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Thermostatic Faucet Market Competitive And Growth Analysis 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Thermostatic Faucet Global Market Report 2024
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According to The Business Research Company's, The thermostatic faucet market size has grown strongly in recent years. It will grow from $10.07 billion in 2023 to $11.08 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to rise in demand for energy-efficient home appliances, rise in the number of green building projects, rise in concerns over scalding accidents, growth in hospitality sector investments, and growth in the construction of luxury hotels.
The thermostatic faucet market size is expected to see strong growth in the next few years. It will grow to $16.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to increasing urbanization, increasing construction activities, growing emphasis on hygiene and touchless solutions, rising disposable incomes, and increasing awareness regarding water conservation. Major trends in the forecast period include technological advancements, smart home technologies, touchless technology, water-saving technologies, and internet of things (IoT) technology.
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Market Drivers and Trends:
The rising number of residential houses is expected to propel the growth of the thermostatic faucet market going forward. Residential houses are structures intended for living, such as single-family homes, apartments, and condos. The rising number of residential houses is driven by population growth, urbanization, and government policies. Thermostatic faucets are used in residential buildings to provide an added layer of convenience and safety by maintaining a consistent water temperature, which helps prevent sudden temperature fluctuations and reduces the risk of burns. This ensures a comfortable and reliable user experience, making thermostatic faucets a valuable addition to modern home plumbing systems where safety and efficiency are priorities. For instance, in March 2024, according to the Australian Bureau of Statistics, an Australia-based government agency, there are 30,992 dwellings of private new houses, rising 3.7% from December and an increase of 14.6% since March 2023. Therefore, the rising number of residential houses is driving the growth of the thermostatic faucet market.
Major companies operating in the thermostatic faucet market are focused on developing advanced technologies, such as sustainable touchless faucets, to help reduce water waste. Sustainable touchless faucets enhance user convenience and hygiene, contributing to water conservation and energy efficiency and reflecting the industry's commitment to innovative solutions and eco-friendly practices. For instance, in September 2024, Chicago Faucet, a US-based manufacturer of commercial plumbing faucets, launched EQ Arc, sustainable touchless faucets, a new addition to the EQ Series of hands-free faucets. It presents a sleek mini-arc spout design that merges reliable performance with contemporary aesthetics, making it ideal for commercial restroom environments. It provides versatile power options, including a self-sustaining water turbine and a long-lasting battery, while optimizing water conservation with a flow rate of 0.50 gpm. Additionally, the faucet features an optional integrated thermostatic mixing valve, enhancing temperature control and minimizing potential leak points.
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• 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.
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• 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.
Major Key Players of the Market:
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
Thermostatic Faucet Market 2024 Key Insights:
• The thermostatic faucet market size is expected to see strong growth in the next few years. It will grow to $16.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Growing Demand For Thermostatic Faucets Driven By Residential Housing Boom
• Innovations In Thermostatic Faucets Advanced Technologies For Water Conservation
• North America was the largest region in the thermostatic faucet market in 2023
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