Comfort & Lighting - Guyana | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$614.1k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.38%, resulting in a projected market volume of US$1.2m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 21.2k users by 2029.
Household penetration will be 6.1% in 2024 and is expected to hit 11.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$55.92.

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 Guyana has been experiencing significant growth in recent years. Customer preferences for comfortable and well-lit living spaces, along with the increasing focus on energy efficiency, have been driving this trend.

Additionally, local special circumstances and underlying macroeconomic factors have also played a role in the development of the market. Customer preferences in Guyana have shifted towards creating comfortable and well-lit living spaces. With the increasing awareness of the importance of a comfortable environment for overall well-being, consumers are seeking products and solutions that enhance their comfort levels.

This has led to a growing demand for products such as air conditioners, fans, and lighting fixtures that provide efficient cooling and lighting solutions. In addition to comfort, energy efficiency has become a key consideration for customers in Guyana. With rising energy costs and growing concerns about environmental sustainability, consumers are increasingly opting for energy-efficient products and solutions.

This has led to a surge in demand for energy-efficient lighting fixtures, such as LED lights, which consume less electricity and have a longer lifespan compared to traditional lighting options. The market in Guyana is also influenced by local special circumstances. The country experiences a tropical climate, with high temperatures and humidity levels throughout the year.

This creates a need for effective cooling solutions, such as air conditioners and fans, to maintain comfortable indoor temperatures. Additionally, Guyana has a growing tourism industry, which drives the demand for comfortable accommodations and well-lit public spaces. Underlying macroeconomic factors have also contributed to the development of the Comfort & Lighting market in Guyana.

The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. As a result, consumers have more purchasing power and are willing to invest in products and solutions that enhance their comfort and living standards. Furthermore, the government has implemented initiatives to promote energy efficiency, providing incentives for consumers to adopt energy-efficient products and solutions.

In conclusion, the Comfort & Lighting market in Guyana is experiencing growth due to customer preferences for comfortable and well-lit living spaces, as well as the increasing focus on energy efficiency. Local special circumstances, such as the tropical climate and growing tourism industry, also contribute to the market's development. Additionally, underlying macroeconomic factors, such as steady economic growth and government initiatives, play a role in driving the market's 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.