Over the past few years, the plumbing business is flourishing, which is encouraging growth in the global kitchen faucets marker. This information was published in a report, titled “Kitchen Faucets Market Size, Share and Global Trend By Product, By Installation Type, By Material, By Number of Faucet Holes and By Geography Forecast till 2025.” Several traditional kitchen faucet manufacturers are planning to develop advanced faucets to fulfil their customer requirements. This will further attract new customers with the rising demand for modern kitchens across the world.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/kitchen-faucets-market-100455
Rapid Expansion of Residential Sector Boosts the Market in North America
North America is anticipated to maintain its dominance in the global kitchen faucets market throughout the forecast years. In 2017, the market in the region was worth US$ 2011.6 Mn. The rapidly expanding residential sector in this region is the foremost factor enabling growth in the market. With the help of advanced technology, the adoption of new kitchen faucets is increasing with an aim to enhance the design and look of kitchens. This is further expected to stimulate the growth of the market and increase the demand for faucet taps in the forthcoming years.
Analysis by Top Key Players:
- Lixil Group Corporation
- Hansgrohe Group
- Masco Corporation
- Fortune Brands
- Spectrum Bands
- Roca Sanitario, S.A.
- Jaquar Group
Apart from North America, Asia Pacific is also expected to register strong demand for kitchen faucets in the forecast years. Moreover, the region was valued at US$ 1440.5 Mn in the year 2017. Change in the standard of living and rising per capita income are seeing a shift in the buying pattern of customers., which is likely to create attractive growth opportunities in the market. In addition to this, growing urbanization in countries such as Japan, India, China, and Singapore are likely to uplift the market’s growth by 2025. The market in Asia Pacific is expected to experience a CAGR of 7.5% during the forecast period.
Growing Demand for Technologically Developed Hands-free Faucets Bodes Well for the Market
The rising demand for sophisticated, convenient, and environmental-friendly faucets is augmenting demand for kitchen faucets. “Companies are increasingly focusing on improvements in the plumbing industry and setting new standards in electronic water fixtures,” said a lead analyst at Fortune Business Insights. This, as a result, will give rise to innovative and advanced kitchen faucets over the next few years.
Among different types of kitchen faucet products which include Pull-Out Faucet, Pull-Down Faucet, Bar Faucets, Hands-free Faucet, and Pot Filters, the demand for hands-free faucets is expected to fuel by 2025. The adoption of sensor-enabled hands-free faucets is likely to increase in the forthcoming years as they have the ability to save water and extended battery life.
Rapid digitization in kitchen faucets has caught the attention of several users. Introduction of touchscreen kitchen faucets is expected to bode well for the market. The added advantages of hands-free faucets such as cost-effectiveness and energy savers are contributing to the growth of the market.
Koehler’s Cloud-based Konnect Platform Sets New Standards in the Faucets Industry
Jaquar Group, Lixil Group Corporation, Masco Corporation, Hansgrohe Group, Spectrum Bands, Fortune Brands, Roca Sanitario, S.A., and TOTO are some of the leading players operating in the global kitchen faucets market. Several large and small scale players are planning to set up manufacturing units in order to upgrade their production processes. In addition to this, manufacturers are trying to target the urban population by introducing premium kitchen faucets products such as faucet taps in the market. In 2018, Koehler announced the introduction of Koehler Konnect Platform. This platform is based on Microsoft’s Azure platform enabled with the internet of things (IoT) cloud solutions. Koehler’s products consist of Sensate faucet which operates on voice commands or touch-screen interactions. This platform allows a user to monitor water usage and track its consumption on a daily basis. Other companies are also working on to develop new kitchen faucets to survive the competition.