The thermostatic faucet market size has also experienced significant growth in recent years, expected to rise from $10.07 billion in 2023 to $11.08 billion in 2024, at a CAGR of 10.1%. This historic growth can be attributed to the rising demand for energy-efficient home appliances, an increase in green building projects, concerns regarding scalding accidents, growth in hospitality sector investments, and a rise in luxury hotel construction. Looking ahead, the thermostatic faucet market size is projected to grow to $16.39 billion in 2028, with a CAGR of 10.3%. The anticipated growth during this forecast period is driven by increasing urbanization, construction activities, an emphasis on hygiene and touchless solutions, rising disposable incomes, and greater awareness of water conservation. Key trends in the forecast period are likely to include technological advancements, smart home technologies, touchless solutions, water-saving technologies, and the integration of internet of things (IoT) technology.
Global Thermostatic Faucet Market Key Driver
The rise in residential housing is anticipated to boost the thermostatic faucet market. Population growth and urbanization are key drivers, with thermostatic faucets enhancing convenience and safety in home plumbing systems. According to the Australian Bureau of Statistics, the number of new private houses rose by 3.7% from December 2023, highlighting a growing market for residential plumbing innovations.
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Global Thermostatic Faucet Market Segments
The thermostatic faucet market covered in this report is segmented –
1) By Product: Single Lever, Two Handle, Other Products
2) By Distribution Channel: Online, Offline
3) By End User: Commercial, Residential
By Geography:The regions covered in the thermostatic faucet market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the thermostatic faucet market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Thermostatic Faucet Industry Players
Ferguson PLC, LIXIL Corporation, Masco Corporation, Kohler Co. Inc., Rocca Sanitario, Sinosteel Corporation, Grohe AG, Moen Inc., Delta Faucet Company, Hindware Home Innovation Limited, Cera Sanitaryware Ltd., Rohl LLC, Speakman Company, Pfister, Paini Spa Rubinetterie, Jaguar Group, Alton Bath Decor Private Limited, Colston Bath, Sento, Neenan Company Showroom
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Thermostatic Faucet Market Overview
A thermostatic faucet is a type of faucet that automatically maintains a set water temperature by blending hot and cold water. It uses a thermostatic valve to regulate the water temperature, ensuring it stays consistent regardless of changes in water pressure or temperature from the supply. These faucets are commonly used in showers, baths, and sometimes sinks, providing comfort and safety.
Thermostatic Faucet Global Market Report 2023 provides data on the global thermostatic faucet market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The thermostatic faucet market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
