According to the research report titled ‘Global Smart Faucets Market Size study, by Application (Commercial and Residential), Distribution channel (Brick & Mortar and Online) and Regional Forecasts 2021-2027’ available with MarketStudyReport, global smart faucets market was valued at USD 378.7 million in 2020 and is expected to grow at a healthy rate of 12%, reaching a valuation of USD 837.19 million by the year 2027.
 

Soaring demand for smart home penetration, as well as increased investment in smart buildings are propelling the growth of global smart faucets market. To this effect, Statista reported that the smart home penetration rate has increased from 9.25 in 2019 to 10.6 in 2020.
 

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For the unversed, smart faucets are devices that are equipped with water requirements, temperature gauges, and efficiency sensors built with artificial intelligence (AI) technology.
 

Moreover, growing adoption of hygiene in everyday life, emergence of innovative products with hands-free technology, soaring investments in the hospitality segment, and heightened consumer awareness about sanitation & water conservation are expected to accelerate industrial development in the upcoming years.
 

Despite the positive outlook, high product costs are likely to hamper the market remuneration scope over 2021-2027.
 

Based on application, worldwide smart faucets industry is classified into residential and commercial. In terms of distribution channels, the market is categorized into online and brick & mortar segments.
 

From the regional standpoint, the market spans across Asia Pacific (India, China, Australia, Japan, South Korea), North America (U.S., Canada), Europe (Spain, Italy, France, UK, Germany), and Latin America (Mexico, Brazil). Among these, North America currently has a significant share in the market due to the widespread adoption of hygienic products, rapid urbanization, adoption of luxurious lifestyles, and the pervasive use of artificial intelligence in innovative products.
 

Additionally, Asia-Pacific market is expected to grow at a rapid rate during the forecast period, triggered by a spike in the volume of real estate projects, expansion of hospitality sector, and a boost in personal disposable income in the region.
 

The competitive landscape of global smart faucets market is defined by companies such as TOTO Ltd., Kohler Co., Paini (UK) Ltd., Roca Sanitario S.A., Villeroy & Boch AG, Sloan Valve Company, LIXIL Group Corporation, Masco Corporation, Fortune Brands Home & Security, Inc., and CERA Sanitaryware Ltd., among others.