Global thermostatic faucet market was valued at USD 7,676.42 Million in 2020. It is expected to grow at an annual compound growth rate (CAGR of 5.29%) between 2021 and 2028. The demand for thermostatic faucets is increasing due to rising consumer spending and increasing home renovations. However, the pandemic caused disruptions in supply chains which led to lower product demand. Consumer spending has been affected by strict social distancing and travel restrictions. These measures are expected to continue for some time. Developers and manufacturers have adopted many strategies to achieve steady growth during the pandemic.
A key driver behind thermostatic faucets' demand is the growing residential market, as well as increasing demand for high-tech taps and shifting consumer preferences for luxury products. Another factor driving market growth is the increase in hospital use of thermostatic faucets.
The market is also being driven by an increase in construction activity around the world and an increase in disposable income. Houzz Survey found that four out of five homeowners have hired contractors for home improvement in 2018, while 36% employed a construction manager.
Commercial segment had the highest revenue share, more than 55%, in 2020. It is expected to grow at the fastest CAGR between 2021 and 2028. Commercial includes malls, hotels, hospitals, and airports. Easy installation and maintenance are some of the benefits that plumbing products have brought to hospitals. This is helping authorities maintain hygiene. American Standard and Piscataway have, for example, provided basins with Selectronic taps. Sensor faucets also limit water usage and prevent water stagnation.
The market is being driven by a rise of residential units and increased customer demand for modern faucets. According to the European Union's, the German government initiated several measures that are aimed at developing the country's housing market. It has committed Euro 5.0 billion to the construction of 100,000 rental units over the next four-years under its housing policies.
Single lever products held the largest market share at over 44% in 2020. It is expected to grow at the fastest rate between 2021 and 2028. This segment is driven by the increasing demand for single-level mixers in residential sectors. Modern kitchen accessories are in high demand due to the pandemic. Most people work from home. Market demand is also being driven by the single-lever mixers' functionality. The rising disposable income of consumers has also paved the way to a luxurious lifestyle, which in turn drives the demand for thermostatic faucets.
Two-handle mixers are becoming more popular as they are easier to find and more affordable than single-level mixers. Two taps and a spout are included in the two-handle mixers. These faucets come with different handles that control hot and cold water. The hot and cold water is mixed through one spout. High-quality products are what companies want to offer their customers. TempAssure Thermostatic Valve technology, for example, monitors temperature and adjusts automatically to the optimal temperature.
North America held the largest revenue share at more than 31% in 2020. It will continue to grow at a steady CAGR of 3% between 2021 and 2028. The rising demand for kitchen and bathroom accessories is driving thermostatic faucets' demand. The demand for thermostatic faucets is also increasing due to increased awareness about water conservation. The Water Sense Program was launched by the Environmental Protection Agency (EPA), which certifies products that use less water than 20%. This model has saved over 1.5 trillion gallons and USD 32.6 billion in bills.
Asia Pacific, on the other hand is expected to grow the fastest between 2021 and 2028. This is due to an increase in construction activity in both the residential and commercial sector. Daiwa House Industry is a Japanese construction company that specializes in industrialized housing. They have adopted generative design solutions to simulate building requirements such as design objectives and manufacturing methods. Cost restrictions are also considered. This allows them to create multiple iterations that optimize the land.
To increase market presence, companies in this market are looking to expand their business into countries like India and Brazil. Rising competition and the growing popularity of home renovations are major factors that support new market players. Many companies are using mergers and acquisitions to increase or maintain market share. Masco Corp. purchased SmarTap A.Y. in May 2020. Masco Corp. purchased SmarTap A.Y. Ltd. for USD 24,000,000 to supply it with a broad range of products in its plumbing division. The following are some of the major players in the global thermostatic faucet marketplace:
Grohe AG
Kohler Co.
Moen, Inc.
Cera Sanitaryware Ltd.
Rocca Sanitario
Jaguar Group
Geberit AG
Reliance Worldwide Corporation Ltd.
Masco Corp.
LIXIL Corp.
Up Market Research published a new report titled “Thermostatic Faucet Market research report which is segmented by Product (Two Handle, Single Lever), by End-user (Commercial, Residential), By Players/Companies Cera Sanitaryware Ltd, Geberit AG, Reliance Worldwide Corporation Ltd, Moen Inc, Kohler Co, Masco Corp, LIXIL Corp, Rocca Sanitario, Jaguar Group, Grohe AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Thermostatic Faucet Market Research Report |
By Product | Two Handle, Single Lever |
By End-user | Commercial, Residential |
By Companies | Cera Sanitaryware Ltd, Geberit AG, Reliance Worldwide Corporation Ltd, Moen Inc, Kohler Co, Masco Corp, LIXIL Corp, Rocca Sanitario, Jaguar Group, Grohe AG |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 219 |
Number of Tables & Figures | 154 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Two Handle, Single Lever), by End-user (Commercial, Residential).
Thermostatic Faucet Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Thermostatic Faucet Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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