Comfort & Lighting - Malta | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$674.2k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.96%, resulting in a projected market volume of US$1.3m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 25.0k users by 2029.
Household penetration will be 6.2% in 2024 and is expected to hit 10.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$49.00.

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 Malta is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances. Customers in Malta have shown a strong preference for energy-efficient and sustainable lighting solutions, driving the demand for smart lighting technologies.

Additionally, the increasing focus on comfort and wellness has led to the adoption of innovative comfort solutions in residential and commercial buildings. Customer preferences in Malta are shifting towards energy-efficient and sustainable lighting solutions. This is driven by a growing awareness of the environmental impact of traditional lighting technologies and the desire to reduce energy consumption.

Customers are increasingly opting for LED lighting systems, which offer superior energy efficiency and longer lifespan compared to traditional incandescent bulbs. The demand for smart lighting solutions is also on the rise, as customers seek greater control and customization options for their lighting systems. The ability to adjust lighting levels and colors remotely through smartphone apps is particularly appealing to tech-savvy customers.

In addition to lighting, customers in Malta are placing a greater emphasis on comfort and wellness in their living and working spaces. This trend is driving the adoption of innovative comfort solutions such as smart thermostats, automated blinds, and air purification systems. These technologies not only enhance the comfort and convenience of the living environment but also contribute to energy savings and improved indoor air quality.

Customers are increasingly seeking integrated comfort and lighting solutions that can be controlled through a single interface, further driving the demand for smart home automation systems. The local special circumstances in Malta, such as its small size and high population density, have contributed to the rapid development of the Comfort & Lighting market. The compact nature of the country makes it easier for businesses to reach a large customer base, while the high population density creates a favorable market for innovative solutions.

Additionally, Malta's strong commitment to sustainability and renewable energy has created a supportive environment for the adoption of energy-efficient lighting and comfort technologies. The government has introduced various incentives and regulations to promote the use of energy-efficient products, further driving the market growth. Underlying macroeconomic factors, such as the growing construction industry and increasing disposable income, are also driving the development of the Comfort & Lighting market in Malta.

The construction sector is experiencing significant growth, with numerous residential and commercial projects underway. This has created a strong demand for lighting and comfort solutions in new buildings. Furthermore, the rising disposable income of Maltese consumers has enabled them to invest in high-quality lighting and comfort products, driving the market growth.

Overall, the Comfort & Lighting market in Malta is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for energy-efficient and sustainable lighting solutions, as well as integrated comfort technologies, is driving the market forward. The supportive regulatory environment and the growing construction industry further contribute to the market growth in Malta.

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.