The global mechanical, electrical, and plumbing (MEP) market size witnessed significant growth in 2020, and is projected to register a steady revenue compound annual growth rate (CAGR) during the forecast period. The market growth is driven by factors such as rapid urbanization, changing safety norms, increasing spending on infrastructure development by emerging economies, and expanding commercial construction. MEP systems refer to the mechanisms that make buildings habitable for humans, including heating, ventilation, and air conditioning systems, transportation systems, infrastructure, and industrial plant machinery. The electrical system in buildings covers the distribution and supply of electricity, telecommunications and information systems, control systems, access control and security systems, alarm and detection systems. Plumbing refers to any system that facilitates the passage of fluids, such as pipes, valves, plumbing fittings, tanks, and other gear.
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The need for MEP systems is expanding in both the public and private sectors, and the market is expected to grow considerably during the forecast period due to the massive increase in new construction in emerging economies and the retrofitting of electrical, mechanical, and plumbing systems in older construction worldwide. However, complex installation, testing operations, and maintenance procedures, as well as the frequent change in standards in the MEP industry, are some of the challenges that can hinder the growth of the MEP market.
During the forecast period, the MEP market would be driven by the risk reduction through outsourcing of mechanical, engineering, and plumbing services. The market is segmented as new construction, retrofit, and renovation, commissioning activity, and others, with new construction expected to account for the highest revenue share over the forecast period. The residential segment is expected to dominate all other segments in terms of revenue generation during the forecast period. North America accounted for a high proportion of the global MEP market due to the rising trend of luxury homes and developing infrastructure projects.
Mechanical, Electrical, Plumbing Market: Drive Factors
The mechanical, electrical, and plumbing (MEP) market is driven by various factors, including:
1. Construction industry growth: The MEP market is closely linked to the construction industry, and as such, any growth in the construction industry tends to increase demand for MEP services.
2. Building energy efficiency: As energy prices continue to rise and environmental concerns become more pressing, there is a growing demand for energy-efficient buildings. MEP services are critical in designing and implementing efficient HVAC (heating, ventilation, and air conditioning) and lighting systems.
3. Infrastructure development: The demand for MEP services is increasing in the infrastructure development sector, such as transportation, water, and power.
4. Technological advancements: The development of new and advanced technologies in the MEP industry, such as building automation systems and renewable energy solutions, is driving the growth of the market.
5. Government regulations and incentives: Governments are increasingly imposing regulations and providing incentives to encourage the use of energy-efficient and sustainable building designs, which is driving the demand for MEP services.
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