We’ve highlighted three plumbing trends we think will be critical for your business to think about in 2023, plus important factors for the coming years. This high-level overview may help your business prepare to meet your customers’ needs.
1. Tankless Water Heaters Are Becoming More Popular as an Eco-Friendly Option
As more homeowners look for energy-saving, environmentally friendly water heater solutions, tankless water heaters are becoming increasingly relevant.
According to a 2021 joint study by The Farnsworth Group and Harvard University’s Joint Center for Housing Studies, 31.6% of homeowners plan to retrofit their homes with tankless water heaters to increase energy efficiency in the near future.
“Environmental concerns continue to be a big part of consumer preferences when it comes to plumbing fixtures and systems,” reports The Farnsworth Group. “As a result, we’re witnessing things like an increased demand for tankless water heaters, which are energy-efficient.”
Lower energy costs and environmental responsibility may help sway homeowners who are uneasy about the higher front-end price tag of tankless water heaters, compared to tank models that run consistently. Tankless water heaters conserve energy by using only what they need when they need it.
A home that typically uses 41 gallons or less of hot water daily will save 24% to 34% more energy with a tankless water heater than its counterpart, according to the U.S. Department of Energy. Even homes that use a lot more hot water — up to 86 gallons per day — still find energy savings of up to 14%.
The GE® Tankless Electric Water Heater:
- Is a whole-home solution
- Offers an intuitive design featuring an easy-to-use touch screen to adjust water temperature and settings
- Uses inlet and outlet temperature sensors to optimize energy usage and keep water temperature consistent
2. Demand for Water Filtration Systems Will Continue to Rise
Water safety and quality have become much more important over the past decade, and that trend looks to continue. In areas where water quality is questionable, proper filtration systems can effectively remove harmful contaminants.
With this in mind, the water purifier market is expected to grow exponentially in the U.S. over the next decade with a continued annual growth rate of 5.8% by 2029 — nearly $3 billion, according to a recent market research report by Fortune Business Insights.
“Whole house filter systems remove certain minerals, affecting the quality of the overall plumbing system,” they report. “Filtration to the point of entry improves the life of piping systems and saves the maintenance cost for the same.
“As water purifiers play many vital roles, their demand is projected to expand in the U.S. in the upcoming years.”
Depending on a location’s water supply or the homeowner’s preferences, there are three different levels of filtration to choose from. Most systems will include a basic filter to keep sand and sediments from the water supply, while higher-grade filters remove levels of chlorine that communities may use to treat the water — improving both taste and smell. The best water filters will remove all contaminants from the water, including lead.*
As the demand for filtration systems increases, these filter types will become an even stronger selling point for homeowners, including the opportunity to upsell new products.