New York, United States, April 27, 2023 (GLOBE NEWSWIRE) — The Global Mechanical Electrical & Plumbing Services (MEP) Market Size is projected to grow from $50.26 billion in 2022 to $138.90 billion by 2032, at a compound annual growth rate (CAGR) of 10.7% over the forecast period.
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MEP (Mechanical, Electrical, and Plumbing) services relate to the systems and components essential to the operation, comfort and safety of a building. Mechanical services include heating, ventilation and air conditioning (HVAC) and fire protection and elevators. Electrical services include power distribution, lighting and communication systems. Sanitary services include water supply, drainage and sewage systems. MEP services are critical to the efficient functioning of buildings, ensuring proper environmental conditions, saving energy and complying with building codes and regulations. They require careful design, installation, operation and maintenance to optimize performance and improve occupant comfort and safety.
This research report categorizes the MEP Services market based on different segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges affecting the MEP Services market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger and acquisition have been incorporated to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the MEP Services market.
Browse key industry insights across 200 pages of 130 market data tables, plus numbers and charts starting with the report “Global mechanical electrical and plumbing services (MEP) market size.Share and COVID-19 impact analysis, by type (mechanical services, electrical services, and plumbing), by end-user (commercial and residential), by region (North America, Europe, Asia Pacific, Latin America, Central America). East and Africa), analysis and forecast 2023 – 2032″. Here is a detailed report description:
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The electric service is forecast to grow at a CAGR of around 11.9% over the forecast period
Based on Type, the global MEP Services market is segmented into Mechanical Services, Electrical Services and Plumbing Services. Electrical services are recognized as the fastest growing in the global MEP (Mechanical, Electrical, and Plumbing) services market. This is primarily due to the increasing demand for intelligent and intelligent building systems, including advanced lighting, power distribution and energy management solutions. The increasing adoption of renewable energy sources and the integration of renewable energy systems in buildings, such as e.g. B. solar panels and charging stations for electric vehicles, also contribute to the growth of electric services. Additionally, increasing demand for data centers, telecom infrastructure and other power-intensive facilities continues to drive demand for electrical services in the MEP services market, making it the fastest growing segment.
The commercial segment is expected to grow at a CAGR of around 12.1% during the forecast period
Based on end user, the global MEP services market is segmented into commercial and residential. The commercial sector is typically considered to be the fastest growing end-user segment in the global MEP (Mechanical, Electrical, and Plumbing) services market. This is primarily due to the rapid growth of commercial infrastructure, including office buildings, retail space, hotels and healthcare facilities, driven by urbanization, industrialization and globalization. The increasing demand for energy efficient and sustainable MEP services in commercial buildings to meet environmental regulations and reduce operating costs is also a key driver. In addition, the increasing adoption of advanced technologies such as building automation and intelligent systems in commercial buildings further increases the demand for MEP services.
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Asia Pacific is expected to grow at a higher CAGR of 13.4% over the forecast period
Depending on the region, Asia Pacific is expected to grow at a higher CAGR in the coming years. This growth is attributed to various factors such as rapid urbanization and industrialization in countries like China and India, which further led to increased demand for MEP services in the construction of residential, commercial and industrial buildings. Additionally, rising awareness of energy efficiency and sustainability has fueled the adoption of green MEP services in the region. The availability of skilled labor at competitive costs and favorable government policies to support infrastructure development have further fueled the growth of the Asia-Pacific MEP services market.
The report provides the reasonable analysis of the key organizations/companies involved in the global market along with a comparative assessment mainly based on their product offerings, business overviews, geographic presence, corporate strategies, segment market share and SWOT analysis. The report also provides an in-depth analysis focusing on the latest company news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This enables the overall competition within the market to be assessed. Some of the major players in the Global MEP Services Market are AEMS ENGINEERS, ATOM MEP ENGINEERS PVT. LTD., Blue Star Ltd., BR MEP Engineers Pvt. Ltd., ELCON INFRASTRUCTURE, KK TECHNOCRATS PVT. LTD., Mani Engineers, MECELP Project Pvt. Ltd., Meinhardt Group, MEP Engineering Inc., PillarPlus Pvt. Ltd., Sense Projects Pvt. Ltd., Sterling and Wilson Pvt. Ltd., Vaya MEP Engineers Pvt. Ltd., Vee Technologies Pvt. GmbH, VK Building Services Pvt. Ltd., Voltas Ltd., WSP Global Inc. and INI Infrastructure and Engineering.
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