Smart Home - Papua New Guinea

  • Papua New Guinea
  • Revenue in the Smart Home market is projected to reach US$9.3m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.83%, resulting in a projected market volume of US$16.4m by 2029.
  • Household penetration will be 26.0% in 2024 and is expected to hit 30.4% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$16.24.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Papua New Guinea is experiencing a shift towards more technologically advanced and interconnected homes.

Customer preferences:
Customers in Papua New Guinea are increasingly looking for smart home solutions that offer convenience, security, and energy efficiency. The desire for ease of use and control over home devices remotely is driving the demand for smart home technology in the country.

Trends in the market:
The Smart Home market in Papua New Guinea is witnessing a trend towards the adoption of smart security systems, automated lighting, and energy management solutions. As urbanization increases and disposable incomes rise, more households are investing in smart home devices to enhance their quality of life.

Local special circumstances:
Papua New Guinea's unique geographical landscape, with a mix of urban and rural areas, presents challenges and opportunities for the Smart Home market. In urban centers, the focus is on security and convenience, while in rural areas, the emphasis may be more on energy efficiency and connectivity.

Underlying macroeconomic factors:
The growing middle class in Papua New Guinea, coupled with increasing internet penetration and smartphone usage, is fueling the demand for smart home products. Additionally, government initiatives to promote sustainable living and energy conservation are encouraging the adoption of smart home solutions in the country.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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