Thermostatic Faucet Industry Overview
The global thermostatic faucet market size 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.
Thermostatic Faucet Market Segmentation
Grand View Research has segmented the global thermostatic faucet market based on product, end-user, and region:
Based on the End-user Insights, the market is segmented into Residential, Commercial.
- The commercial segment accounted for the largest revenue share of more than 55% in 2020 and is estimated to expand at the fastest CAGR from 2021 to 2028. The commercial sector includes hotels, malls, hospitals, and airports.
- The developments in plumbing products introduced for the hospitals include easy installation and maintenance, which are helping the authorities to maintain hygiene.
- For Instance, companies, such as American Standard and Piscataway, have provided basins with Selectronic faucets. Furthermore, sensor faucets limit the usage of water and prevent water stagnation.
- In the residential sector, a rise in the number of housing units and customer demand for modern faucets is driving the market. For instance, according to the European Union, the German government has initiated several measures aimed at the development of the country’s housing market.
Based on the Product Insights, the market is segmented into Single Lever Mixer, Two Handle Mixers, Others.
- The single lever product segment held the largest market share of over 44% in 2020 and is estimated to register the fastest CAGR from 2021 to 2028. Increasing demand for single-level mixers in the residential sector is the key factor driving the segment.
- The pandemic has heightened the demand for modern kitchen accessories as most people are working from home. The functionality provided by single-lever mixers is also one of the major factors boosting market demand.
- Moreover, the rising consumer disposable income levels have paved the way for a luxurious life, which drives the adoption of advanced bathroom and kitchen accessories, thereby driving the demand for thermostatic faucets.
- There is an increasing demand for two-handle mixers as its easily available and less expensive than the single-level mixer. The two handle mixers include two taps and a spout. These faucets have different handles to control the hot and cold water, which is mixed through a single spout.
Thermostatic Faucet Regional Outlook
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The growing trend of home renovation coupled with rising competition among key players is a major factor that supports new market entrants.
Some prominent players in the global thermostatic faucet market include
- Grohe AG
- Kohler Co.
- Moen, Inc.
- Cera Sanitaryware Ltd.
- Rocca Sanitario
- Jaguar Group
- Geberit AG
- Reliance Worldwide Corporation Ltd.
- Masco Corp.
- LIXIL Corp.
Order a free sample PDF of the Thermostatic Faucet Market Intelligence Study, published by Grand View Research.
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.
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