Growing focus on energy consumption and hygiene maintenance and rapid rise in urbanization are some of the key factors driving market revenue growth
Market Size – USD 3.59 Billion in 2021, Market Growth – at a CAGR of 9.7%,Market Trends – Rising demand for Integrated Workplace Management System (IWMS)
The global smart bathroom market size is expected to reach USD 8.20 Billion in 2030 and register a revenue CAGR of 9.7% during the forecast period, according to a latest report by Reports and Data. Growing focus on energy consumption and hygiene maintenance and rapid rise in urbanization are key factors expected to drive market revenue growth during the forecast period. Increasing demand for smart buildings due to rapid rise in urbanization along with increasing government initiatives has enabled users to remotely monitor and control a variety of products in smart bathrooms and thereby helping in reducing energy consumption. The embedded sensors into various products in smart bathrooms enable ongoing monitoring and analysis of collected data, which enhances user experience. In addition, the growth of government initiatives to promote intelligent infrastructures is an important factor in strengthening the global demand for sensors in smart bathroom products. It is another element that contributes to the growth of the global smart bathroom market.
In addition, rising demand for Integrated Workplace Management Systems (IWMS) is further expected to contribute to the market growth. IWMS enables real estate portfolio management, space and facility management as well as maintenance, and capital project management. Integrated sensors input data into the IWMS to measure parameters such as condition of equipment, sound levels, indoor lighting, energy consumption, room temperature, and even occupancy trends.
However, high prices and connectivity issues for smart bathroom installations are expected to hamper market revenue growth. A poor internet connection is expected to negatively affect the efficiency of smart bathroom products and making them unreliable. These are some factors that could hamper revenue growth of the market.
Companies profiled in the global market report include: American Standard Brands (LIXIL), CERA Sanitaryware Limited., Moen Incorporated, Hansgrohe SE, Jacuzzi Inc., The Jaquar Group, Kohler Co., Spectrum Brands, Inc., Roca Sanitario, S.A, Toto Ltd, and MAAX Bath Inc.
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Some Key Highlights in the Report
- The smart shower segment is expected to expand at a rapid revenue growth rate over the forecast period. Growing focus on energy consumption and hygiene maintenance is expected to drive the growth of the segment. In addition, availability of multiple features such as precise water temperature, remote start and stop, and voice control is further expected to increase the demand for smart showers.
- The commercial segment is expected to account for the largest revenue share during the forecast period which is attributed to the rising demand for smart bathrooms in commercial buildings that are expected to drive the growth of the segment.
- The market in Europe is expected to register a steady revenue CAGR over the forecast period. The rapidly increasing migration in the countries of the region has led to the rapid rise in urbanization, which is expected to increase the demand for smart buildings and thereby drive the market revenue growth.
- On 28 January 2022, Roca Sanitario, S.A launched a corporate venturing through its venture fund Roca Group Ventures to finance early-stage projects that provide innovative solutions for the bathroom sector industry. The company will invest in start-ups and entrepreneurial projects that develop their activity in priority areas for the company. The objective of the company is to prioritize start-ups that focus on environmental-friendly practices, thus, extending its green strategy to all the projects it works with
For the purpose of this report, Reports and Data has segmented the global smart bathroom market based on product, connectivity, application, and region:
Product Outlook (Revenue, USD Billion; 2019-2030)
- Smart Toilet
- Soap Dispenser
- Smart Shower
Connectivity Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion;2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Advantages of Smart Bathroom Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Smart Bathroom industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
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