Global Sensor Faucet Consumption Value Is Expected To Be 3.87 Billion USD In 2023
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Sensor faucet is a faucet with a hands-free mechanism for opening and closing. Sensor faucets are mainly used in public washrooms.
The consumption volume of Sensor Faucet is related to downstream industries and regional economy. As there will be some uncertain of the global economy in the following years, the growth rate of Sensor Faucet market may not keep that fast. But it is surely forecasted that the market of Sensor Faucet is still promising.
Technology, product design, and pricing patterns influence purchases of Sensor Faucet. The situation is rather complex, as the companies attempt to cater to diverse segments. The market is currently dominated by a handful of local companies that own the core technologies, including Lixil Group Corporation, Masco Corporation, Kohler, and Fortune Brands and so on.
In forecast years, the global consumption volume of Sensor Faucet will maintain about 6.27% annual growth rate and consumption value is expected to be 3.87 billion USD in 2023.
Regional markets are influenced by demographic and socio-economic trends. In 2017, the Asia-Pacific is expected to remain the largest market for Sensor Faucet, accounting for 37.81% of the global market, followed by Europe (28.71%).
Lacking features of an oligopoly so far and having a relatively basic technology, the Sensor Faucet industry still poses some formidable barriers to entry. Thus, capital requirements are quite high due to production features and the diverse nature of the product families. Seasonality of business, price rivalry, government rules and regulations, and limited distribution channels also pose some entry barriers. Yet another deterrent to market entry is the complexity of logistics. Distribution costs may rise further as some mass merchandisers openly require payment by the manufacturers for shelf space, especially for new products. Name identity and brand image require extensive advertising.