SAN FRANCISCO, July 13, 2021 /PRNewswire/ --The global thermostatic faucet marketsize is expected to reach USD 11.59 billion by 2028, registering a CAGR of 5.29% over the forecast period, according to a new report by Grand View Research, Inc. The COVID-19 pandemic has affected nearly every industry sector. The focus of the consumer has shifted towards daily essentials thereby impacting the non-essential industry like plumbing. Several home renovation activities were put on hold in 2020.
Key Insights & Findings:
The comfort and safety provided by thermostatic faucets is a major factor anticipated to drive the product demand across the globe
Based on product type, the global market is categorized into a single lever, two-handle mixers, and others. The single lever handle segment held the maximum revenue share in 2020 due to high demand for these products in the residential sector
Supportive government plans for affordable housing and low housing loans are major factors encouraging homeowners to invest in home remodeling and refurbishment
Asia Pacific is expected to witness the fastest growth rate from 2021 to 2028 due to the increasing consumer disposable income, availability of advanced products, and rise in the housing & residential construction sector
Several key players in the market are providing modern faucets, which provide aesthetic appeal and are hygienic for usage. Also, the World Health Organization (WHO) has recognized the inadequacies of conservative public toilet design thereby propelling the need for thermostatic faucets in hospitals and other healthcare facilities.
Moreover, product innovation is expected to boost the adoption of thermostatic faucets among consumers. For instance, Delta Faucets provides Touch2O technology, which enables the flow of water to be activated by flouting the capacitance field anywhere around the device. Also, the rise in product offerings via social media and e-commerce platforms is influencing the way consumers purchase products. Many players in the market are pursuing both direct-to-consumer and online channels.
According to the WHO, in several developing countries, the impact of Healthcare-Associated Infections (HAIs) is greater than in developed countries. Also, the advent of smart faucets has lowered frequent contact with the handles thereby making them more hygienic. Companies are increasingly focusing on strategic partnerships as these growth strategies help target a larger audience and increase brand visibility.
Grand View Research has segmented the global thermostatic faucet market based on product, end-user, and region:
Thermostatic Faucet Product Outlook (Revenue, USD Million, 2016 - 2028)
Single Lever Mixer
Two Handle Mixers
Thermostatic Faucet End-user Outlook (Revenue, USD Million, 2016 - 2028)
Thermostatic Faucet Regional Outlook (Revenue, USD Million, 2016 - 2028)
Faucet Market– The global faucet market size is expected to reach USD 28.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period.
Smart Faucets Market– The global smart faucets market size is expected to reach USD 667.3 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.0% over the forecast period.
Smart Bathroom Market– The global smart bathroom market size is anticipated to reach USD 6.69 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.5% from 2020 to 2027.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.