The plumbing industry is constantly changing thanks to new trends and constantly updating technology. Plumbing professionals need to keep up with these trends in order to stay ahead in an increasingly competitive market.
At Rival Digital, we believe that plumbing industry trends and statistics can provide clear insight for any plumbing company looking to get ahead. We’ve gathered some of the most interesting and important statistics on plumbing industry market growth here to give you a clear industry outlook.
Market Size for Plumbing Companies on a Global Level
From residential plumbing systems to commercial construction, plumbing businesses take on a lot of jobs, even on a global level.
Here are some important worldwide plumbing industry statistics:
- The global plumbing industry saw a revenue of $4.56 trillion in 2021 alone.
- Smart toilets have an anticipated compound annual growth rate of 10.3%, but experts expect this to grow to a whopping $12.7 billion by the year 2025.
- Of all residential plumbers, 94.6% are men, and 5.4% are women.
- The average profit for a plumbing business accounts for 35% of its total sales.
Costs for Plumbing Services
When exploring the trends that are contributing to the plumbing industry market growth, you also need to consider how the costs for plumber services are evolving.
Here’s what you can expect:
- It costs customers between $200 and $800 for plumbing labor.
- It can cost up to $16,000 to replace the entire plumbing system for a 2,000-square-foot home.
- It costs an average of $500 to install a new toilet.
Salaries and Jobs for Plumbers
Anyone working in the plumbing sector should be familiar with the following statistics regarding plumbing labor:
- The U.S. had around 113,347 plumbing businesses in 2023.
- According to the Bureau of Labor Statistics, the current labor shortage means there are around 42,600 job openings for steamfitters, plumbers, and pipefitters each year.
- Approximately 65% of plumbers have an associate degree or certificate.
Water Conservation Trends for Plumbing Fixtures and Techniques
Plumbers wanting to gain a competitive edge are offering more sustainable services that focus on water conservation.
Here are some interesting statistics that show how plumbers are working toward conserving more water:
- Traditional water heaters contributed $29.89 billion to the market in 2021.
- The market for energy-efficient tankless water heaters had a value of $3.68 billion in 2022 but is expected to grow at a compound annual growth rate of 8.7% between 2023 and 2029.
- On average, plumbing leaks for households in the U.S. account for 10,000 gallons of wasted water annually.
Become a Leader in the Plumbing Market With the Help of Rival Digital
From working with waste management systems to fixing landscape sprinkler systems and installing new plumbing for residential construction projects, plumbers take on a lot of different jobs. The stats above provide essential insights into the expected plumbing industry market growth and trends.
Using smart technology to inspect drainage systems more efficiently or adopting a greater focus on water conservation are excellent ways to boost your plumbing operations. But if you’re ready to expand your customer base and take your business to new heights, you need to invest in plumber digital marketing.
Rival Digital can help, so contact us today to start your journey toward becoming a plumbing industry leader.
