Market Overview
The global Mechanical, Electrical, Plumbing (MEP) Services Market witnessed significant growth in 2020 and is expected to maintain a constant compound annual growth rate (CAGR) throughout the forecast period. Key drivers of market growth include rapid urbanization, evolving security regulations that require retrofitting and upgrading of MEP systems in older buildings, increased commercial construction activity, and rising infrastructure spending in emerging markets.
The integration of mechanical, electrical and plumbing systems in buildings is essential to ensure habitability. The unified approach of building these systems together not only improves how they interact, but also minimizes device collisions that often occur when they are built separately.
MEP systems, typically designed and implemented by specialized consultants and contractors, present complex coordination and detailing challenges. These systems must meet various design, installation, commissioning, operational, and maintenance goals and standards. While mechanical systems typically include heating, ventilation, and air conditioning, they can also include transportation systems such as elevators and escalators, infrastructure, industrial machinery, and more.
The electrical system in buildings includes the distribution and supply of electricity, telecommunications and information systems, control systems, access control and security systems, and alarm and signaling systems.
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Plumbing is any system that allows the movement of fluids, including pipes, valves, plumbing fixtures, tanks and associated equipment. Plumbing systems serve multiple purposes, such as heating and cooling, waste disposal, water supply, water treatment and reclamation systems, and surface and underground water management.
Key Factors Driving Global MEP Market Growth: MEP market growth is being driven by rapid urbanization, rising disposable incomes and an increase in construction activity, all of which contribute to improved living standards. MEP systems play a crucial role in both public and private buildings and serve a variety of purposes. The complexity of coordinating and detailing MEP systems poses challenges, but the demand for MEP services is expected to increase sharply due to the significant increase in new construction projects in emerging markets and the retrofitting of existing buildings with MEP systems worldwide.
Factors restraining the growth of the global MEP market: Complex installation, testing and maintenance procedures pose challenges that can hinder the growth of the MEP market. In addition, the frequent changes in MEP industry standards, especially with regard to fire safety regulations, create difficulties. These changes can cause project delays and financial challenges as engineers may have to retrofit entire projects to comply with updated regulations.
Opportunities for Players in the Global MEP Market: Outsourcing of MEP services for risk mitigation is an opportunity for the MEP market. Many companies are focused on outsourcing non-core processes to third parties to generate revenue from their core businesses. As the demand for MEP construction and infrastructure development increases worldwide, outsourcing of MEP services to specialized providers is expected to become more common. This allows end users to focus on their core business while relying on MEP providers to manage MEP services and the risks involved.
Global MEP Market Type Segment: The MEP market is segmented by type including new construction, retrofit and renovation, commissioning activity and others. New construction is expected to account for the largest share of sales during the forecast period, driven by rapid urbanization and demand for new residential and commercial buildings. The growth of the new construction segment will be particularly pronounced in Asia-Pacific countries such as India and China. In addition, obsolete construction in North American and European countries will contribute to the demand for retrofit and renovation, further increasing the market share of this segment.
Global MEP Market Leading End-Use Segment: In terms of revenue generation, the residential segment is expected to dominate other segments during the forecast period. The global urban population is growing steadily and with the continued increase in urbanization there will be a significant need for infrastructure development. This in turn will increase the need for MEP services to provide essential amenities and support residential facilities.
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