Hands-Free Faucet Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends
Posted by ramtbrc on May 30th, 2024
Overview and Scope
Hands-free faucets, also known as touchless or automatic faucets, are innovative plumbing fixtures designed to enable users to activate water flow without physical contact. They typically utilize sensors to detect the presence of hands or objects, enhancing hygiene and water conservation.
Sizing and Forecast
The hands-free faucet market size has grown strongly in recent years. It will grow from .18 billion in 2023 to .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 .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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Segmentation & Regional Insights
The hands-free faucet market covered in this report is segmented –
1) By Type: Deck Mounted Faucet, Wall Mounted Faucet
2) By Application: Bathroom, Kitchen, Other Applications
3) By End User: Commercial, Residential
Asia-Pacific was the largest region in the hands-free faucet market in 2023. The regions covered in the hands-free faucet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the hands-free faucet market are 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
The hands-free faucet market report table of contents includes:
1. Executive Summary
2. Hands-Free Faucet Market Characteristics
3. Hands-Free Faucet Market Trends And Strategies
4. Hands-Free Faucet Market - Macro Economic Scenario
5. Global Hands-Free Faucet Market Size and Growth
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32. Global Hands-Free Faucet Market Competitive Benchmarking
33. Global Hands-Free Faucet Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hands-Free Faucet Market
35. Hands-Free Faucet Market Future Outlook and Potential Analysis
36. Appendix
