Comfort & Lighting - Ghana | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$10.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.79%, resulting in a projected market volume of US$19.9m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 512.2k users by 2029.
Household penetration will be 3.3% in 2024 and is expected to hit 5.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$36.30.

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 Ghana has been experiencing steady growth in recent years, driven by increasing customer preferences for modern and energy-efficient lighting solutions. With a rising middle class and growing urbanization, there is a growing demand for comfortable and well-lit living spaces in the country.

Customer preferences in the Comfort & Lighting market in Ghana have been shifting towards more energy-efficient and sustainable lighting solutions. Consumers are becoming more aware of the environmental impact of traditional lighting options and are opting for LED lights, which are not only more energy-efficient but also have a longer lifespan. Additionally, there is a growing demand for smart lighting systems that allow users to control their lighting remotely and customize the ambiance of their living spaces.

Trends in the market include the adoption of LED lighting solutions in both residential and commercial buildings. LED lights are not only more energy-efficient but also provide better quality lighting compared to traditional incandescent or fluorescent bulbs. The government of Ghana has also been promoting the use of LED lights through various initiatives, further driving their adoption in the market.

Another trend in the Comfort & Lighting market in Ghana is the increasing popularity of solar-powered lighting solutions. With Ghana's abundant sunlight, solar-powered lights offer a sustainable and cost-effective alternative to traditional lighting options. These lights are particularly popular in rural areas where access to electricity may be limited.

Local special circumstances in Ghana, such as frequent power outages, have also contributed to the growth of the Comfort & Lighting market. Consumers are looking for lighting solutions that can provide backup power during these outages, leading to an increased demand for products like solar-powered lights and rechargeable LED bulbs. Underlying macroeconomic factors, such as Ghana's steady economic growth and increasing disposable income, have also played a role in the development of the Comfort & Lighting market.

As more people have the means to invest in comfortable and well-lit living spaces, the demand for lighting solutions has increased. In conclusion, the Comfort & Lighting market in Ghana is experiencing growth due to customer preferences for energy-efficient and sustainable lighting solutions, as well as the increasing demand for comfortable living spaces. Trends in the market include the adoption of LED lighting and solar-powered solutions, while local special circumstances such as power outages have also contributed to market growth.

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.