Dubai, UAE, March 09, 2023 (GLOBE NEWSWIRE) -- A recent market analysis by Extrapolate has anticipated that the global Faucets Market previously valued at USD 41.24 billion in 2021 is projected to reach USD 67.64 billion by 2030 at a robust CAGR of 7.9% during the forecast period driven by technological advancements that have transformed the way people experience living.
As a result, there is an increasing demand for eco-friendly and efficient products. One popular option is touchless faucets, which are both hygienic and water-conserving, making them desirable for residential and commercial use.
As people become more conscious of their impact on the environment, there is a growing trend towards eco-friendly products, including faucets. This trend is expected to continue as end users seek more sustainable home and business options. Furthermore, the construction industry is also expected to play a crucial role in driving demand for faucets. The National Association of Home Builders reports that the industry's contribution to the global GDP is over 9%, which will likely translate into increased faucet demand. As construction continues to grow, the demand for faucets is expected to increase proportionally.
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“Metro Atlanta leads the United States’ 15 largest metro areas in the efficient indoor use of water. On average, people reduce their water usage by about 15% when using faucets with sensors.” said Joe Fazio, the general manager of Flume Data Labs, a California-based firm that collects real-time data to monitor residential water supply.
Competitive Landscape:
The competitive landscape of the global faucets market is relatively fragmented. To sustain in the highly competitive and relatively fragmented market, manufacturers opt for various growth strategies.
- In March 2022, Blanco, the German-engineered market-leading brand of kitchen solutions, announced the release of its functional accessories and faucet finishes. Adopting innovative e-commerce channels and strategic marketing campaigns also positively affects the faucets market.
- In January 2022, Moen launched a smart faucet with a new function of entirely hands-free and used gestures to control the flow and temperature. With technological advancements in product innovations and process automation, key players seek to improve production capacity to increase sales and boost revenue growth.
Key Players:
- Aquasource Faucet
- Fortune Brands
- Franke Home Solutions
- Gerber Plumbing Fixtures LLC
- Jaquar
- Kohler Co
- LIXIL Corporation
- Masco Corporation
- Paini
- Roca Sanitario, S.A
- Sloan Valve Company
- Spectrum Brands Inc.
- TOTO LTD.
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Key Insights
- The bathroom segment is to experience significant growth with rising demand in the hospitality sector.
- Increasing demand for touch-free faucets around the globe to conserve water and support sustainability.
- The commercial faucet segment witnessing a surge in the demand from hotels, restaurants, hospitals, railways, and more.
- North America is projected to dominate the market share with rising disposable income among populations and increasing demand for smarter homes.
Deeper Insights into Application:
- Kitchen
- Bathroom
Global Faucets Market to Witness Highest Demand from Bathroom Segment
The bathroom segment is expected to witness a significant increase over the forecast period owing to the rising demand for faucets in bathroom applications. The increasing demand for the growing hospitality sector and the expansion of the real estate industry, are also contributing to the growth of the faucets market.
The demand for bathroom accessories is surging in recent years owing to the introduction of modern innovative technologies to manufacture a wide range of digital and electronic faucets for the domestic and commercial sectors. For instance, the COVID-19 pandemic surged the demand for hands-free faucets to limit the spread of the virus.
The market is experiencing rapid growth by consumers demanding improved functional smart faucets while also adding to the aesthetic value of bathrooms and kitchens. The simplicity of usage, comfort, and compactness of innovative design combinations are driving the demand for customized bathroom faucets worldwide.
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Segmentation by End-User:
- Residential
- Commercial
- Industrial
Commercial Segment to Dominate Global Faucets Market with Early and Prompt Adoption of Advanced Technology
Commercial end users have held a leading position in recent years, with early and prompt adoption of technologically advanced products. Touchless faucets are popular in commercial establishments to reduce the spread of germs and save water.
Style is also important, with businesses seeking modern, sleek designs that complement their interior decor. In line with this, manufacturers offer customizable options, allowing businesses to tailor their faucets to their needs. Technological advancements are also transforming the faucet market for commercial end-users, with IoT technology enabling remote monitoring of water usage, temperature, and maintenance, reducing water waste and maintenance costs. Voice-activated faucets are gaining popularity, providing an easier way for people with disabilities or those with full hands to use the sink. Advanced materials such as ceramic discs are also used to make faucets more durable. These innovations are expected to continue driving growth in the commercial faucet industry.
North America to Retain Leading Position in Global Faucets Market
Research analysts at Extrapolate have predicted that North America is expected to retain the highest revenue share with increasing expenditure on house renovations and the upgradation of smart housing features. The rising disposable income has enabled people to spend on household renovations and repairs, which is projected to generate exponential faucets market growth. This is also driving the demand for smart and multipurpose faucets for increasing commercial building constructions and renovations in the residential sectors across the North American region.
On average, the homeowner population residing in urban areas in developed nations, including the United States, Canada, and others, spends approximately USD 5,000-10,000 to upgrade their homes to become more innovative and fancier. One of the most desired smart products includes bathroom accessories equipped with modern innovative technologies to improve the quality and functionality of faucets.
With rising technological adoption rates and the presence of key players, the expenditure on residential and commercial renovations is also expected to emerge in Europe. For instance, in January 2022, Daniel Rubinetterie launched “Reflex”, a new faucet collection expanding its kitchen and bathroom applications in multiple industries.
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Major Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Faucets Market
Chapter 5. Global Faucets Market Overview, By Type, 2017 - 2030 (USD Million)
Chapter 6. Global Faucets Market Overview, By Mount, 2017 - 2030 (USD Million)
Chapter 7. Global Faucets Market Overview, By Material, 2017 - 2030 (USD Million)
Chapter 8. Global Faucets Market Overview, By Application, 2017 - 2030 (USD Million)
Chapter 9. Global Faucets Market Overview, By End-User, 2017 - 2030 (USD Million)
Chapter 10. Global Faucets Market Overview, By Distribution Channel, 2017 - 2030 (USD Million)
...TOC Continued
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