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Jul 09, 2021 (AmericaNewsHour) — In a recent published report, Kenneth Research has updated the market report for Smart Bathroom Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Bathroom Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Smart Bathroom Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The XYZ is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Smart Bathroom Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
The global Smart Bathroom Market size is anticipated to reach USD 9775.4 million by 2026, according to a new study published by Polaris Market Research. In 2017, the smart toilet segment dominated the overall market followed by touchless faucets. The North American region dominated the global market, in terms of revenue in 2017.The growing demand for automation along with increasing costs associated with energy use increases the demand for Smart Bathroom solutions.The increasing integration of smart bathrooms in the development of smart homes, along with government regulations regarding energy use and emissions support the market growth. The rising adoption of Internet of Things (IoT), and smart devices boosts the adoption of smart bathroom solutions. Other factors driving the market growth include growing penetration of mobile devices, technological advancements, and adoption of home automation solutions.
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New emerging markets, emerging consumer demographics, and increasing awareness among consumers regarding efficient energy use would provide growth opportunities for Smart Bathroom industry in the coming years.
There has been an increasing use of digital faucets to conserve water and energy. Digital faucets decrease tap flow and manage digital temperature-control settings, conserving money and water. It uses infrared tap technology to monitor the user and turn off upon sensing removal of user’s hands from under the faucet. It uses programmable features, such as timed shower setting or a teeth-brushing option that runs for an allotted time frame.
Google has filed patents to enhance its offerings in this industry. The patents exhibit toilet seats and bath mats with embedded sensors with the capability to measure heart rate and body electrical patterns. It also describes a non-invasive camera in the bathroom mirror to detect skin color. These features provide health updates to users to monitor health regularly.
The primary factors driving the market growth in the North American region include established telecommunication industry and cloud infrastructure, rising penetration of mobile devices, technological advancements, and high investment in R&D. The introduction of favorable government regulations regarding energy usage and emissions, and rising awareness regarding use of energy efficient equipment boost the market in North America. The increasing concerns regarding personal hygiene, high disposable incomes, increasing development of smart homes, and growing adoption of connected devices and IoT further increase the demand of Smart Bathrooms in the region.
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The well-known companies profiled in the smart bathroom market report include Toto Ltd, Masco Corporation, Kohler Co., Duravit AG, Roca Sanitario S.A, Bradley Corporation, American Standard Brands, Cera Sanitaryware Ltd., Delta Faucet Company, and LIXIL Group Corporation. These companies launch new products and collaborate with other market leaders in the smart bathroom industry to innovate and launch new products to meet the increasing needs and requirements of consumers.
Polaris Market Research has segmented the global smart bathroom market on the basis of product, component, end-user and region:
Smart Bathroom Product Outlook (Revenue, USD Billion, 2015 – 2026)
Smart Bathroom Component Outlook (Revenue, USD Million, 2015 – 2026)
Smart Bathroom End-user Outlook (Revenue, USD Million, 2015 – 2026)
Smart Bathroom Regional Outlook (Revenue, USD Million, 2015 – 2026)
Rest of Europe
Rest of APAC
Rest of Latin America
Middle East & Africa
Rest of MEA
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