Smart Bathrooms Market to Garner $2.52 Billion, Globally, by 2023 at 10.7%, Says Allied Market Research
Rise in urbanization & development of non-residential infrastructure, rapid technological advancements, and increase in awareness for energy & water conservation and hygiene are expected to propel the growth of the global smart bathroom market
PORTLAND, Oregon, Feb. 6, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Bathrooms Market by Type (Smart Windows, Hand Dryers, Touchless Cisterns, Smart Toilets, Touchless Soap Dispenser, Touchless Faucets, and Others), and End-User Industry (Nonresidential and Residential) - Global Opportunity Analysis and Industry Forecast, 2017-2023". The report provides an in-depth analysis of the top winning strategies, drivers & opportunities, market size & estimations, key market segments, and competitive landscape. As per the report, the global smart bathrooms market was pegged at $1.37 billion in 2017 and is expected to reach $2.52 billion by 2023, registering a CAGR of 10.7% during the forecast period.
Increase in investments to build smart homes, surge in development of non-residential infrastructure, and rise in awareness for energy & water conservation and hygiene have boosted the growth of the global smart bathroom market. Moreover, trend of lavish and state-of-the-art home products owing to surge in consumer disposable income supplements the market growth. However, high installation & maintenance costs hamper market growth. On the contrary, rapid technological advancements and growing urbanization are expected to create lucrative opportunities for the market players in the near future.
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Hand dryers segment held lion's share
The hand dryers segment held the largest share in 2017, contributing more than one-fourth of total market share, owing to its advanced features that help save energy costs and eliminate bacteria from the surface of hands. However, the touchless faucets segment is expected to register the fastest CAGR of 11.9% during the forecast period, owing to increased concerns regarding health hygiene, especially in the commercial building. Moreover, the report includes other segments such as smart windows, touchless cisterns, touchless soap dispensers, smart toilets, and others.
Residential segment to manifest fastest growth by 2023
The residential segment is projected to register the fastest CAGR of 11.2% during the study period, owing to increasing expenditure by consumers to enhance the aesthetic appeal and surge in disposable income in the developed and developing economies. However, non-residential segment held the largest share, contributing about three-fifths of the total revenue in 2017. This is attributed to high adoption rate of smart bathroom products by facilities such as hotels, hospitals, and offices to enhance the appearance of washrooms.
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Asia-Pacific region to portray fastest growth through 2023
Asia-Pacific region is expected to manifest the fastest CAGR of 12% during the forecast period, owing to growth in awareness and rise in government support about health & hygiene and increase in adoption of smart bathrooms in restaurants, offices, and hotels. However, North America region dominated the market in terms of revenue, contributing more than one-third of the market share, owing to rapid technologically advanced products such as hand dryers, smart toilets, and touchless soap dispensers and increase in concerns regarding high water consumption that encourage home and business owners to replace older and inefficient toilets with newer models that consume less water.
Major market players
The major companies analyzed in the report include American Standard Brands, Cera Sanitaryware Ltd., Delta Faucet Company, Jacuzzi, Kohler, Bradley Corporation, Cleveland Faucet Group (MOEN), Grohe, Jaquar, Novellini, Roca Sanitario, Toto Ltd., Pfister (Spectrum Brands), and Sloan Valve.
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