Sensor Faucet is a faucet laced with a proximity sensor and mechanism that enables its valve to open and close in response to the presence of a hand or hands in close proximity. Sensor faucet is used in public washrooms, airports, hotels, and other places. The proximity sensor in the faucet allows water to flow after detecting the presence of hand near the faucet.
Increasing construction of smart buildings worldwide is one of the major factors driving growth of the market
Increasing construction of smart buildings worldwide is one of the major factors driving growth of the sensor faucet market. For instance, according to the Coherent Market Insights’ analysis, the number of smart buildings constructed in 2016 was 5.4 million units and is expected to increase to 107.3 million units by 2021, worldwide. Therefore, increasing construction of smart buildings is expected to propel installation of real- time system that facilitate remote or automatic functioning of systems.
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Furthermore, sensor faucet offers several advantages over manual taps, owing to their water saving and energy efficient ability. Sensor faucets maintain constant temperature of water, which eliminates the need for increasing flow of electricity for changing water temperature. Therefore, these benefits are expected to increase demand for sensor faucet in smart buildings, thereby propelling growth of the market over the forecast period.
Global Sensor Faucet Market: Restraints
Prices of sensor faucets is one of the major factors hindering growth of the market. For instance, according to the Coherent Market Insights’ analysis, the price of normal tap is US$ 13.2 per piece, whereas sensor faucets cost around US$ 201.7 per piece. Such high difference in the costs of normal and sensor faucets is expected to adversely affect demand for sensor faucets.
Global Sensor Faucet Market: Regional Insights
The market for sensor faucet in Asia Pacific is expected to witness significant growth with highest CAGR over the forecast period. This is owing to increasing development of smart city and government initiatives for smart city projects in emerging economies such as India and China. For instance, in 2015, Government of India launched ‘100 Smart Cities Mission’, which is expected to further increase construction of smart buildings. Therefore, increasing construction of smart buildings contributes to high demand for installation of sensor faucets in the buildings. Moreover, increasing disposable income and changing lifestyle of consumers has led to adoption of solutions that are more convenient to operate. For instance, according to the Coherent Market Insights’, disposable income of consumers in India in 2017 was US$ 2.63 billion, which increased from US$ 2.27 billion in 2016. Therefore, all these factor are expected to drive growth of the market in Asia Pacific.
Global Sensor Faucet Market: Competitive Landscape
The global sensor faucet market is highly fragmented due to the presence of several established and regional players. Major players operating in the global sensor faucet market include, LIXIL Group Corporation, Masco Corporation, Moen Incorporated, Jaquar, Kohler Corporation, Oras Limited, Pfister, Gessi S.p.A., Delta Faucet, Inc., and Roca Sanitario, S.A.
Key players are focused on adopting product development strategies in order to increase their share in the market. For instance, in May 2018, the Moen launched Essie pull down kitchen faucet. These faucets are equipped with touchless sensor that allow flow of water only after detecting the hand near faucet.