Smart Bathrooms Market Is Touted to Reach $2,545 Million by 2023
Growth in focus on energy and water conservation, hygiene maintenance, and sustainable development are expected to boost the demand for the global smart bathrooms market. With advancements in technologies, the smart bathrooms market gains an increase in popularity among the commercial and residential sector.
Portland, OR -- (SBWire) -- 01/10/2018 --According to a new report published by Allied Market Research, titled, Smart bathrooms Market by Product, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global smart bathrooms market was valued at from $1,230.29 million in 2016, and is expected to reach $2,517.82 million by 2023, registering a CAGR of 10.7% from 2017 to 2023. Asia-Pacific is expected to exhibit lucrative growth opportunities, owing to the growth in commercial sector, rise in consumer disposable income, and increase in rate of urbanization.
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Rise in consumer disposable income, changes in consumer lifestyle, and increase in investments in building smart and energy efficient homes drive the market. Moreover, continuous demographic increase and high rates of urbanization also fuel the growth of the market. Features included in smart bathrooms market include smart windows, hand dryers, touchless cisterns, smart toilets, touchless soap dispenser, touchless faucets, and others.
Among these accessories, hand dryers market is estimated to be the leading the smart bathrooms market owing to its quick drying ability and hygiene maintenance. Touchless faucets gain traction attributed to its advantage of sensor-enabled performance while maintaining hygiene and conserving water. It is expected to account for a market share of about 24.4% in 2016 and is projected to account for a share of about 26.4% in 2023.
Among its application, commercial segment is expected to generate the maximum revenue in the global market during the forecast period, and is expected to account for a share of about 57% in 2023. Residential sector is expected to register the fastest CAGR during the forecast period, thereby accounting to an increase of market share from about 41.6% in 2016 to about 43% in 2023.
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Key Findings of the Smart Bathrooms Market:
- The global smart bathrooms market is expected to grow at the CAGR of 10.7% during the forecast period, thereby expanding the opportunities for the smart bathrooms industry.
- The touchless faucets, among the various smart bathroom features, is expected to witness the highest CAGR as compared to other product types.
- North America is expected to be the highest revenue contributor with around 36% share in 2016, and is projected to reach $879.52 million by 2023, growing at a CAGR of 10.2%.
The key players operating in the global smart bathrooms market are Toto Ltd., Jacuzzi, Roca Sanitario, Novellini, Kohler, American Standard Brands, Cleveland Faucet Group(MOEN), Grohe, Jaquar, Cera Sanitaryware Ltd., Sloan Valve, Pfister (Spectrum Brands), Delta Faucet Company, and Bradley Corporation.
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