Comfort & Lighting - Burkina Faso

Burkina Faso

Revenue in the Comfort & Lighting market is projected to reach US$2.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.00%, resulting in a projected market volume of US$5.5m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 184.3k users by 2029.
Household penetration will be 2.4% in 2024 and is expected to hit 4.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$28.06.

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Analyst Opinion

The Comfort & Lighting market in Burkina Faso has been experiencing significant growth in recent years.

Customer preferences: Customers in Burkina Faso have shown a strong preference for energy-efficient and cost-effective comfort and lighting solutions. This can be attributed to the increasing awareness about the importance of sustainable and environmentally friendly products. Customers are also looking for products that are easy to install and maintain, as well as those that offer a high level of functionality and convenience.

Trends in the market: One of the key trends in the Comfort & Lighting market in Burkina Faso is the growing demand for solar-powered solutions. This can be attributed to the country's abundant sunlight and the increasing availability of solar panels and other related products. Solar-powered comfort and lighting solutions not only help customers save on electricity bills but also contribute to reducing the carbon footprint. Another trend in the market is the increasing adoption of smart home technology. Customers are increasingly looking for comfort and lighting solutions that can be controlled remotely through their smartphones or other smart devices. This allows them to have greater control over their comfort and lighting settings and enhances the overall convenience and flexibility of their homes.

Local special circumstances: One of the special circumstances in Burkina Faso is the limited access to electricity in certain areas. This has led to a higher demand for off-grid comfort and lighting solutions. Customers in these areas rely heavily on solar-powered products to meet their comfort and lighting needs. The government has also been implementing initiatives to improve access to electricity in rural areas, which is expected to further drive the demand for comfort and lighting products.

Underlying macroeconomic factors: The Comfort & Lighting market in Burkina Faso is influenced by several macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income levels. This has allowed customers to invest more in comfort and lighting products, driving the demand in the market. Furthermore, the government has been focusing on improving the infrastructure in the country, including the electricity sector. This has led to an increase in the availability of electricity, especially in urban areas, which has further fueled the demand for comfort and lighting products. In conclusion, the Comfort & Lighting market in Burkina Faso is witnessing strong growth due to customer preferences for energy-efficient and cost-effective solutions, the increasing adoption of solar-powered and smart home technologies, limited access to electricity in certain areas, and underlying macroeconomic factors such as economic growth and infrastructure development.

Methodology

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.