Digital Engineering Is Fastest Growing Segment Fueling The Growth Of Mechanical, Electrical And Plumbing Services Market
MEP services provide mechanical, electrical and plumbing services for both commercial and residential constructions. They ensure smooth functioning of electrical wiring, heating, ventilation and air conditioning systems. Their proper design and installation is crucial for the safety, quality and performance of built infrastructure.
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 key trends:
Digitalization is transforming building design, construction and operations. Advances in building information modeling (BIM), augmented and virtual reality, 3D printing, internet of things and cloud computing are enabling more collaborative, data-driven and efficient delivery of MEP systems. Digital engineering tools improve project planning, coordination between trades, construction workflow, facilities management and retrofitting of existing buildings. They are being increasingly used for mechanical, electrical and plumbing system design, prefabrication and project management. This is enhancing the quality and sustainability of built assets.
Segment Analysis
The global mechanical, electrical and plumbing (MEP) services market is bifurcated into mechanical services, electrical services and plumbing & fire protection services. The plumbing & fire protection services segment accounted for the largest market share in 2022. This is because plumbing systems play a vital role in providing potable water, drainage and sanitation in residential, commercial and industrial spaces. Efficient plumbing infrastructure is essential for the smooth functioning of buildings. Further, tightening regulations regarding fire safety are driving the demand for fire protection services.
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 spending worldwide.
Regional analysis
North America dominated the global MEP services market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to increased building retrofitting activities in the region. Asia Pacific is anticipated to be the fastest growing market for MEP services. Rising infrastructure development in China and India is fueling market growth in Asia Pacific.
Key players
Key players operating in the mechanical, electrical and plumbing (MEP) services market are Jacobs, Atkins, ETA Engineering, WSP and AECOM. Jacobs is one of the major companies providing integrated solutions for building construction projects. Atkins specializes in designing, engineering and project management services.
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