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2024 Hands-Free Faucet Market Report : Market Size, Growth Drivers, And Key Trends
Hands-Free Faucet Global Market Report 2024
According to The Business Research Company's, The hands-free faucet market size has grown strongly in recent years. It will grow from $7.18 billion in 2023 to $7.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growing awareness of hygiene and sanitation, increasing concerns over water conservation, the rise of smart home devices, and increasing health and safety regulations.
The hands-free faucet market size is expected to see strong growth in the next few years. It will grow to $10.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to growing health concerns, growing concerns about environmental sustainability, rapid urbanization, demand for sustainable products, and increased adoption in residential. Major trends in the forecast period include integration with smart home ecosystems, enhanced water efficiency, touchless technology advancements, infrastructure development, and Internet of Things (IoT) integration.
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Market Drivers and Trends:
The increasing adoption of smart homes is expected to propel the growth of the hands free faucet market going forward. The adoption of smart homes refers to homeowners' growing acceptance and integration of smart home technologies and devices. It signifies the willingness of individuals or households to embrace the benefits and conveniences offered by a connected and automated living environment. Hands-free faucets can be seamlessly integrated into smart home systems, allowing users to control them remotely via smartphone apps or voice commands. This level of connectivity enhances convenience and accessibility.For instance, in December 2022, according to the reports shared by IoT For All, a US-based technology media platform, the smart home's penetration was around 14% in 2022, and it can reach 25% by the end of 2026. Further, there will be automation in 48.4% of US households by 2025. Therefore, the increasing adoption of smart homes is driving the growth of the smart thermostat market.
Major companies operating in the hands-free faucet market are developing innovative products such as smart faucet with best-in-class motion control technology to enhance the user experience and promote hygiene. A smart faucet with best-in-class motion control technology is a modern and innovative solution for the kitchen that enhances the user experience by improving how we interact with water. For instance, in January 2022, Moen Incorporated, a US-based manufacturer of plumbing products, launched a smart faucet with best-in-class motion control technology, offering completely touchless operation in the kitchen. This innovative faucet features advanced sensor technology that allows touchless operation of both the temperature and water flow through simple hand motions. Smart faucets come with voice-activated and app-based features that provide users with additional control and personalization options.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Lixil Group, Masco Corporation, Kohler Co, TOTO Ltd., Geberit Group, Roca, American Standard Brands, Grohe AG, Moen Incorporated, Zurn Elkay Water Solutions Corporation, Hansgrohe SE, Delta Faucet Company, BLANCO America Inc., Jaquar Group, Pfister, Oras Ltd., Inter IKEA Systems B.V., Symmons Inc., PlumbMaster, PRESTO Group, Professional Plumbing Group Inc., Sloan Valve Company, Stern Engineering Ltd., AXOR, Archiproducts, Euronics Industries Pvt. Ltd., Advanced Modern Technologies Corporation (AMTC), Dawnway Enterprise Co. Ltd., Foshan Jaka Sanitary Ware Co. Ltd., Runner Group
Hands-Free Faucet Market 2024 Key Insights:
• The hands-free faucet market size is expected to see strong growth in the next few years. It will grow to $10.56 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Adoption Of Smart Homes Boost Touchless Faucet Market
• Hands-Free Faucet Manufacturers Innovate With Touchless Sensor Technology To Enhance User Experience And Hygiene
• Asia-Pacific was the largest region in the hands-free faucet market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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