Faucet Market Scope
Faucet is used for delivering water from a plumbing system. It is used to start and stop the running water from the storage tanks to reduce water wastage. It is widely used in kitchens, bathrooms, gardens, hotels, and public places such as railways, airports, and bus stop. Faucets are designed to survive very harsh conditions, including thousands of on-off cycles every year and hard water mineral build-up, and still provide flawless service. There various types of faucets used based on the requirement where they will be fitted for instance, in utility sink faucets of single-handle or wall-mount is used. The innovations in designs and color in faucets have attracted consumer interest to have customized faucets that match their interiors of home and offices.
According to AMA, the Global Faucet market is expected to see growth rate of 7.05%The global faucet market is highly competitive and diversified due to the presence of a large number of regional and international providers across the globe. These providers are progressively focusing on the production of products that have a higher quality to meet the customer’s expectations such as high performance, reliability, and timely delivery. Research Analyst at AMA estimates that United States, Europe, and Asian Countries Vendors will contribute to the maximum growth of Global Faucet market throughout the predicted period.
Moen Incorporated (United States), Franke Holding AG (Switzerland), Delta Faucet Company (United States), American Bath Group, LLC (United States), Gerber Plumbing Fixtures LLC (United States), Grohe America, Inc. (United States), The Jaquar Group (India), Kohler Co. (United States), ProFlo (India), TOTO LTD (Japan), American Standard Brands (United States) and LIXIL Group Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Fortune Brands Home & Security, Inc.(United States), Hansgrohe SE (German), Spectrum Brands (United States), Zucchetti Rubinetteria S.p.A (Italy) and Roca Sanitario S.A (Spain).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Faucet market by Type (Manual Faucet and Electronic Faucet), by Application (Bathroom, Kitchen and Others) and Region with country level break-up.
On the basis of geography, the market of Faucet has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In May 2019, GRAFF launched M.E. Faucet Collection, developed in brass, featuring extremely low nickel and lead content. The product meet “green” standards and complies with the most restrictive drinking water regulations as well the criteria required for the protection of health and the environment.
Market Trend
- Trend to Shift From Traditional Faucets to Sensor-based Faucets
Market Drivers
- Increasing Modernization of Home Bathrooms and Kitchens
- Expanding Residential Sector in North America and Asia Pacific Regions
- Increasing Number of Installation of Faucets in Commercial Places such as Hotels, Shopping Malls, and Other Public Areas
Opportunities
- Growing Preference for Smart Faucets
- Increasing Investments on Luxury Homes and Remodeling
- Growing Demand for Customized Bathroom Faucets
- Development of Technology Equipped Faucets
Restraints
- High Installation Cost
- Fluctuating Raw Material Prices
Challenges
- Dominance of Local Manufacturers
Analyst View
The growing penetration for use of sensor in faucets has increased the market demand for faucets. These faucets helps to water wastage as well as enables to track its consumption on a daily basis. The rising standard of living will promote the use of faucets in homes.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Faucet Manufacturer, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry