Global plumbing equipment grows strongly
The global plumbing equipment market is growing rapidly, driven by growing demand for resource-efficient plumbing products for new construction and renovation projects. Steady recovery in global construction activity, rising housing projects in developing countries, and growth in leisure travel and tourism resulting in strong growth in the hospitality sector will also drive market growth. Other key factors favouring growth include rapid urbanization in developing countries and smart city initiatives by governments: the rise of building renovations supported by green building regulations; technological developments aimed at improving performance, personal comfort and aesthetics; And a growing number of smart "authenticated" products. Asia Pacific is the world’s largest and fastest growing market, with strong construction activity in India, South Korea, Taiwan, Singapore, Thailand and Indonesia, increasing investment in smart buildings and housing, and bathroom and kitchen remodeling projects among a highly mobile middle class Increasingly, there is a growing preference for fully functional and feature-rich bathrooms. The global plumbing accessories market size was estimated at USD 74.4 billion in 2020 and is expected to reach USD 99.8 billion by 2027, registering an average annual growth rate of 4.3%.