Smart Home - Suriname

  • Suriname
  • Revenue in the Smart Home market is projected to reach US$573.4k in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.99%, resulting in a projected market volume of US$1,010.0k by 2029.
  • Household penetration will be 49.6% in 2024 and is expected to hit 52.9% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$6.20.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

Suriname, a small country in South America, is gradually embracing the concept of Smart Home technology, following global trends in the tech industry.

Customer preferences:
Surinamese consumers are increasingly drawn to Smart Home devices for their convenience, energy efficiency, and security features. The desire for a more connected and automated living space aligns with the growing demand for such technologies worldwide.

Trends in the market:
The Smart Home market in Suriname is witnessing a gradual but steady growth as more households adopt smart devices like smart lighting, thermostats, and security cameras. This trend is fueled by the increasing availability of these products in the local market and a growing awareness of their benefits among consumers.

Local special circumstances:
One of the unique factors influencing the Smart Home market in Suriname is the country's focus on sustainability and energy efficiency. Surinamese consumers are showing interest in smart devices that help them reduce energy consumption and lower utility costs, aligning with the government's initiatives towards a greener economy.

Underlying macroeconomic factors:
The slow but steady growth of the Smart Home market in Suriname can also be attributed to the country's improving economic conditions. As the economy stabilizes and disposable incomes rise, more consumers are willing to invest in Smart Home technology to enhance their quality of life and modernize their living spaces. Additionally, the increasing availability of internet connectivity and the proliferation of smartphones are making Smart Home devices more accessible to a broader segment of the population.

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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