Comfort & Lighting - Panama

Panama

The projected revenue for the Comfort & Lighting market in Panama is expected to reach US$3.6m in 2024.
This represents the estimated market size for this specific segment.
Furthermore, it is anticipated that the revenue will experience a compound annual growth rate (CAGR) of 15.61% from 2024 to 2028.
This growth rate will contribute to a projected market volume of US$6.5m by 2028.
In alignment with the growth of the market, the number of active households in the Comfort & Lighting market is predicted to reach 155.5k users by 2028.
This indicates the increasing adoption of smart home technology within households in Panama.
The household penetration rate, which measures the percentage of households that have adopted smart home technology, is expected to be 7.1% in 2024.
However, this rate is projected to rise significantly, reaching 12.0% by 2028.
This suggests a growing interest and demand for Comfort & Lighting market products among households in Panama.
Currently, the average revenue per installed Smart_Home is expected to amount to US$42.22.
This metric provides insight into the average amount of revenue generated from each smart home installation within the Comfort & Lighting market.
When comparing the global market, it is worth noting that in the United States generates the most revenue in the Comfort & Lighting market.
In 2024, in the United States is projected to generate US$3,715.0m in revenue.
This indicates the dominance of the United States in terms of market size and revenue generation within this segment.
Panama's comfort and lighting market is booming, fueled by the country's rapid urbanization and increasing disposable income.

Key regions: Norway, Sweden, Denmark, United States, South Korea

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Analyst Opinion

The Comfort & Lighting segment includes devices such as door and window sensors or shutters as well as smart bulbs. Because almost all devices in this segment are relatively cheap and especially smart bulbs are easy to install, the products from this segment are used as a market entry by customers. Depending on the specific product, several companies dominate the market. In the field of smart bulbs, key players are Philips Hue, TP-Link, Lifi Labs or IKEA with Tradfi. Besides the general functions of on/off switches, dimming and color-changing modes, we don't see any major innovations at the time but products of this segment are a bridging technology and will be likely absorbed by the corresponding traditional consumer markets.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.