Comfort & Lighting - Panama | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$3.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.65%, resulting in a projected market volume of US$7.2m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 160.2k users by 2029.
Household penetration will be 8.6% in 2024 and is expected to hit 15.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$42.22.

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 Panama is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Comfort & Lighting market in Panama are shifting towards more energy-efficient and sustainable products.

Consumers are becoming more conscious of their environmental impact and are actively seeking products that reduce energy consumption and promote sustainability. This has led to an increased demand for LED lighting solutions and smart home automation systems that can be controlled remotely and optimize energy usage. Additionally, consumers are also looking for products that enhance comfort and convenience, such as adjustable lighting options and automated temperature control systems.

Trends in the Comfort & Lighting market in Panama are being influenced by global and regional market trends. The growing popularity of smart home technology, driven by advancements in Internet of Things (IoT) and artificial intelligence, is driving the adoption of smart lighting solutions in Panama. These solutions offer features such as voice control, motion sensors, and customizable settings, providing users with a seamless and personalized lighting experience.

Furthermore, the increasing focus on wellness and well-being is driving the demand for lighting solutions that can mimic natural light and promote better sleep patterns. Local special circumstances in Panama are also contributing to the development of the Comfort & Lighting market. The country's rapid urbanization and infrastructure development are creating opportunities for the installation of modern lighting systems in residential, commercial, and public spaces.

The government's initiatives to promote energy efficiency and sustainability are also driving the adoption of energy-efficient lighting solutions. Additionally, Panama's growing tourism industry is creating a demand for high-quality lighting and comfort solutions in hotels, resorts, and other hospitality establishments. Underlying macroeconomic factors, such as the country's stable economic growth and increasing disposable income, are also fueling the development of the Comfort & Lighting market in Panama.

As the economy continues to grow, consumers have more purchasing power and are willing to invest in products that enhance their living spaces and improve their quality of life. Furthermore, the government's favorable business environment and investment incentives are attracting international companies to enter the market, leading to increased competition and product innovation. In conclusion, the Comfort & Lighting market in Panama is experiencing growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

The shift towards energy-efficient and sustainable products, the adoption of smart home technology, and the focus on wellness and well-being are driving the demand for innovative lighting and comfort solutions in Panama. With the country's stable economic growth and favorable business environment, the market is expected to continue to expand 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.