Plumbing is a stable need, no matter what else is happening in the world. But although the demand for plumbing is evergreen, trends come and go. At 1-800-PLUMBER +AIR, we keep a close eye on what’s happening in the plumbing industry to stay ahead of demand. If you’re interested in this thriving field, here are some interesting insights into what’s happening.
Global Plumbing Statistics
As greater infrastructure construction grows worldwide, the demand for plumbing services also increases. The market for plumbing fixtures worldwide grew from $91.68 billion in 2022 to $98.16 billion in 2023, for a compound annual growth rate of 7.1%. That trend is expected to continue at an average rate of 7.9%, making the global plumbing fixtures market $132.97 billion by 2027.
Smart bathrooms are part of what’s fueling this growth, going from $4.6 billion in 2022 to $4.7 billion in 2023, which is a compound annual growth rate of 10.2%. Smart toilet sales are expected to grow at a similar rate of 10.3%, reaching $12.7 billion by 2025.
Trends to Expect
The plumbing industry is facing both positive and negative changes, and it’s important to know what lies ahead. Here are some of the opportunities and challenges for plumbing professionals.
Alternatives to Copper
Building material costs are rising everywhere, and copper is no exception. This classic plumbing material is becoming so expensive that professionals are actively exploring alternatives. These include PEX (crosslinked polyethylene) and PVG (polyvinyl chloride). Each has its own pros and cons, so it’s important to understand how they differ and in what conditions they work best.
Smart Technologies and Features
Smart technology in the plumbing industry isn’t a novelty item anymore. As the tech improves, the applications become more practical and useful. Enthusiasm for this technology is growing, especially close to home. Smart tech bathroom services in North America make up 47.9% of the global market. Here are some of the items to watch for:
- Smart toilets – These handy fixtures provide automatic flushing, as well as cleaning, disinfecting, and heated seats with advanced sensors.
- Smart water heaters – They provide hot water when you need it by measuring consumption patterns and adjusting heating times accordingly. This saves energy because you’re not heating water when you won’t use it.
- Leak detection – Advanced sensors detect unusual water flow patterns to discover leaks when they start and close valves to stop them. This helps prevent water damage as well as saving water.
- Touchless faucets – Not only are they more hygienic, preventing the buildup of microbes on the handles, but these easy-to-use faucets also save water.
Accessibility
The population is aging, and that means there is a growing need for accessible spaces in the home. Some of these products can also be found in the smart technology category, such as touchless faucets and automatically flushing toilets. There’s no question that technology can make it easier for people with disabilities to navigate spaces, both at home and in public.
Accessibility also requires practical solutions, such as raising the sink and the height of the toilets or installing a hand-held shower head. As more people require adaptations to their environment, the plumbing industry will need to find effective and creative solutions.
Eco-Conscious Plumbing
Green and sustainable options are a huge growth trend in construction. When it comes to plumbing, this desire to use natural resources wisely can be met in several ways. Tools such as greywater recycling and rainwater collection, along with low-flow fixtures, can help reduce water use significantly.
Plumbing professionals should also explore using eco-friendly materials and low-waste production techniques to reduce environmental impact.
Plumbing Statistics in the U.S.
Although population growth in the U.S. slowed during the COVID-19 pandemic, it has been recovering in the years since. The housing market continues to grow along with the population. Naturally, with more houses being built every day, the need for plumbing increases as well.
Although some markets have struggled with recent economic weakness, plumbing is generally seen as recession-proof. Between 70 and 80 percent of plumbing services are considered urgent, making them a priority even when times are tight.
You can see these effects in the size of the U.S. plumbing market. It’s worth a staggering 134 billion dollars, and it continues to grow. From 2017 to 2022, the market has increased by 3.2 percent each year.
Challenges and Opportunities
How do these trends work on behalf of businesses that offer plumbing services? Here are some of the market forces that help plumbing businesses thrive.
Diversity in Services Offered
People will always need plumbing, and that category covers a lot of ground. New products, such as eco-friendly fixtures, require installation work, and there has been significant growth in that category. Existing fixtures and pipes eventually need repair and replacement. Plumbers provide a wide range of services that customers need, no matter what else is going on in their lives.
Repeat Business
Since every property owner will eventually need plumbing services, some companies are starting to offer regular maintenance plans. For a flat fee, they visit the home once or twice a year to help prevent problems down the road and catch issues before they get too big.
A reasonably priced plan can provide routine care, such as water heater servicing or drain cleaning, to reduce the potential need for emergency services. Plans like these help head off expensive surprises for the homeowner and also provide regular income for plumbers.
Aging Homes
In the current housing crunch, each home is worth more. The stock of U.S. homes is getting older, increasing to an average age of 42 years in 2021. Naturally, older homes present more plumbing problems. They have aging fixtures that require repair or replacement. The pipes are more likely to need to be replaced because they are worn or made with materials such as lead. On top of that, the soil beneath older houses has settled, which can lead to shifting and bending pipes.
Why Consider a Plumbing Franchise
There are many reasons that plumbing is a promising field with a secure future. Some trends introduce new markets, such as eco-friendly solutions or meeting the needs of an aging population with accessible fixtures. The new growth in the plumbing industry is always supported by an enduring need for plumbing services that are prioritized no matter what is happening with the economy. As the population continues to grow, this need will also grow and remain reliable.
For people who are interested in owning their own business, a plumbing franchise is a relatively low-risk way to try. It’s a stable industry with dependable needs. If you choose a franchise with a business you can trust, you may find that this is the opportunity you’ve been looking for.
Embrace 2024 with a Franchise Opportunity
At 1-800-PLUMBER +AIR, you don’t have to be a plumber or technician to be a franchise owner. Our ideal candidate is excited to grow their business to the next level, doing what it takes to succeed. We work with people from all walks of life, as long as they are as committed to excellence as we are. For more information about becoming a franchise partner with 1-800-PLUMBER +AIR, contact us today!
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