Hands-free Faucet Market to Reach $10.3 Billion, Globally, by 2031 at 5.2% CAGR: Allied Market Research

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Mar 09, 2023, 10:35 ET

PORTLAND, Ore., March 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hands-Free Faucet Market by Type (Sensor Tap, Hardwired Faucet, Battery Faucet, Plug In Faucet), by Application (Bathroom, Kitchen, Others), by End User (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global hands-free faucet industry was valued at $6.3 billion in 2021 and is estimated to generate $10.3 billion by 2031, witnessing a CAGR of 5.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Rise in housing units, global urbanization, modification in customer lifestyle and preferences, growing awareness regarding hygiene, development of smart/hand-free faucets drive the global hands-free faucet market. However, the market's fragmented structure, caused by the existence of numerous small and major sellers, and proliferation of counterfeited industry hinder the global market growth. However, growing urban population, increased industrial investment, and shifting of customer preference toward smart home technology, including electronic appliances, smart faucets, and smart bathrooms, will present new growth opportunities for the global hands-free faucet market in the coming years.

Covid-19 Scenario:

The market for hands-free faucets experienced a slower growth in 2020, due to lockdowns imposed in response to the COVID-19 pandemic.
Global shutdown led to a temporary prohibition on transportation and import/export operations, which disturbed the supply chain.
However, the market is rebounding from the first and second quarters of 2021, as demand of hands-free faucet for infrastructure and household goods has increased.

The sensor tap segment to rule the roost during forecast period

Based on type, the sensor tap segment contributed to the largest share of more than two-fifths of the global hands-free faucet market in 2021 and is projected to maintain its dominance in 2031. Sensor tap's features like modest flow rates, leak proof systems, and aerators in the spout contribute to water conservation. On the other hand, plug in faucet segment is expected to witness the fastest CAGR of 6.9% from 2022 to 2031. Faucet aerators are quite eco-friendly and ideal for water and financial savings. The faucet aerator also reduces the amount of water that comes out of the faucet, which minimizes the amount of water that sprinkles and separates the water as it falls from the faucet and hits the sink. The report also analyzes hardwired faucet and battery faucet segments.

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The bathroom segment garnered the highest share in 2021

By application, the bathroom segment grabbed the highest share of nearly half of the overall hands-free faucet market in 2021. Rising public toiletries and lavatory in various emerging nations has increased the demand for faucets in the market. Furthermore, the kitchen segment is expected to dominate in terms of revenue during the forecast period. This is due to the rising trend of modular kitchens and disposable income, increasing demand for electronic kitchen faucets which save time and can be managed easily by working and independent families. Also, there has been an increase in demand for food service and recreational application faucets from residential and commercial sectors which drive the growth of segment. The others segment is expected to witness the fastest CAGR of 7.0% from 2022 to 2031.

The commercial segment to achieve the highest revenue during the forecast period

Based on end-user, the commercial segment contributed to the largest share of nearly 90% of the global hands-free faucet market in 2021 and is projected to maintain its dominance in 2031. The growth of the segment is driven by a rise in investments in commercial spaces such as airports, hospitals, hotels, and construction projects. Moreover, increased demand for premiumization further propels the demand for faucets in the commercial segment. On the other hand, the residential segment is expected to witness the fastest CAGR of 7.2% during the forecast period. This is due to the growth in demand for single-family housing, which in turn, has surged the demand for new house sales, thereby driving the growth of the residential hand free faucets segment.

Asia-Pacific to achieve the largest revenue and growth by 2031

Based on region, the market in Asia-Pacific was largest in 2021, accounting for nearly three-fifths of the global hands-free faucet market and is projected to maintain its dominance in 2031. Also, the same region is expected to witness the fastest CAGR of 5.7% from 2022 to 2031. The regions' growth is driven by the rise in residential and commercial construction, and surge in government support and initiatives for building homes in the region. The report also discusses North America, LAMEA, and Europe regions.

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Leading Market Players:

Zurn Industries, LLC
Euronics Industries Pvt. Ltd.
Archiproducts
Symmons Inc.
Masco Corporation
Jaquar Group
PlumbMaster
Professional Plumbing Group, Inc.
Kohler Co.
Sloan Valve Company

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