The demand for plumbing services will increase in the coming years. However, costs are set to increase. Labor shortages will persist. IoT will help plumbing businesses organize their client relationships. In addition, the cost of labor will continue to increase. Here are five trends that will affect the plumbing industry over the next five years:
Demand for plumbing services will grow over the next five years
As more consumers turn to modern and high-tech plumbing systems, plumbers will have plenty of work ahead of them. Many young people want smart water heaters and touchless plumbing fixtures, so plumbing companies will need to invest in technology and employee training in order to keep up with these demands. In addition, younger people are more environmentally aware than ever, and this trend means that they will be looking for systems that can detect water leaks.
High house prices are encouraging more people to take advantage of plumbing services. The housing market is expected to continue to increase, and single-family homes and multifamily buildings will be the two main drivers of this growth. High lending rates will also encourage more people to take advantage of plumbing services as part of the renovation and repair process. However, these growth rates will be slow in the next year. Thus, the demand for plumbing services will remain strong through 2022.
Costs will continue to rise
Rising cost pressures are already affecting the industry, and the coming years are expected to be no different. Material pricing and labor shortages will continue to cause problems for the plumbing industry. However, new technologies and products are expected to open up new opportunities. One of the best prospects for plumbing contractors will be in the field of water quality. Other promising areas include smart integration and touchless technology. There are even electric vehicle charging units on the horizon.
The cost of building materials is increasing. Between the first quarter of 2020 and the first half of 2022, the cost of construction materials rose 31.3 percent. It has already risen 10.6 percent in the last five months. Furniture prices, in particular, have increased nearly 20 percent. The cost of living room furniture is a particularly large category of materials, increasing by nearly 20 percent over the last year.
Labor shortages will persist
As a result of the recent cold snap, many plumbing companies in Canada couldn’t get the plastic resin they needed to mold the parts in their pipes. Meanwhile, a cargo ship logjam in West Coast ports further compounded the issue. This resulted in escalating shipping costs and staff voids in the logistics industry. These problems are expected to persist for years to come, and supply chain issues will continue to impact the industry.
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One of the major reasons for the continuing labor shortage in the plumbing industry is that the population is rapidly aging. Many Baby Boomers have already retired and Generation X is also rapidly approaching retirement age. As a result, not enough new trainees are entering the pipeline to take their places. However, experts predict that labor shortages will continue in the plumbing industry through the coming years. If you’re a plumbing professional, there’s a good chance that the demand for skilled labor will be higher than the number of qualified workers.
IoT will make it easier to organize client relationships
In the future, the IoT will be more integrated into plumbing companies‘ operations. This technology will allow plumbing professionals to organize their client relationships in a more efficient way. One example is the smart home. With the IoT, a homeowner’s home appliances will be connected to a cloud-based database. As soon as one of those appliances needs to be serviced, the system will notify the homeowner and initiate the necessary services.
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IoT will have a variety of uses, including fleet tracking tools that will identify a vehicle’s usage and fitness trackers that will allow clients to track their calorie intake. In addition to these uses, it can also be used for pandemic contact tracing. While the IoT is still in its early stages, statistics show that it will continue to grow in the coming years. As more businesses begin to deploy this technology, IoT will have a profound effect on any organization.