According to the research report titled ‘Global Faucet market Size study, by Application (Bathroom, Kitchen) by Product Type (Electric, manual), by Material (Metal, Plastic (PTMT)), by end use (Residential, Commercial), and Regional Forecasts 2020-2027’, available with Market Study Report, global faucet market size was valued at USD 37.8 billion in 2019 and is expected to multiply at a CAGR of 7.8% over 2020-2027, subsequently amassing a valuation of USD 59.2 billion by the end of the forecast period.
 

Increasing construction of new residential apartment buildings, house renovations, and growing number of commercial spaces are fueling global faucet market growth. Moreover, replacement of old faucets is adding considerable traction to the industry progression.
 

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For the unfamiliar, a faucet is a device that regulates water flow in a plumbing system and is commonly seen in the bathroom, kitchen, and other places where water is refilled on a daily basis. Faucets are available in a number of colors, types, and finishes to meet the needs of a wide spectrum of clients.
 

Manufacturers are focusing on expanding their product offerings to suit customer demand for bespoke faucets by delivering an endless choice of content and stylistic combinations. For the record, Kohler's Sensate Touchless Kitchen Faucet was named one of the  top smart home innovations in 2019. Likewise, Delta kitchen faucets, such as Delta ShieldSpray, boast of modern technology and suitable finishes. Thus, increasing efforts towards development of innovative and smart devices with a smart consumer interface will likely augment global faucet market development in the upcoming years.
 

Considering the restraining factors, hefty costs of installation and maintenance of the concerned equipment is likely to hamper the industry remuneration over the study period.
 

Elaborating on the regional terrain, North America currently holds significant portion of global faucet industry share, creditable to increasing preference of the populace for construction of multiple washrooms in each household.
 

Meanwhile, Asia Pacific market is poised to garner strong returns by the year 2027, owing to rising number of commercial and residential constructions in the area. 
 

Major players in global faucet market sphere are Rohl LLC, Danze Inc., Spectrum Brands Holdings Inc., Toto Ltd., Roca Sanitario S.A., Fortune Brands Home & Security Inc., Paini (UK) Ltd., Masco Corporation, Sloan Valve Company, and Lixil Group Corporation.