Comfort & Lighting - Cyprus | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$982.3k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.66%, resulting in a projected market volume of US$1.9m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 40.0k users by 2029.
Household penetration will be 4.4% in 2024 and is expected to hit 8.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$46.89.

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 Cyprus has been experiencing steady growth in recent years. Customer preferences in the Comfort & Lighting market in Cyprus are driven by a desire for energy efficiency and convenience.

Consumers are increasingly looking for products that offer both comfort and energy savings. This has led to a growing demand for smart lighting solutions, which allow users to control their lighting remotely and customize it to their preferences. Additionally, there is a strong interest in eco-friendly lighting options, such as LED bulbs, which are known for their energy efficiency and long lifespan.

Trends in the Comfort & Lighting market in Cyprus include the adoption of smart home technology and the increasing popularity of LED lighting. The smart home trend has gained traction in recent years, with more consumers investing in devices that can be controlled through their smartphones or voice assistants. This includes lighting systems that can be adjusted remotely or programmed to turn on and off at specific times.

LED lighting, on the other hand, has become the preferred choice for many consumers due to its energy efficiency and long lifespan. As a result, there has been a shift away from traditional incandescent and fluorescent bulbs towards LED alternatives. Local special circumstances in Cyprus also contribute to the development of the Comfort & Lighting market.

The country's warm climate and long hours of sunlight make it an ideal location for solar-powered lighting solutions. This has led to an increase in the use of solar-powered outdoor lighting in residential and commercial properties. Additionally, the government has implemented initiatives to promote energy efficiency, including subsidies for the installation of energy-saving lighting systems.

These factors have further boosted the demand for comfort and lighting products in the market. Underlying macroeconomic factors, such as population growth and urbanization, also play a role in the development of the Comfort & Lighting market in Cyprus. As the population continues to grow and more people move to urban areas, there is an increased demand for comfortable and well-lit living spaces.

This has driven the construction of new residential and commercial buildings, which require lighting solutions. Furthermore, the growing tourism industry in Cyprus has created a need for high-quality lighting in hotels, restaurants, and other hospitality establishments. In conclusion, the Comfort & Lighting market in Cyprus is experiencing growth due to customer preferences for energy efficiency and convenience.

The adoption of smart home technology and the increasing popularity of LED lighting are key trends in the market. Local special circumstances, such as the country's warm climate and government initiatives, further contribute to market development. Underlying macroeconomic factors, such as population growth and urbanization, also play a role in driving demand for comfort and lighting products in Cyprus.

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.