According to a new report published by Allied Market Research, titled, “Smart Bathroom Market by Product Type, Sales Channel,and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global smart bathroom market size was valued at $3.7 billion in 2020, and is projected to reach $10.8 billion by 2030, registering a CAGR of 11.2% from 2021 to 2030. A number of businesses have modernized and rebranded themselves as smart industries as a result of Internet of Things (IoT) and the growth in user base of smart phones. The global market is one such market. The surge in trend of automation has propelled this industry forward. The increased popularity of high-tech toilets and digital faucets is likely to fuel the market’s expansion in the coming years. Smart bathroom consist of smart windows, hand dryers, touchless faucets, and toilets. These systems aid in water and energy saving. Construction companies have substantially invested in the creation of smart buildings with amenities such as smart toilets to stimulate development.
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The demand for smart bathroom has smart bathroom market growth in penetration of smart homes in both emerging and established countries throughout the world. Furthermore, the rise in home improvement projects and bathroom renovations, is paving the way for a variety of smart bathroom in both the residential and commercial sectors. Owing to rise in property and mortgage prices, more expenditure on home renovation projects or remodeling drives product demand. Furthermore, consumers have been showing interests in bathrooms with built-in smart fittings, smart toilets, faucets, and soap dispensers that operate on sensors to create a spa-like experience.
Smart toilets are equipped with extra features and sensors that allow them to perform a number of tasks other than just flushing. Smart toilets often use significantly less water than traditional toilets, in addition to providing a better bathroom experience. As a result, they are an excellent alternative for saving water and conserving energy. Key players are focusing on launching smart toilets for maintaining hygiene and saving water. For instance, in December 2020, TOTO Ltd. has launched RP Compact toilet series for small bathrooms. The RP series has powerful cyclone tornado flush and the CEFIONTECT glazing, which is extremely smooth, robust, and long-lasting.
The expansion of building sector in many countries has offered significant growth opportunity for smart bathroom market. For example, in November 2020, China’s central government set a goal of completing 70% of new safe building construction by 2022. Similarly, in May 2019, the Indian government presented a $1.5 trillion construction investment plan for a six-year period ending in 2025. This investment will go toward improving school and higher education building quality, as well as health, sports, and basic infrastructure. Such government initiatives will act as a growth driver for market.
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However, during the pandemic lockdown, various manufacturers in the market had to stop their business countries such as China, the U.S., and India. This break directly impacted sales of smart bathroom companies. In addition, lack of manpower and raw materials also constricted supply of equipment of smart bathroom has negatively influenced growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of smart bathroom companies.
Competition Analysis
The key players operating in the global smart bathroom market are Toto Ltd., Jacuzzi Brand LLC, Roca Sanitario, Kohler CO., Jaquar, Cera Sanitaryware Ltd., LIXIL Corporation, Pfister (Spectrum Brands), MASCO Corporation and Delta Faucet Company.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging smart bathroom market trends and dynamics.
- Depending on product type, the toilet segment dominated the smart bathroom market share, in terms of revenue in 2020 and faucet is projected to grow at a CAGR 13.3%during the forecast period.
- By application, the commercial segment registered highest revenue in the market in 2020.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- The key players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the smart bathroom industry.
- The report provides an extensive analysis of the trends and emerging opportunities of the market.
- In-depth smart bathroom market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
Related Report: https://www.digitaljournal.com/pr/escalators-market-size-share-growth-and-global-forecast-to-2030