MEP services include plumbing, heating, ventilating, air conditioning and electrical wiring for buildings. These services help in installing and maintaining complex building systems to enhance performance, comfort and safety of occupants. With increasing construction of green buildings and focus on smart infrastructure solutions, demand for MEP services is rising across various sectors.
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 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising Focus on Smart Infrastructure Solutions
The focus on smart infrastructure solutions across the world has been a major trend spurring growth of the mechanical, electrical and plumbing services market. Smart infrastructure integrates internet of things (IoT) sensors and real-time data to efficiently manage energy consumption, ensure security and improve overall operations of infrastructure and buildings. Many MEP service providers are offering advanced smart solutions comprising lighting control systems, HVAC controls, fire alarms, accessibility systems and security & surveillance to construction projects. The growing emphasis on development of smart cities and smart buildings is fueling adoption of innovative MEP services and solutions.
Strength: The mechanical, electrical and plumbing services market offers one-stop-shop solution for all building services needs which makes it convenient for customers.
Weakness: There is lack of skilled workforce in some regions which hampers the growth of the market. High employee turnover also increases operational costs for companies.
Opportunity: Rising construction of commercial and residential buildings globally due to rapid urbanization provides growth opportunities. Integration of smart and automated technologies also opens up new opportunities.
Threats: Economic downturn and reduced infrastructure spending poses threat to the demand outlook of the market. Stringent regulations and standards compliance also increases operational costs.
Global Mechanical, Electrical And Plumbing Services Market Size is expected to witness high growth. 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 13% over the forecast period 2023 to 2030.
North America dominates the market currently due to strong demand from building construction sector in countries like the US.
Key players operating in the mechanical, electrical and plumbing services market are RSA Security LLC, Symantec Corporation, Vasco Data Security International, Inc. Rapid urbanization in Asia Pacific offers lucrative opportunities for market participants. Integration of smart and automated technologies will reshape service delivery in the coming years.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it