Comfort & Lighting - Finland | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$38.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.71%, resulting in a projected market volume of US$61.8m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 954.9k users by 2029.
Household penetration will be 11.8% in 2024 and is expected to hit 33.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$115.60.

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 Finland is experiencing significant growth due to several factors.

Customer preferences: Customers in Finland are increasingly focused on energy efficiency and sustainability when it comes to comfort and lighting solutions. They are looking for products that not only provide a comfortable living environment but also help reduce energy consumption and carbon footprint. This has led to a rise in demand for smart lighting systems and energy-efficient heating solutions.

Trends in the market: One of the key trends in the Comfort & Lighting market in Finland is the adoption of smart home technology. Smart lighting systems that can be controlled remotely through mobile apps or voice assistants are gaining popularity among Finnish consumers. These systems allow users to customize lighting settings, schedule lighting scenes, and even integrate them with other smart devices in their homes. The convenience and energy-saving benefits of smart lighting are driving its growth in the market. Another trend in the market is the increasing demand for energy-efficient heating solutions. Finland experiences long and cold winters, making heating a crucial aspect of comfort in households. Consumers are looking for heating systems that are not only effective in keeping their homes warm but also consume less energy. This has led to the rise of technologies such as heat pumps and radiant heating systems, which are more energy-efficient compared to traditional heating methods.

Local special circumstances: Finland has a strong focus on sustainability and environmental protection. The country is known for its commitment to renewable energy sources and has set ambitious targets for reducing greenhouse gas emissions. This focus on sustainability extends to the Comfort & Lighting market, where consumers are actively seeking products that align with their values. Companies operating in the market need to ensure that their offerings meet the high standards of energy efficiency and environmental friendliness expected by Finnish consumers.

Underlying macroeconomic factors: Finland has a stable and prosperous economy, which has contributed to the growth of the Comfort & Lighting market. The country has a high standard of living, and consumers are willing to invest in products and solutions that enhance their comfort and well-being. Additionally, the government provides incentives and subsidies for energy-efficient solutions, further driving the demand in the market. In conclusion, the Comfort & Lighting market in Finland is experiencing growth due to customer preferences for energy efficiency and sustainability, the adoption of smart home technology, and the demand for energy-efficient heating solutions. The local focus on sustainability and the stable macroeconomic conditions in Finland are also contributing factors to the market's development.

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.