Rise in construction industry to boost Mechanical Electrical and Plumbing (MEP) Services Market Growth

 

Mechanical Electrical and Plumbing (MEP) Services Market

Mechanical Electrical and Plumbing (MEP) Services Market by Type (Mechanical Services, Electrical Services, and Plumbing Services), By End-Users (Commercial and Residential), And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Mechanical Electrical and Plumbing(MEP) Services Market is estimated to be valued at US$ 50.26 Billion  in 2022, and is expected to exhibit a CAGR of 10.7 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Mechanical, electrical and plumbing (MEP) indicates the fixing of services which offer a convenient space for the building inhabitants. In residential and commercial buildings, these essentials are usually considered by a specified Mechanical, electrical and plumbing engineering firms. Mechanical, electrical and plumbing services offer sustainable methods for projects across sectors such as Hospitals, commercial buildings, industrial, and others.

Competitive Landscape:

Key Players involved in the growth of the global Mechanical Electrical and Plumbing (MEP) Services Market are WSP, Atkins, Jacobs Engineering Group Inc, ETA Engineering, AECOM and others.

Market Key Drivers:

Rising investments in construction and infrastructure industry is expected to boost the growth of the global Mechanical Electrical and Plumbing (MEP) Services Market. For instance, mortgage lending in China rose by around US$ 30 billion in October 2021 from about US$ 23 billion in September 2021.

Rising adoptions, mergers and acquisitions is projected to propel the growth of global Mechanical Electrical and Plumbing (MEP) Services Market. For instance, February 2021 Bowman Consulting Group, Ltd. has entered an acquisition with KTA Group, Inc.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Mechanical Electrical and Plumbing (MEP) Services Market due to the surge in pandemic. The rise in pandemic has led to the disruption in supply chain, has led to the halt in construction industry and the economic slowdown has impeded the market growth.

Key Takeaways:

The global Mechanical Electrical and Plumbing(MEP) Services Market is anticipated to exhibit a CAGR of 10.7 % during the forecast period owing to the rising mergers and acquisitions and announcement for the product expansion. For instance, in March-2021 Al-Futtaim Engineering Company LLC signed a deal with LG for the supply of a range of the LG’s commercial ACs all over the U.A.E

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global Mechanical Electrical and Plumbing (MEP) Services Market due to increasing mergers and acquisitions, increasing partnerships and collaborations and rising demand of MEP in construction, rising sustainability in several end-user industries. For instance, as per the U.S. EPA, production of electricity in U.S accounts for around 40% of the total energy usage.