Mechanical, electrical, and plumbing (MEP) services refer to designing, installation and maintenance services for heating, ventilation and air conditioning (HVAC), electrical wiring, lighting, plumbing, fire protection, and other building services required in residential, commercial and industrial buildings. MEP consultants help architects and engineers integrate these complex building systems during the design and construction process.
The global Mechanical, Electrical And Plumbing (MEP) Services Market is estimated to be valued at US$ 55.64 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
According to U.S. Census Bureau data, in 2021 the total construction spending in the U.S. was US$ 1.7 trillion, showing significant growth opportunities for MEP services providers.
Stringent government regulations regarding energy efficiency in buildings have increased the demand for green building certifications such as LEED. This has further propelled the need for MEP consultants to design innovative and sustainable solutions for HVAC, lighting, plumbing and other services.
Segment Analysis
The global Mechanical, Electrical And Plumbing Services Market is mainly segmented into mechanical services, HVAC services, electrical services and plumbing & pipe services. Among these, HVAC services dominates the market with around 35% share owing to the increasing demand for well-ventilated and temperature-controlled indoor environment across residential as well as commercial sectors.
PEST Analysis
Political: Regulations regarding safety, security and energy efficiency are driving the demand for mechanical, electrical and plumbing services.
Economic: Growing construction activities along with the rise in disposable income is positively impacting the market growth.
Social: Rapid urbanization and changing lifestyle are increasing the requirement of well-designed infrastructure facilities with efficient MEP systems.
Technological: Advancements in BIM, CAD software and IoT sensors are helping contractors to deliver high-quality services within tight timelines and budgets.
Key Takeaways
The Global Mechanical Electrical And Plumbing Services Market Demand is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing construction of commercial buildings and infrastructure projects across developed and developing nations. The market size for 2023 is estimated to be US$ 55.64 Bn.
Regional analysis: North America dominates the global market owing to significant investments in urban infrastructure projects and institutional buildings construction in the US and Canada. Asia Pacific is anticipated to be the fastest growing region on account of the rising construction activities in China and India.
Key players: Jacobs, Atkins, ETA Engineering, WSP and AECOM are the major companies operating in the Global Mechanical Electrical and Plumbing (MEP) Services Market. Jacobs and AECOM capture over 20% share due to their wide geographical footprint and comprehensive suite of MEP designs and solutions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it