The mechanical, electrical and plumbing (MEP) services market involves installation, maintenance, design, and management of mechanical, electrical and plumbing systems in residential and commercial buildings. MEP services enable engineering and installation of important systems such as heating, ventilation, air conditioning (HVAC), vertical transportation, fire protection, and building automation. Growing global construction activities have increased the demand for advanced MEP infrastructure in buildings. MEP services ensure efficient functioning of building systems and infrastructure as per statutory regulations.
The Global Mechanical, Electrical and Plumbing Services Market is estimated to be valued at US$ 64.1 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the mechanical, electrical and plumbing services are RSA Security LLC (a subsidiary of Dell Technologies), Symantec Corporation (acquired by Broadcom Inc.), Vasco Data Security International, Inc. Rapid urbanization and infrastructure development especially in emerging economies have boosted construction of residential, commercial and industrial buildings. This has propelled the demand for MEP services during pre-construction and post-construction phases. Rising energy costs have compelled building owners and facility managers to invest in advanced building automation systems and energy-efficient infrastructure requiring MEP expertise. Global expansion of major construction firms into new markets has facilitated international expansion of leading MEP service providers.
Market Drivers
Growing construction industry is one of the key drivers of MEP Market Size. Rising investments in building new residential, commercial and industrial infrastructure in both developed and developing economies is propelling the demand for MEP services. According to World Bank, the global construction industry market size is expected to reach US$ 15.2 trillion by 2030 driven by major infrastructure development projects worldwide. Rapid urbanization accompanied with the need for smart cities and green buildings has further augmented the construction sector, thereby boosting MEP services demand.
Impact of geopolitical situation on growth of Mechanical, Electrical and Plumbing Services Market
The geopolitical tensions across parts of Europe and Asia are impacting trade flows and business operations for players in the mechanical, electrical and plumbing services market. The Russia-Ukraine conflict has disrupted supply chains of critical raw materials for these services. Supply shortages of steel, copper and aluminum are pushing up project costs. At the same time, economic sanctions on Russia are redirecting trade flows and investments to other countries.
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