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The North America - Mechanical Electrical and Plumbing (MEP) Services Market size is estimated to grow at a CAGR of 7.73% between 2023 and 2028. The market size is forecast to increase by USD 23,372.82 million. The growth of the market depends on several factors such as the rise in the adoption of outsourcing mechanical, electrical, and plumbing services, facilitating infrastructure development and rising renewable energy integration.
This North America Mechanical Electrical and Plumbing (MEP) Services Market report extensively covers market segmentation by service (consulting and engineering, maintenance and support, and system integration), end-user (commercial, government, and residential), and Geography (North America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising renewable energy integration is notably driving market growth. The rising integration of renewable energy sources into building systems is expected to positively impact the growth of North America - mechanical electrical and plumbing (MEP) services market, driven by the global shift toward sustainable practices and the need to reduce carbon emissions. There is a growing emphasis on energy-efficient mechanical, electrical, and plumbing systems. Mechanical, electrical, and plumbing services need to incorporate solar panels into the building's electrical infrastructure, ensuring proper connectivity, energy storage solutions, and synchronization with the main power grid. Proper planning and design are required to optimize solar panel placement and efficiency.
In addition, mechanical, electrical, and plumbing systems in modern buildings often include hybrid systems that combine traditional energy sources with renewable sources. These systems ensure uninterrupted power supply by seamlessly switching between sources based on availability and demand which creates new opportunities for the North America - mechanical electrical and plumbing services market. Mechanical, electrical, and plumbing professionals need to design complex control systems to manage the integration of various energy sources. Thus, the rising integration of renewable energy will propel the growth of the market in focus during the forecast period.
The emergence of building information modelling is an emerging trend shaping market growth. Building information modelling (BIM) allows stakeholders in a construction project, including mechanical, electrical, and plumbing engineers, architects, contractors, and owners, to collaborate more effectively by sharing a single, centralized digital model. This reduces conflicts, errors, and rework. Mechanical, electrical, and plumbing systems can be designed within the context of the entire building model, leading to better coordination with architectural and structural elements. BIM provides accurate quantity take-offs for mechanical, electrical, and plumbing components, leading to more precise cost estimation and budgeting.
Moreover, BIM generates detailed and standardized documentation, including drawings, schedules, and specifications for mechanical, electrical, and plumbing systems. This aids in construction and maintenance activities. BIM aids in retrofitting and renovating existing buildings by providing accurate as-built information and facilitating the integration of new mechanical, electrical, and plumbing systems which can have a positive impact on the North America - MEP services market. Thus, the emergence of BIM will strengthen the growth of the market during the forecast period.
The lack of skilled labor required for mechanical, electrical, and plumbing services is a significant challenge hindering market growth. The demand for skilled technicians and engineers who can design, install, and maintain complex mechanical, electrical, and plumbing systems often exceeds the available workforce. The lack of skilled labor can lead to delays in project timelines, which in turn can result in financial losses and a negative impact on overall project schedules.
Moreover, a shortage of skilled labor can lead to a reliance on unskilled or underqualified workers, potentially compromising the safety and efficiency of mechanical, electrical, and plumbing systems which negatively affects the North America - MEP services market growth. Thus, the lack of skilled labor will result in project delays, quality concerns, increased costs, and dependence on unskilled labor, which will impede the growth of the mechanical, electrical, and plumbing services market in North America during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
North America Mechanical Electrical and Plumbing (MEP) Services Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AECOM - The company offers mechanical electrical and plumbing services such as advanced modeling, lighting, and fire protection.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The consulting and engineering segment is estimated to witness significant growth during the forecast period. The consulting and engineering services segment in the North America - MEP services market is expected to witness stable growth during the forecast period, owing to the level of new infrastructure development in the region. The need to optimize energy consumption and ensure facilities are running in an optimized manner will lead to a higher demand for consulting services in existing buildings.
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The consulting and engineering segment was the largest segment and was valued at USD 16,054.63 million in 2018. High awareness in the region is reflected in the increase in engineering contracts with several mechanical, electrical, and plumbing players specializing only in the consulting and engineering services segment in the North America - mechanical electrical and plumbing services market. Generally, mechanical, electrical, and plumbing vendors and end-users enter a contract agreement where the service vendor monitors the performance of the client building facilities and then performs an audit to determine the areas of improvement within the electromechanical or plumbing system. After the identification of gaps, the vendor draws out a strategic method to bridge the gap between desired and actual facility performance. Thus, the above-mentioned factors are expected to increase the demand for mechanical, electrical, and plumbing services, which will propel the growth of the consulting and engineering segment in the mechanical, electrical, and plumbing services in North America during the forecast period.
The North America Mechanical Electrical and Plumbing (MEP) Services Market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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North America Mechanical Electrical and Plumbing (MEP) Services Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.73% |
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Market Growth 2024-2028 |
USD 23,372.82 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.47 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AECOM, Arup Group Ltd., Balfour Beatty Plc, Carrier Global Corp., CBRE Group Inc., Comfort Systems USA Inc., EMCOR Group Inc., Encore Electric, Faith Technologies Inc., Godrej and Boyce Manufacturing Co. Ltd., Harris Co., HOCHTIEF AG, IES Holdings Inc., Johnson and Pace Inc., LIMBACHHOLDINGS INC., Siemens AG, TDIndustries Inc., Tetra Tech Inc., Veolia Environnement SA, and WSP Global Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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