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Global Faucets Market Size to grow by US$ 67.64 Bn in 2030

The Global Faucets Market is projected to USD 67.64 Billion by 2030 at a CAGR of 7.9% during the forecast period. The demographic shifts are a reflection of broader societal trends that have increased the number of households globally, including industrialization, urbanisation, rising living standards (particularly for older persons), and immigration restrictions. The governments of several nations throughout the world have launched a variety of programmes to give people in the middle class and those with lesser incomes concrete homes. For instance, the Indian government wants to build 11 crore housing units, including projects to make up for the current shortfall of 6 crore units. In addition, by 2022, the government wants to offer homes to every Indian citizen. The need for housing, which is in the region of 5–6 crore units and mostly consists of inexpensive homes, is approximately evenly distributed across urban and rural areas.


Faucets Market

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The Indian government's Smart Cities Mission, which calls for the construction of 100 smart cities, will cost US$ 7.75 billion over the course of the following five years. With the opening of new homes and businesses, it is therefore anticipated that demand for faucets and other products would increase significantly. As the demand for such homes rises, builders have also begun to recognise the value of providing bathrooms with a luxury appearance. As consumers' incomes and propensities to spend grow, they are gradually buying more high-end and technologically advanced things. Because high-end apartments offer superior profits for real estate investors.


Bathroom accessories are among the most important smart items that manufacturers and customers are focusing on more and more. Manufacturers are offering a broad variety of digital and electronic faucets for the home and commercial sectors thanks to the advent of contemporary revolutionary technology. For instance, 'Reflex', a new faucet line for kitchen and bathroom applications, was introduced in January 2022 by Daniel Rubinetterie, a creative maker in Europe.


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The increasing development to build a modern, opulent home also creates a need for renovated kitchen settings, which in turn fuels the market for kitchen products. To assure the use of pure and suitable temperatures for various kitchen needs, the Franke 3-in-1 faucet produced by Franke Kitchen Systems is designed to give hot, cold, and distilled water. Other growth-promoting aspects include a variety of product improvements, such as the creation of touch-free, digital, and hybrid smart faucets with efficiency sensors and temperature metres. An LED temperature display, for instance, is included with the GROHE Plus smart faucet.


The deck segment is expected to dominate the market share of global faucets market owing to the growing usage of deck mount based faucets across industrial and commercial spaces. Based on application, the market is managed categorized into kitchen and bathroom. The bathroom segment is expected to dominate the market share of global faucets market owing to the expanding hospitality sector and the expanding real estate market on a global scale are the main factors driving the demand for faucets for bathroom applications. Global demand for bathroom accessories is mostly driven by the expanding leisure and hospitality industries. Based on end-user, the market is managed categorized into residential, commercial & industrial. The commercial segment is expected to dominate the market share of global faucets market owing to significant expansion of the commercial sector, which includes hotels, restaurants, hospitals, railroads, and other facilities.


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North America region is expected to dominate the market share of global faucets market owing to increased technological adoption rates and presence of market players. The expenditures on residential renovations and repairs are higher than other regions.


KEY INDUSTRY DEVELOPMENTS:


January 2022- Moen launched smart faucet which will feature completely hands-free operation, using gestures to control the temperature as well as flow.


December 2020 – Delta Faucet Company, a division of Masco Corporation acquired Kraus USA to strengthen their product portfolio and customer base.


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