Comfort & Lighting - Guinea | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$1.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.72%, resulting in a projected market volume of US$2.1m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 83.9k users by 2029.
Household penetration will be 1.8% in 2024 and is expected to hit 3.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$25.20.

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 Guinea is experiencing significant growth due to several key factors.

Customer preferences: Customers in Guinea are increasingly valuing comfort and lighting solutions that enhance their quality of life. With rising disposable incomes and a growing middle class, consumers are willing to invest in products that provide a comfortable living environment and improve their overall well-being. This has led to an increased demand for a wide range of comfort and lighting products, including air conditioning systems, lighting fixtures, and smart home technologies.

Trends in the market: One of the major trends in the Comfort & Lighting market in Guinea is the adoption of energy-efficient solutions. As consumers become more conscious of their environmental impact and energy costs, they are seeking products that are not only comfortable but also energy-efficient. This has led to a growing demand for LED lighting fixtures and energy-efficient air conditioning systems that help reduce electricity consumption. Another trend in the market is the integration of smart technologies. Smart home solutions that allow consumers to control their comfort and lighting systems remotely through smartphone apps or voice commands are gaining popularity in Guinea. These technologies offer convenience and customization options, allowing consumers to create personalized comfort and lighting settings based on their preferences.

Local special circumstances: Guinea's tropical climate plays a significant role in driving the growth of the Comfort & Lighting market. The country experiences high temperatures and humidity levels throughout the year, making air conditioning systems a necessity for many households and businesses. Additionally, the limited availability of natural light in some areas has led to a higher demand for artificial lighting solutions.

Underlying macroeconomic factors: The growing economy of Guinea is a key driver of the Comfort & Lighting market. As the country continues to develop and urbanize, there is an increasing need for modern infrastructure and comfortable living spaces. This has led to a surge in construction activities, which in turn has boosted the demand for comfort and lighting products. Furthermore, government initiatives to improve access to electricity and promote energy efficiency have also contributed to the growth of the market. The government has implemented programs to expand the national electricity grid and encourage the use of renewable energy sources, creating opportunities for companies in the Comfort & Lighting sector. In conclusion, the Comfort & Lighting market in Guinea is experiencing growth driven by customer preferences for comfort and energy-efficient solutions, as well as the integration of smart technologies. The country's tropical climate and growing economy further contribute to the demand for comfort and lighting products. The government's initiatives to improve access to electricity and promote energy efficiency also play a significant role in 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.