Global electric taps market is expected to reach $631.0 million by 2027, registering a CAGR of 12.0% from 2020 to 2027.
PORTLAND, OREGON , UNITED STATES, December 31, 2020 /EINPresswire.com/ — Asia-Pacific dominated the global electric taps market, accounting for around 37.5% share of the global electric taps industry, followed by LAMEA. Electric taps refer to electrically operated taps that either automatically turn ON and OFF using a sensor to detect the movement in its range or instantly heat the water flowing through it. The touchless taps have a sensor installed that senses the movement of hands under the nozzle and sends signals to the operating system, which than turns ON the flow of the water. When the hands are withdrawn a similar signal is sent to stop the flow of the water. Further, instant heating taps are similar to water heating geyser that cannot store water in its tank; however the application of heating the water and basic working principle is similar. The coil inside the heater instantly heats the water flowing through the tap to the preset temperature. The instant water heating taps have provision to change the temperature of the water at which it is to be heated.
The touchless taps help in water conservation by letting the water flow only when needed. On the other hand, instant water heating taps save energy by only heating the water that is actually required unlike that of heating the entire water that is stored in geyser tank. In addition, these products enhance the aesthetics of the bathrooms and kitchens with their superior designs.
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However, the products have high cost of production considering the technology and quality of spares used for its operation. The high investment cost acts as the major restraint for the electric taps market.
Moreover, the outbreak of COVID-19 pandemic has negatively impacted the market. To prevent the spread of the virus, governments across various countries have implemented lockdown. Thus, construction and production activities were partially or completely closed due to the lockdown. This affected the electric taps industry as well as led to the disruption of the supply chain. On the contrary, there has been rise in demand of installation of touchless taps in public washroom, especially in commercial infrastructures. This is to avoid public contact in the washrooms and to minimize the spread of COVID-19.
reopening of production facilities gradually is anticipated to re-initiate the production of electric taps at their full-scale capacities.
On the contrary, customers are opting for smart products in their bathrooms that can be operated on artificial intelligence. These products also suit well in green building scope. Therefore these advantages will boost the electric taps market during the forecast period.
The report analyzes the global electric taps market by product, end-use industry, mounting type and region. On the basis of product, the market is divided into touchless taps and instant heating taps. Depending on end-use industry, it is classified into residential and commercial. By mounting type, it is segregated into wall-mounted and deck-mounted.
Region wise, the electric taps market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings Of The Study
By product, the touchless taps segment was the highest revenue contributor in 2019.
By end-use industry, the commercial segment generated the highest revenue in 2019.
By mounting type, the deck-mounted segment led the market in 2019.
Region wise, Asia-Pacific garnered the largest electric taps market share in 2019.
The major players profiled in the market of electric taps include Cera Sanitaryware Limited, Fortune Brands Home & Security, Inc. (Moen), Jaquar, Kohler Co., LIXIL Group Corporation, Masco Corporation (Delta Faucet Company), Taizhou Hengyida Plastic Plumbing Factory (Zhenhao), TOTO Ltd., Wenzhou Bomei Sanitary Ware Co., Ltd. and Xiaomi Corporation.
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Source: EIN Presswire