Evolving with the Growing Smart Plumbing Industry

Michael Rosario, Construction Tech Review

The plumbing industry will see price increases as smart and energy-efficient plumbing gain popularity.

The plumbing industry will experience an increase in prices and growth due to the demand for energy-efficient, smart plumbing. As interest rates and inflation increased, other industries saw their businesses decline, but plumbing still profited. Plumbing continues to gain in demand, despite needing more skilled labor.

Greywater plumbing and tankless water heaters have seen increased interest over the past year. Customers still seek ways to save money, so we expect similar trends in 2023.

The plumbing industry will grow: The economy slowed during the end of 2022 due to record-high inflation and rising interest rates. According to Bankrate, 53 percent of Americans delayed major purchases to save money. Although other industries may slow down in 2023, the plumbing industry will likely grow. According to Forbes, high mortgage rates discourage people from buying homes. The average home in 2020 will cost USD 536,511 with a 30-year mortgage.

It is much more affordable to remodel kitchens and bathrooms than to buy new homes while we wait out the housing market. People will also be looking to make their homes more accessible.

Smart plumbing: It's no secret that smart devices have become part of our everyday lives. We carry them everywhere; even when we aren't looking at our phones, we can't escape them. Industry players observe more smart assistants in homes, cars, and refrigerators. Plumbing is also embracing smart technology. Smart home technology will become popular as millennials and Gen Z becomes homeowners. You can use plumbing technologies just for convenience, like touchless faucets and bidets, but some other smart plumbing technologies can also be useful for homeowners.

Plumbing prices will increase: Plumbing materials have become more expensive over the past few years due to supply chain issues and shortages. Manufacturers have announced price increases averaging around 5 percent in 2023; the industry will continue to see higher prices. The price of water tanks has even increased by 14 percent. As a business owner, you should avoid passing these price increases to customers.