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| Global Mechanical, Electrical And Plumbing Services Market Size |
Mechanical, electrical and plumbing (MEP) services refer to the design and constr
uction of services for ventilation, plumbing, fire protection, gas and electrical in buildings. MEP services are crucial for ensuring proper functioning and seamless integration of mechanical and electrical systems in residential and commercial infrastructure. As construction activities continue to ramp up globally, driven by growth in infrastructure investment and rebound in real estate sector post Covid-19, demand for MEP services is witnessing a simultaneous increase.
The global
Mechanical, Electrical and Plumbing Services Market is estimated to be valued
at US$ 55.64 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Integrated Building Management Systems (BMS) is one the key trends gaining
traction in the Mechanical, Electrical and Plumbing Services Market. BMS
facilitate centralized monitoring and control of mechanical, electrical and
plumbing systems from a single control panel. They allow integration of
lighting, HVAC, security, firefighting and other building equipment on a common
protocol. This offers higher energy efficiency, reduced maintenance costs and
improved occupant comfort. Leading MEP contractors are actively collaborating
with BMS providers to offer customized integrated solutions, which is expected
to drive the adoption of advanced control systems in the forecast period.
Segment Analysis
The global mechanical, electrical and plumbing services market is segmented
into mechanical services, electrical services, and plumbing and HVAC services.
The plumbing and HVAC services segment dominates the market and accounts for
over 35% share of the total market. This is because plumbing and HVAC systems
require regular inspection, repair and maintenance services to function
efficiently. Any faults in these systems can affect the entire infrastructure
and operations. Thus, many commercial and industrial facilities outsource these
services to specialist providers to ensure smooth operations.
Key Takeaways
Global
Mechanical, Electrical And Plumbing Services Market Size is expected to
witness high growth over the forecast period. The global Mechanical, Electrical
and Plumbing Services Market is estimated to be valued at US$ 55.64 Bn in 2023 and is
expected to exhibit a CAGR of 13% over
the forecast period 2023 to 2030.
Regional
analysis related: North America currently dominates the market owing to
stringent regulatory frameworks regarding work safety, building infrastructure
and energy efficiency in countries like the US and Canada. The region's early
adoption of advanced facility management practices has also boosted market
growth.
Key players related: RSA Security LLC (a subsidiary of Dell Technologies),
Symantec Corporation (acquired by Broadcom Inc.), Vasco Data Security
International, Inc are some of the prominent players operating in the
mechanical, electrical and plumbing services market.
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