Thermostatic Faucet Market Size, Share & Trends Analysis Report By Product (Single Lever, Two Handle and Others), By End-user (Residential, Commercial), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global thermostatic faucet market size was valued at USD 7,676.42 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.29% from 2021 to 2028. The rise in consumer spending and an increasing number of home renovation projects are propelling the demand for thermostatic faucets. On the other hand, the pandemic has led to disruptions in the supply chain leading to reduced product demand. Strict social distancing measures and restrictions on travel have impacted consumer spending and are anticipated to continue for some time. The pandemic has resulted in developers and manufacturers adopting numerous strategies to acquire steady growth over the forecast period.

The growing residential sector coupled with demand for technologically advanced faucets and changing consumer preferences towards luxury products is a key factor fueling the demand for thermostatic faucets. Furthermore, the rise in usage of thermostatic faucets in hospitals is another factor fostering market growth.

In addition, a rise in the number of construction activities across the globe coupled with increased disposable income levels is also fueling the market growth. According to Houzz Survey, four out of five homeowners in the U.S. have hired professionals for home improvements in 2018 and about 36% hired a construction manager.

End-user Insights

The commercial segment accounted for the largest revenue share of more than 55% in 2020 and is estimated to expand at the fastest CAGR from 2021 to 2028. The commercial sector includes hotels, malls, hospitals, and airports. The developments in plumbing products introduced for the hospitals include easy installation and maintenance, which are helping the authorities to maintain hygiene. For Instance, companies, such as American Standard and Piscataway, have provided basins with Selectronic faucets. Furthermore, sensor faucets limit the usage of water and prevent water stagnation.

In the residential sector, a rise in the number of housing units and customer demand for modern faucets is driving the market. For instance, according to the European Union, the German government has initiated several measures aimed at the development of the country’s housing market. It has allocated Euro 5.0 billion under its housing policies towards the construction of 100,000 rental units in the next four years.

Product Insights

The single lever product segment held the largest market share of over 44% in 2020 and is estimated to register the fastest CAGR from 2021 to 2028. Increasing demand for single-level mixers in the residential sector is the key factor driving the segment. The pandemic has heightened the demand for modern kitchen accessories as most people are working from home. The functionality provided by single-lever mixers is also one of the major factors boosting market demand. Moreover, the rising consumer disposable income levels have paved the way for a luxurious life, which drives the adoption of advanced bathroom and kitchen accessories, thereby driving the demand for thermostatic faucets.

There is an increasing demand for two-handle mixers as its easily available and less expensive than the single-level mixer. The two handle mixers include two taps and a spout. These faucets have different handles to control the hot and cold water, which is mixed through a single spout. Companies are focusing on providing high-quality products to their consumers. For instance, TempAssure Thermostatic valve technology helps in monitoring temperature and automatically adjusts to the optimized temperature.

Regional Insights

In 2020, North America held the largest revenue share of more than 31% and will expand at a steady CAGR from 2021 to 2028. The growing demand for bathroom and kitchen accessories is driving the demand for thermostatic faucets. Furthermore, increasing awareness regarding water conservation is fueling the demand for thermostatic faucets in the region. In 2006, Environmental Protection Agency (EPA) in the U.S. announced Water Sense Program, which certifies products that use less than 20% water. The model has helped in saving over 1.5 trillion gallons of water and USD 32.6 billion on bills.

On the other hand, Asia Pacific is expected to be the fastest-growing market from 2021 to 2028. The growth is attributed to the rise in construction activities across the residential and commercial sectors in the region. Daiwa House Industry, a construction firm in Japan, specializing in industrialized housing, has adopted generative design solutions that simulate building requirements, such as design objectives, materials, manufacturing methods, and cost restrictions, to produce multiple design iterations that help optimize land.

Key Companies & Market Share Insights

Companies in the market are focusing on expanding their business in countries, such as India and Brazil, to gain market presence. The growing trend of home renovation coupled with rising competition among key players is a major factor that supports new market entrants. Several companies are adopting strategies, such as mergers and acquisitions, as an effective way of maintaining or increasing market share. For example, in May 2020, Masco Corp. acquired SmarTap A.Y. Ltd. for USD 24 million to provide Masco with a wide range of products in the plumbing division. Some of the prominent players in the global thermostatic faucet market include:

• Grohe AG

• Kohler Co.

• Moen, Inc.

• Cera Sanitaryware Ltd.

• Rocca Sanitario

• Jaguar Group

• Geberit AG

• Reliance Worldwide Corporation Ltd.

• Masco Corp.

• LIXIL Corp.

Thermostatic Faucet Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global thermostatic faucet market report based on product, end user, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Single Lever Mixer

  • Two Handle Mixer

  • Others

• End-user Outlook (Revenue, USD Million, 2016 - 2028)

  • Residential

  • Commercial

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Rest of North America

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • Japan

    • India

  • Central & South America

    • Brazil

    • Central & South America

  • Middle East & Africa

    • South Africa

    • Rest of Middle East & Africa