Residential Plumbing Market to grow by USD 26.20 Billion from 2024-2028, driven by a rise in global residential buildings and AI's role in reshaping the market landscape - Technavio

NEW YORK, Oct. 25, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Global Residential Plumbing Market size is estimated to grow by USD 26.20 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.95%  during the forecast period. Rise in number of residential buildings globally is driving market growth, with a trend towards advent of eco-friendly plumbing solutions. However, high cost and maintenance of residential plumbing  poses a challenge.Key market players include American Bath Group, Astral Ltd., Bradford White Corp., Chemed Corp., Colston Bath, Credo Trading, Elkay Manufacturing Co., Geberit International AG, Globe Union Industrial Corp., Home Depot Inc., Kohler Co., LIXIL Corp., Lowes Co. Inc., Masco Corp., Moen Inc., Reliance Worldwide Corp. Ltd., Rheem Manufacturing Co., The Supreme Industries Ltd., Toto Ltd., and Uponor Corp..

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Market Driver

Eco-friendly residential plumbing solutions offer numerous benefits, including enhanced performance, cost savings, and reduced water and energy wastage. Toilets, such as water-efficient models, save approximately half the water used by traditional ones. In the realm of outdoor water systems, eco-friendly options like drip systems for sprinklers minimize water usage. Water-efficient showerheads, which reduce water consumption by 25% to 35% without noticeable difference, are also gaining popularity. These advancements are anticipated to significantly contribute to the expansion of the global residential plumbing market. 

The Residential Plumbing Market is witnessing notable trends in various sectors. In modern bathrooms, there's a shift towards flushing cisterns for water conservation. Fiberglass, acrylic, enamel, cast iron, steel, and waterproof wood are popular materials for residential plumbing products. Luxury homes and spa resorts demand premium quality fixtures, including faucets, taps, plumbing fittings, bathtub fixtures, shower fixtures, toilet fixtures, sink fixtures, hot tubs, and spas. Ecofriendly solutions are gaining traction, with a focus on reducing carbon footprint. New residential construction and improvement projects prioritize water conservation and the use of eco-friendly materials. Medical treatment, rehabilitation centers, and health and wellness facilities require specialized plumbing systems. Repair and renovation projects often involve the replacement of old plumbing fixtures with modern, efficient options. Overall, the market for residential plumbing products continues to grow, driven by consumer demand for innovation and sustainability. 

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Market Challenges

• The global residential plumbing market encounters substantial challenges due to the high initial costs and ongoing maintenance requirements of plumbing systems. For instance, the expense to replace a plumbing system in a 2,000-square-foot US home can reach up to USD16,000, which may deter homeowners with limited budgets. Labor costs for plumbing services range from USD200 to USD800, adding to the overall expense. Plumbing leaks, which can waste up to 10,000 gallons of water yearly in US households, lead to higher water bills and potential wastage. Regular inspections and prompt issue resolution are necessary to prevent costly repairs, yet this maintenance can be time-consuming and may necessitate professional assistance. These challenges may hinder the expansion of the residential plumbing market as homeowners may delay investments in new systems or upgrades. Plumbing contractors could also face difficulties in securing customers due to the perceived high costs of their services. Innovative solutions, such as cost-effective materials, energy-efficient technologies, and streamlined maintenance processes, may help mitigate these challenges and foster market growth.
• The Residential Plumbing Market is experiencing significant growth due to increasing demand for smart plumbing products, water-efficient fixtures, and luxury items. Home improvement projects, including water distribution, drains, valves, sinks, toilets, showers, bathtubs, bidets, urinals, and various accessories, are driving market expansion. Plumbing contractors are in high demand for construction, remodeling, and renovation projects. Aesthetic appeal, economic development, sanitation, and water efficiency are key factors influencing consumer choices. Smart homes, eco-friendly fixtures, touchless operation, and antimicrobial fixtures are becoming popular trends. Infrastructure projects in residential, commercial, and public facilities require advanced plumbing systems using noncorrosive materials for easy cleaning and long-lasting performance. Kitchen and bathroom fixtures, including water closets, washbasins, and kitchen sinks, are in high demand for repair and remodel, as well as new construction projects. Exchangeable devices, such as pipes and water systems, are essential components of these projects.

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Segment Overview

This residential plumbing market report extensively covers market segmentation by  

1. Fitting 
• 1.1 Renovations and upgrades
• 1.2 New installations
2. Product 
• 2.1 Plumbing fixtures
• 2.2 Plumbing fittings
• 2.3 Plumbing systems
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Renovations and upgrades-  The residential plumbing market continues to grow, driven by the increasing demand for water supply and drainage systems in new and existing homes. Homeowners prioritize plumbing upgrades for improved functionality, energy efficiency, and healthier living environments. Contractors and suppliers benefit from this trend, providing essential services and products to meet the rising demand. The market's growth is attributed to population growth, urbanization, and consumer preferences for modern conveniences.

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Research Analysis

The Residential Plumbing Market encompasses a wide range of products and solutions for the construction and maintenance of plumbing systems in residential properties. Key product categories include Faucets and Taps, Plumbing Fittings, Bathtub Fixtures, Shower Fixtures, Toilet Fixtures, Sink Fixtures, Hot Tubs, Spas, and various Water Conservation devices. New residential construction projects require extensive plumbing work, including Water Distribution systems, Accessories, Drains, Valves, Sinks, Toilets, Showers, Bathtubs, Bidets, and Exchangeable Devices. Noncorrosive materials, Easy cleaning, and Drainage systems are essential considerations for plumbing in Kitchens and Bathrooms. Commercial facilities, such as Urinals, also utilize similar plumbing solutions on a larger scale. Overall, the Residential Plumbing Market offers innovative and efficient solutions for various plumbing needs in both residential and commercial settings.

Market Research Overview

The residential plumbing market encompasses a wide range of products, including plumbing fixtures, faucets, taps, plumbing fittings, bathtub fixtures, shower fixtures, toilet fixtures, sink fixtures, hot tubs, and spas. These products cater to various sectors, such as new residential construction, residential improvement, and residential building construction. Smart plumbing products and water-efficient fixtures are gaining popularity due to their eco-friendly features, including water conservation and touchless operation. The market also offers luxury plumbing products, such as fiberglass, acrylic, enamel, cast iron, steel, and waterproof wood fixtures for modern bathrooms and kitchens in high-end homes and commercial facilities. Additionally, the market includes accessories, drains, valves, sinks, toilets, showers, bidets, urinals, construction, remodeling, and renovation projects. Plumbing contractors provide repair and installation services for various plumbing systems, including water distribution, drainage, and noncorrosive materials. The market also offers exchangeable devices and pipes for water systems, as well as eco-friendly solutions to reduce carbon footprint and promote premium quality and hygiene awareness. Infrastructure projects for residential, commercial, and public facilities, such as water closets, washbasins, flushing cisterns, and modern bathrooms, are also part of the market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Fitting
• Renovations And Upgrades
• New Installations
• Product
• Plumbing Fixtures
• Plumbing Fittings
• Plumbing Systems
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio