With a growing awareness of environmental issues and the need to reduce energy consumption, consumers are opting for LED lighting products that offer long-lasting performance and lower energy consumption compared to traditional incandescent bulbs.

Moreover, the demand for smart home technologies is on the rise, with consumers looking for lighting solutions that can be controlled remotely or integrated with other smart devices for enhanced convenience and energy management. Trends in the market reflect the global shift towards energy-efficient lighting solutions. LED lighting is gaining popularity in Azerbaijan due to its numerous advantages, including energy efficiency, longer lifespan, and reduced maintenance costs.

The market is witnessing a shift from traditional lighting fixtures to LED products, both in residential and commercial sectors. Furthermore, the integration of smart lighting systems with home automation technologies is becoming increasingly common, allowing users to control their lighting settings through mobile apps or voice commands. Local special circumstances in Azerbaijan are contributing to the growth of the Comfort & Lighting market.

The government has implemented initiatives to promote energy conservation and reduce carbon emissions, which include the phasing out of inefficient lighting products and the promotion of energy-efficient alternatives. These initiatives have created a favorable environment for the adoption of LED lighting solutions. Additionally, the construction industry in Azerbaijan is booming, with numerous residential and commercial projects underway.

This has led to an increased demand for lighting solutions, further driving the market growth. Underlying macroeconomic factors also play a role in the development of the Comfort & Lighting market in Azerbaijan. The country's stable economic growth and rising disposable incomes have increased consumer spending power, allowing individuals to invest in home improvement projects and upgrade their lighting systems.

Furthermore, the government's focus on diversifying the economy and attracting foreign investments has led to increased construction activities, creating a demand for lighting solutions in both residential and commercial sectors. In conclusion, the Comfort & Lighting market in Azerbaijan is witnessing steady growth driven by customer preferences for energy-efficient and sustainable lighting solutions, the increasing demand for smart home technologies, local special circumstances such as government initiatives and the booming construction industry, and underlying macroeconomic factors such as stable economic growth and rising disposable incomes.

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.