Comfort & Lighting - Iraq | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$5.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.69%, resulting in a projected market volume of US$11.8m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 345.0k users by 2029.
Household penetration will be 2.8% in 2024 and is expected to hit 4.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$32.51.

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 Iraq has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Comfort & Lighting market in Iraq have been shifting towards more energy-efficient and sustainable solutions.

Consumers are increasingly seeking products that not only provide comfort and lighting but also help them reduce their energy consumption and carbon footprint. This preference for energy-efficient products is driven by growing awareness of environmental issues and the desire to lower electricity bills. Trends in the market are also contributing to the development of the Comfort & Lighting market in Iraq.

One notable trend is the increasing adoption of smart lighting solutions. Smart lighting systems allow users to control and customize their lighting settings, leading to improved energy efficiency and greater convenience. The integration of smart lighting with other smart home technologies, such as voice control and motion sensors, is also gaining popularity among consumers.

Another trend in the Comfort & Lighting market in Iraq is the growing demand for ergonomic and customizable comfort solutions. Consumers are looking for products that provide optimal support and adjustability to meet their individual needs and preferences. This trend is driven by a desire for personalized comfort and improved well-being.

Local special circumstances in Iraq, such as a growing population and urbanization, are also contributing to the development of the Comfort & Lighting market. The increasing urban population is driving the demand for residential and commercial spaces, which in turn fuels the need for comfort and lighting solutions. Additionally, the ongoing infrastructure development projects in Iraq are creating opportunities for the market players to expand their presence and cater to the growing demand.

Underlying macroeconomic factors, such as economic growth and rising disposable incomes, are providing a favorable environment for the Comfort & Lighting market in Iraq. As the economy continues to grow, consumers have more purchasing power to invest in comfort and lighting products. The increasing disposable incomes also enable consumers to afford higher-quality and more advanced products, further driving market growth.

In conclusion, the Comfort & Lighting market in Iraq is developing due to customer preferences for energy-efficient and sustainable solutions, trends in the market such as the adoption of smart lighting and ergonomic comfort solutions, local special circumstances including population growth and infrastructure development, and underlying macroeconomic factors such as economic growth and rising disposable incomes. These factors are expected to continue driving the growth of the Comfort & Lighting market in Iraq in the coming years.

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.