PORTLAND, Ore., Oct. 5, 2020
- Low operating cost of instant heaters and help in water conservation drive the growth of the global electric taps market
PORTLAND, Ore., Oct. 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Electric Taps Market by Product (Touchless Taps and Instant Heating Taps), End-use Industry (Residential and Commercial) and Mounting Type (Wall-Mounted and Deck-Mounted): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global electric taps industry was pegged at $310.0 million in 2019, and is expected to reach $631.0 million by 2027, growing at a CAGR of 12.0% from 2020 to 2027.
Drivers, restraints, and opportunities
Low operating cost of instant heaters and assistance in water conservation drive the growth of the global electric taps market. However, high installation cost hampers the market. On the contrary, adoption of smart bathrooms and kitchen is expected to create lucrative opportunities for the market players in the future.
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The touchless taps segment held the lion's share
By product, the touchless taps segment held the largest share in 2019, accounting for more than four-fifths of the global electric taps market, owing to rise in use of touchless hygienic products and increase in awareness for water conservation. However, the instant heating tap segment is expected to manifest the highest CAGR of 12.8% during the forecast period, due to low operating costs of the heaters compared to the traditional geysers.
The residential segment to manifest the highest CAGR through 2027
By end-use industry, the residential segment is expected to portray the highest CAGR 12.2% during the study period, owing to increase in adoption of smart bathrooms and kitchens. However, the commercial segment held the largest share in 2019, contributing to more than two-thirds of the global electric taps market, due to the installation of touchless taps in malls, theaters, and other similar infrastructures to conserve water.
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Asia-Pacific, followed by North America, dominated the market
By region, the market Asia-Pacific, followed by North America, held the largest share in 2019, accounting for more than one-third of the market, owing to installation of electric taps in newly built malls, theaters and other similar infrastructures in developing countries of the region. However, the global electric taps market across LAMEA is expected to showcase the highest CAGR of 13.6% during the forecast period, due to increase in adoption of electricity and water-conserving products in developing countries.
Major market players
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