Global Faucet Market Expected To Grow

The global faucet market reached a value of $24.9 billion in 2021, with the market expected to reach $39.8 billion by 2027 based on a compound annual growth rate (CAGR) of 7.99 per cent from 2022 to 2027, says a report by Research And Markets. Rapid urbanization, along with significant growth in the residential sector, are key factors creating a positive outlook for the market. Various product innovations such as the development of touch-free, digital, and hybrid smart faucets equipped with efficiency sensors and temperature gauges are also helping growth.