Latest News- Faucet Market: Cartridge is expected to lead the Technology segment during 2024-2028

The Faucet Market is being driven by Increase in luxury homes due to changing consumer preferences and lifestyles

The Faucet Market is expected to grow at a CAGR of 9.03% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 15.58 billion. The advanced air-induced spray technology in the faucet market is designed to atomize water through the use of air, reducing water waste during regular flow. This technique increases the surface area of the dispensed water by breaking it into tiny droplets, resulting in a high-speed mist. Hansgrohe's innovative shower head implementation of this system effectively mixes air into the water, transforming it into an efficient spray. By employing this technology, up to 98% of the water can be saved from bouncing back or draining unutilized. This game-changing approach in the faucet industry optimizes water usage, making it a valuable investment for businesses prioritizing water conservation. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Cartridge
  • Compression
  • Ceramic disc
  • Ball
• End-user
  • Residential
  • Non-residential
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Russia
    • UK
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in luxury homes due to changing consumer preferences and lifestyles
• Increasing construction activities globally
• Growing brand awareness in faucet industry

However, the market also witnesses some limitations, which are as follows:

• Long replacement cycle of metallic products
• Increased competition from unorganized sector in global faucet market
• Rising stringent water management regulations

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Market Scope in Faucet Market Research Report

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Research Analysis Overview

The faucet market is witnessing significant growth with the increasing demand for smart and eco-friendly fixtures in both the kitchen and bathroom sectors. Architects and designers are incorporating smart functionalities such as smartphone control, sensor-based controls, and touchless technology into their projects to meet the evolving needs of modern homes and commercial spaces. Smart faucets, including touchless and digital models, are becoming increasingly popular due to their water-saving mechanisms and improved hygiene standards. Ceramic disc and cartridge technologies ensure durability and ease of use, while eco-friendly features such as low-flow rates and recycled materials add to their appeal. The construction sector, real estate, and population growth are driving the demand for bathroom hardware, including smart faucets. Urbanization and the increasing trend towards customized designs have led to the development of hybrid smart faucets, which combine the aesthetic appeal of traditional designs with the functionality of smart technology. The Reflex faucet collection, for instance, offers touch-free operation, sensor-based controls, and customizable colors and finishes. Smart bathroom accessories, such as touchless soap dispensers and mirrors with built-in lighting and temperature control, are also gaining popularity. Overall, the faucet market is expected to continue growing as consumers seek out innovative and sustainable solutions for their homes and businesses.

Market Research Overview

According to Technavio, the global faucet market is a segment of the expansive global construction materials market, which encompasses businesses engaged in the production of various materials such as sand, clay, gypsum, lime, aggregates, cement, concrete, bricks, and others. The construction materials market, in turn, falls under the broader materials market. The market's size is determined by the consolidated revenue generated by manufacturers and providers of chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products. The burgeoning building and construction industry is a significant growth driver for the global construction materials market, leading to increased demand for construction materials including faucets.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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