Comfort & Lighting - Suriname

Suriname

Highlights

Revenue in the Comfort & Lighting market is projected to reach US$76.3k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.35%, resulting in a projected market volume of US$149.1k by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 5.2k users by 2029.
Household penetration will be 2.0% in 2024 and is expected to hit 3.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$26.15.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Comfort & Lighting market in Suriname has been experiencing steady growth in recent years. Customer preferences for energy-efficient and sustainable lighting solutions have been driving the demand for innovative products in the market. Additionally, the increasing urbanization and infrastructure development in Suriname have created opportunities for the Comfort & Lighting market to expand.

Customer preferences: Customers in Suriname are increasingly seeking energy-efficient and sustainable lighting solutions. This shift in preference can be attributed to growing awareness about the environmental impact of traditional lighting technologies and the desire to reduce energy consumption. LED lighting has gained popularity in the market due to its energy efficiency, long lifespan, and lower maintenance costs. Customers are also looking for smart lighting solutions that offer convenience and control over lighting settings.

Trends in the market: One of the key trends in the Comfort & Lighting market in Suriname is the adoption of LED lighting solutions. LED lights are known for their energy efficiency and long lifespan, making them an attractive choice for customers. The market has witnessed a significant increase in the availability and variety of LED lighting products, catering to different customer needs and preferences. Additionally, there is a growing demand for smart lighting solutions that can be controlled remotely through mobile apps or voice commands. Another trend in the market is the integration of lighting with other comfort features. Customers are increasingly looking for lighting solutions that can be customized to create different atmospheres and enhance comfort in their homes or workplaces. This has led to the development of lighting systems that can be synchronized with audio systems, temperature control, and other comfort features to create a holistic and personalized experience.

Local special circumstances: Suriname's tropical climate and abundant natural resources present unique challenges and opportunities for the Comfort & Lighting market. The high temperatures and humidity levels in Suriname require lighting solutions that can withstand these conditions without compromising performance or durability. Manufacturers and suppliers in the market need to ensure that their products are suitable for the local climate and can operate efficiently in such conditions. Furthermore, Suriname has a diverse population with different cultural and aesthetic preferences. This diversity influences customer preferences in the Comfort & Lighting market, with some customers preferring traditional or decorative lighting designs, while others opt for modern and minimalist styles. Manufacturers and suppliers need to cater to these diverse preferences to effectively capture the market.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in Suriname is also influenced by underlying macroeconomic factors. Suriname has been experiencing economic growth in recent years, which has led to increased disposable income and consumer spending. This has resulted in a higher demand for comfort and lighting products as customers are willing to invest in improving their living spaces. Furthermore, the government of Suriname has been focusing on infrastructure development, including the construction of residential and commercial buildings. This has created opportunities for the Comfort & Lighting market to supply lighting solutions for these new constructions. The government's emphasis on sustainable development and energy efficiency has also contributed to the growth of the market, as customers are encouraged to opt for energy-efficient lighting solutions. In conclusion, the Comfort & Lighting market in Suriname is witnessing growth due to customer preferences for energy-efficient and sustainable lighting solutions, increasing urbanization and infrastructure development, and underlying macroeconomic factors such as economic growth and government initiatives. LED lighting and smart lighting solutions are among the key trends in the market, while the diverse population and tropical climate present local special circumstances that manufacturers and suppliers need to consider.

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.