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Thermostatic Faucet Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global thermostatic faucet products market was valued at USD 8.8 billion in 2022 and is expected to expand at a CAGR of 6.2% from 2023 to 2030. Over the past few years, thermostatic faucets have gained immense popularity, owing to their ability to regulate water temperature automatically. The thermostatic faucet has a thermostat, which is a device that maintains the temperature to a preset level. This type of faucet is equipped with a thermostatic cartridge, a flow regulator, and a temperature memory feature. Moreover, the thermostatic faucet is available in a wide range of designs and finishes, which makes them a popular choice for residential and commercial users.
The increasing focus on product innovation is expected to drive the market growth. Key players are introducing technologically advanced products to cater to the changing needs of customers. For instance, in June 2021, Moen launched the U by Moen Smart Faucet, a voice-activated kitchen faucet that can be remotely controlled and provides users with a range of personalization options. Additionally, the product is equipped with a range of sensors that offer temperature and flow control, as well as automated scheduling.
The growing acceptance of smart homes is expected to drive the growth of the market in the forecast period. Smart thermostatic faucets offer convenience, comfort, and safety to users, making them an ideal choice for smart home applications. Furthermore, the increasing demand for automated kitchen and bathroom systems is expected to boost the market growth. Moreover, the introduction of advanced features such as motion sensors, temperature control, and remote control is likely to fuel the demand for thermostatic faucets.
Furthermore, the growing demand for water-saving faucets is expected to drive the market growth. The rising awareness about water conservation and efficient use of water is encouraging customers to opt for water-saving products. Key players are introducing efficient water-saving faucets that offer a steady flow of water at a preset temperature. Additionally, the increasing demand for energy-efficient products is expected to drive the market growth.
The growing preference for luxury products is expected to offer lucrative opportunities to the market. Key players are introducing luxury thermostatic faucets with advanced features such as LED lighting, temperature sensors, and water flow regulators. Furthermore, the increasing demand for green building initiatives is expected to boost the market growth. The growing trend of sustainable construction and development is encouraging the use of energy-efficient products. Additionally, the implementation of stringent water efficiency standards is expected to fuel the market growth.
Product Insights
The manual thermostatic faucets segment held the largest market share in 2021. These thermostatic faucets come with a manual temperature control option that allows a user to control the temperature of the water. The manual thermostatic faucets are the most commonly used in households, and their affordability and easy installation have been driving their demand in the market. According to a study published by the University of Melbourne in 2019, about 70% of households prefer manual thermostatic faucets for their bathrooms.
The touchless thermostatic faucets segment is projected to expand at the fastest CAGR of 5.2% over the forecast period. The growing demand for convenience and the increasing need for hygiene are the major factors driving the growth of the segment. Furthermore, the increasing adoption of smart technologies in households and the availability of advanced features such as voice control are contributing to the growth of the segment. According to an article published by Houzz Inc., in April 2020, about 80% of households are opting for touchless thermostatic faucets for their bathrooms.
Distribution Channel Insights
The home improvement stores segment accounted for a major share of the thermostatic faucet products market in 2022. This segment is anticipated to expand at the highest CAGR of 8.8% over the forecast period, owing to the rising demand for home improvement projects from consumers. The increasing need for energy-efficient solutions for water supply systems and the availability of a wide range of thermostatic faucet products in these stores are driving the growth of the segment.
The online segment is expected to witness the highest growth rate over the forecast period. The rising trend of online shopping and the availability of various online platforms, such as Amazon and eBay, are driving the growth of the segment. Moreover, the increasing popularity of online marketing strategies among manufacturers and wholesalers is expected to boost segment growth.
Type Insights
The manual thermostatic segment accounted for the largest revenue share of 57.2% in the year 2022. The segment’s dominance is mainly attributed to the increasing demand for thermostatic faucets among residential customers. The use of manual thermostatic faucets in kitchen and bathroom applications is increasing due to their ease of use and cost-effectiveness. Additionally, the increasing demand for non-touch faucets in the residential segment is further propelling the growth of the manual thermostatic segment.
The digital thermostatic segment is expected to witness the highest CAGR of 9.2% over the forecast period. The increasing technological advancements in the thermostatic faucets have enabled the development of digital thermostatic faucets with features such as automatic temperature control, safety protection, and digital touchpad. These features have increased the comfort and convenience of using digital thermostatic faucets, thus driving the growth of the segment. Additionally, the surge in the demand for digital thermostatic faucets in commercial applications is further driving the market.
Regional Insights
The Asia Pacific is expected to be the fastest-growing region in the market due to the rapid industrialization and urbanization in the region. The rising infrastructural developments and the increasing disposable incomes of the population are expected to drive the market in this region. Moreover, the presence of numerous local and regional manufacturers of thermostatic faucet products is expected to further fuel the regional demand.
Europe is also expected to witness steady growth in the coming years. The presence of established players, such as Triton Boilers, Hansa, and U.K. Bathroom Store, is expected to offer lucrative opportunities for the market in the region. Furthermore, the increasing adoption of thermostatic faucet products for residential and commercial applications is expected to drive the market in the region.
North America is expected to be the third-largest market for thermostatic faucet products. The presence of prominent players, such as Moen Inc., Delta Faucet Company, and American Standard, is expected to drive the market in this region. Moreover, the increasing demand for affordable and energy-efficient solutions is expected to further boost the market in this region.
Financial Projections
In this part of the thermostatic faucet products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your thermostatic faucet products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for a thermostatic faucet products business come from the sale of products to customers, wholesalers, and retailers. Other sources of revenue may include commission on sales, repair services, installation services, and licensing fees.
Projecting Expenses
In this section, all the regular expenses related to keeping the thermostatic faucet products business running will be described. The list of operating expenses includes salaries, rent, utilities, advertising, inventory costs, insurance policies, and other overhead costs.
Key companies & market share insights
Some of the key companies operating in the thermostatic faucet market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Moen Inc. launched its U by Moen Shower System, featuring a thermostatic shower controller with a digital display.
– In September 2022, Kohler Co. launched its Sensate kitchen faucet with a built-in thermostatic valve.
– In October 2022, Delta Faucet Company launched its Ara collection of thermostatic shower faucets with a modern design.
Some of the prominent players in the thermostatic faucet market include:
– Moen Inc.
– Kohler Co.
– Delta Faucet Company
– Grohe AG
– American Standard
– TOTO
– Hansgrohe
– Speakman
– Gerber Plumbing Fixtures, LLC
– Roca Sanitario S.A.
Global Thermostatic Faucet Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global thermostatic faucet products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Sensor Faucets
– Manual Faucets
– Electronic Faucets
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Single Handle
– Double Handle
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the factors driving the global thermostatic faucet products market?
[A]: The global thermostatic faucet products market is driven by factors such as the increasing demand for energy-efficient fixtures, the growing preference for smart and connected thermostatic faucets, and the rising popularity of thermostatic faucet products due to their improved performance, durability, and aesthetic appeal.
[Q]: Who are the leading players in the global thermostatic faucet products market?
[A]: Leading players in the global thermostatic faucet products market include Kohler Co., LIXIL Group Corporation, Moen Incorporated, American Standard Brands, Hansgrohe, TOTO Ltd., and GROHE AG.
[Q]: What are the major application segments of the global thermostatic faucet products market?
[A]: The major application segments of the global thermostatic faucet products market are residential and commercial.
[Q]: What are the key regional markets in the global thermostatic faucet products market?
[A]: The key regional markets in the global thermostatic faucet products market are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
[Q]: What are the key trends in the global thermostatic faucet products market?
[A]: The key trends in the global thermostatic faucet products market include the increasing adoption of digital technologies, such as touchless and voice-controlled faucets, and the growing demand for thermostatic faucet products with enhanced features.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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