Comfort & Lighting - Equatorial Guinea

Revenue in the Comfort & Lighting market is projected to reach US$149.2k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.17%, resulting in a projected market volume of US$302.3k by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 11.2k users by 2029.
Household penetration will be 1.5% in 2024 and is expected to hit 2.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$24.78.

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 Equatorial Guinea is experiencing significant growth and development. Customer preferences for comfortable and well-lit spaces, along with the increasing focus on energy efficiency, are driving this trend.

Additionally, local special circumstances and underlying macroeconomic factors are contributing to the market's expansion. Customer preferences in Equatorial Guinea are shifting towards more comfortable and well-lit spaces. As individuals become more aware of the importance of their well-being, they are seeking environments that promote relaxation and productivity.

This has led to an increased demand for products and solutions that provide optimal comfort and lighting conditions. Customers are looking for innovative technologies and designs that enhance their overall experience. The market is also witnessing a growing emphasis on energy efficiency.

With rising concerns about environmental sustainability and the need to reduce energy consumption, customers are actively seeking energy-efficient lighting solutions. This trend is driven by both environmental consciousness and cost-saving considerations. As a result, there is a growing demand for energy-efficient lighting products that offer long-term savings and lower carbon footprints.

In addition to customer preferences, there are local special circumstances that are shaping the Comfort & Lighting market in Equatorial Guinea. The country's rapid urbanization and infrastructure development have created opportunities for the market to flourish. As more buildings and commercial spaces are being constructed, there is a greater need for comfortable and well-lit environments.

This has led to an increased demand for Comfort & Lighting products and solutions. Furthermore, underlying macroeconomic factors are contributing to the growth of the market. Equatorial Guinea's steady economic growth and increasing disposable income levels have resulted in a higher purchasing power among consumers.

As a result, individuals are more willing to invest in products and solutions that enhance their living and working spaces. This has created a favorable market environment for Comfort & Lighting companies to expand their operations in the country. Overall, the Comfort & Lighting market in Equatorial Guinea is experiencing significant growth and development.

Customer preferences for comfortable and well-lit spaces, along with the increasing focus on energy efficiency, are driving this trend. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the market's expansion. As the market continues to evolve, there will be opportunities for companies to innovate and cater to the changing needs of customers in Equatorial Guinea.

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.