Global Thermostatic Faucet Market Research 2024, Forecast To 2033
12 Nov, 2024
The thermostatic faucet market has grown significantly in recent years. It is projected to increase from $10.07 billion in 2023 to $11.08 billion in 2024, with a CAGR of 10.1%. This growth is attributed to the increasing demand for energy-efficient home appliances, the rise in green building projects, concerns over scalding accidents, investments in the hospitality sector, and the growing construction of luxury hotels. The thermostatic faucet market is expected to reach $16.39 billion by 2028, growing at a CAGR of 10.3%. The expansion is driven by urbanization, increasing construction activities, a greater focus on hygiene and touchless solutions, rising disposable incomes, and awareness of water conservation. Key trends include smart home technologies, touchless technology, water-saving solutions, and IoT integration.
Major Driver In The Thermostatic Faucet Market
The rise in residential housing is anticipated to boost the thermostatic faucet market. Population growth and urbanization are key drivers, with thermostatic faucets enhancing convenience and safety in home plumbing systems. According to the Australian Bureau of Statistics, the number of new private houses rose by 3.7% from December 2023, highlighting a growing market for residential plumbing innovations.
Request A Free Sample Of The Thermostatic Faucet Market ReportThermostatic Faucet Market Competitive Landscape
Ferguson PLC, LIXIL Corporation, Masco Corporation, Kohler Co. Inc., Rocca Sanitario, Sinosteel Corporation, Grohe AG, Moen Inc., Delta Faucet Company, Hindware Home Innovation Limited, Cera Sanitaryware Ltd., Rohl LLC, Speakman Company, Pfister, Paini Spa Rubinetterie, Jaguar Group, Alton Bath Decor Private Limited, Colston Bath, Sento, Neenan Company Showroom
Key Thermostatic Faucet Market Trend
Companies in the thermostatic faucet market are focusing on developing sustainable touchless faucets to help reduce water waste. Sustainable touchless faucets offer convenience, hygiene, and energy efficiency while promoting water conservation. For example, in September 2024, Chicago Faucet, a US-based commercial plumbing faucet manufacturer, introduced the EQ Arc, a sustainable touchless faucet. It features a mini-arc spout design and offers a self-sustaining water turbine and battery options. With a flow rate of 0.50 gpm, it optimizes water conservation and includes an optional thermostatic mixing valve to improve temperature control and reduce potential leak points.
Purchase The Global Thermostatic Faucet Market Report Directly And Get A Swift DeliveryGlobal Thermostatic Faucet Market Segmentation
The thermostatic faucet market covered in this report is segmented –
1) By Product: Single Lever, Two Handle, Other Products
2) By Distribution Channel: Online, Offline
3) By End User: Commercial, Residential
By Geography:The regions covered in the thermostatic faucet market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the thermostatic faucet market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Thermostatic Faucet Global Market Report 2024 furnishes information about the global thermostatic faucet market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.