Comfort & Lighting - Luxembourg

Luxembourg

Highlights

Revenue in the Comfort & Lighting market is projected to reach US$1.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.31%, resulting in a projected market volume of US$2.9m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 42.5k users by 2029.
Household penetration will be 14.5% in 2024 and is expected to hit 21.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$61.63.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Comfort & Lighting market in Luxembourg has been experiencing steady growth in recent years. Customer preferences have shifted towards energy-efficient and smart lighting solutions, driving the demand for innovative products in the market. Additionally, the increasing focus on sustainability and the growing awareness of the benefits of comfortable and well-lit spaces have also contributed to the market's development.

Customer preferences: Customers in Luxembourg are increasingly seeking energy-efficient lighting solutions that can help reduce their carbon footprint and lower energy costs. This preference is driven by a combination of environmental consciousness and the desire for long-term cost savings. As a result, there is a growing demand for LED lighting products, which are known for their energy efficiency and long lifespan. Furthermore, customers are also showing a preference for smart lighting solutions that offer convenience and customization. These solutions allow users to control the lighting in their homes or offices remotely through mobile apps or voice commands. The ability to adjust lighting levels, colors, and even create lighting scenes according to personal preferences is becoming increasingly popular among consumers.

Trends in the market: One of the key trends in the Comfort & Lighting market in Luxembourg is the adoption of human-centric lighting solutions. Human-centric lighting takes into account the physiological and psychological effects of light on human beings. It aims to create lighting environments that promote well-being, productivity, and comfort. This trend is driven by the growing understanding of the impact of lighting on human health and performance. Another trend in the market is the integration of lighting with other smart home technologies. As smart home systems become more prevalent, customers are looking for lighting solutions that can seamlessly integrate with other devices and systems. This integration allows for greater control and automation of lighting, enhancing the overall user experience.

Local special circumstances: Luxembourg is known for its high standard of living and its focus on sustainability. The country has set ambitious targets to reduce greenhouse gas emissions and promote energy efficiency. This focus on sustainability has created a favorable environment for the development and adoption of energy-efficient lighting solutions in the market. Additionally, Luxembourg has a strong financial sector and a high concentration of multinational companies. These companies often prioritize employee well-being and comfort in their office spaces. As a result, there is a demand for lighting solutions that can create comfortable and productive work environments.

Underlying macroeconomic factors: Luxembourg has a stable and prosperous economy, which has contributed to the growth of the Comfort & Lighting market. The country's high GDP per capita and low unemployment rate indicate a strong purchasing power and consumer confidence. This favorable economic environment has created a market for high-quality and innovative lighting products. Furthermore, government initiatives and regulations promoting energy efficiency and sustainability have also played a role in the market's development. Incentives and subsidies for energy-efficient lighting solutions have encouraged consumers and businesses to adopt these products, further driving market growth. In conclusion, the Comfort & Lighting market in Luxembourg is experiencing growth driven by customer preferences for energy-efficient and smart lighting solutions. The adoption of human-centric lighting and the integration of lighting with other smart home technologies are also shaping the market. Local special circumstances, such as the country's focus on sustainability and the presence of multinational companies, contribute to the market's development. Additionally, the stable and prosperous economy, as well as government initiatives promoting energy efficiency, provide a favorable environment for 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.