Market Size of Global Mechanical Electrical and Plumbing (MEP) Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mechanical Electrical and Plumbing (MEP) Services Market Analysis
Global Mechanical Electrical and Plumbing (MEP) Services Market is expected to register a CAGR of more than 7% during the forecast period (2022-2027).
The COVID-19 pandemic severely impacted the MEP services sector, as several countries imposed restrictions and various measurement which disrupted the supply chains. As a result, the materials and components used in MEP equipment, such as refrigerants, compressors, and embedded systems, are in short supply. But now the industry is recovering to pre pandemic levels.
Furthermore, the MEP services contribute to the significant portion of projects' construction cost. With the growing number of construction projects across Asia-Pacific, North America, Europe regions, it is expected to drive the growth of the market. However, design plays a vital role in MEP services as a significant share of the revenue for any service provider is generated from MEP design. In addition, MEP designs are delivered remotely using e-commerce services. With the development of modern design software and collaboration tools, architects and engineers are delivering customized MEP designs services, based on specific tasks or amounts of work.
