Digital Engineering Is Fastest Growing Segment Fueling The Growth Of Mechanical, Electrical And Plumbing Services Market
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| 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:
One of the key trends driving the growth of MEP services market is increasing
adoption of digital engineering tools. 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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