North America - Mechanical Electrical and Plumbing (MEP) Services Market by Service and End-user - Forecast and Analysis 2024-2028

Published: Oct 2023

Pages: 159

SKU: IRTNTR43964

Snapshot

North America Mechanical Electrical and Plumbing (MEP) Services Market Forecast 2024-2028

The North America Mechanical Electrical and Plumbing (MEP) Services Market size is forecast to increase by USD 23,372.82 million, at a CAGR of 7.73% between 2023 and 2028.

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. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.

What will be the size of the North America Mechanical Electrical and Plumbing (MEP) Services Market During the Forecast Period?

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Market Dynamics

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.

Key Driver

Rising renewable energy integration is notably driving the market. The rising integration of renewable energy sources into building systems is expected to positively impact the 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 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 market in focus during the forecast period.

Key Trends

The emergence of building information modeling is an emerging trend in the market. Building information modeling (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 market during the forecast period.

Major Challenge

The lack of skilled labor required for mechanical, electrical, and plumbing services is a significant challenge hindering market. 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. Thus, the lack of skilled labor will result in project delays, quality concerns, increased costs, and dependence on unskilled labor, which will impede the market in North America during the forecast period.

Market Customer Landscape

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.

Market Customer Landscape

Who are the Major North America Mechanical Electrical and Plumbing (MEP) Services Market Companies?

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 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 market growth 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.

What are the Largest-Growing Segments in the Market?

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 market. Generally, mechanical, electrical, and plumbing companies 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 market during the forecast period.

Segment Overview

The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

Service Outlook (USD Million, 2018-2028)
- Consulting and engineering
- Maintenance and support
- System integration

End-user Outlook (USD Million, 2018-2028)
- Commercial
- Government
- Residential

Market Analyst Overview

The market in North America plays a pivotal role in various sectors. From supply chains and materials to refrigerants and compressors, MEP services are integral in constructing efficient systems. The recovery phase in the construction sector, including residential, infrastructure, and commercial properties, has spurred demand for MEP design. With a focus on sustainability, the market emphasizes environmental protection, incorporating technologies such as solar collectors and ventilation with heat recovery. In the residential market, home improvement projects and maintenance-related activities contribute to the growth of MEP services. The sector's market size estimation considers emerging trends, with a diverse range of engineering firms catering to different end-user verticals. Comprehensive company profiles showcase the expertise and capabilities of players in the MEP services domain.

North America Mechanical Electrical and Plumbing (MEP) Services Market Scope
Report Coverage	Details
Page number	159
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.73%
Market Growth 2024-2028	USD 23,372.82 million
Market structure	Fragmented
YoY growth 2023-2024(%)	7.47
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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.
Market dynamics	Parent market analysis, Market forecasting, 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.
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.

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What are the Key Data Covered in this Market Research Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the market between 2024 and 2028
Precise estimation of the market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Expansion of the market across North America
A thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
Comprehensive market research and growth analysis of factors that will challenge the growth of market companies

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Service
- Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 13: Market segments

3.3 Market size 2023

3.4 Market outlook: Forecast for 2023-2028
- Exhibit 14: Chart on North America - Market size and forecast 2023-2028 ($ million)
- Exhibit 15: Data Table on Regional - Market size and forecast 2023-2028 ($ million)
- Exhibit 16: Chart on North America: Year-over-year growth 2023-2028 (%)
- Exhibit 17: Data Table on Regional - Market size and forecast 2023-2028 ($ million)

4 Historic Market Size

4.1 Mechanical electrical and plumbing (MEP) services market in North America 2018 - 2022
- Exhibit 18: Historic Market Size – Data Table on mechanical electrical and plumbing (mep) services market in north America 2018 - 2022 ($ million)

4.2 Services Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Services Segment 2018 - 2022 ($ million)

4.3 End-user Segment Analysis 2018 - 2022
- Exhibit 20: Historic Market Size – End-user Segment 2018 - 2022 ($ million)

4.4 Country Segment Analysis 2018 - 2022
- Exhibit 21: Historic Market Size – Country Segment 2018 - 2022 ($ million)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 22: Five forces analysis - Comparison between 2023 and 2028

5.2 Bargaining power of buyers
- Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

5.3 Bargaining power of suppliers
- Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

5.4 Threat of new entrants
- Exhibit 25: Threat of new entrants – Impact of key factors in 2023 and 2028

5.5 Threat of substitutes
- Exhibit 26: Threat of substitutes – Impact of key factors in 2023 and 2028

5.6 Threat of rivalry
- Exhibit 27: Threat of rivalry – Impact of key factors in 2023 and 2028

5.7 Market condition
- Exhibit 28: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Service

6.1 Market segments
- Exhibit 29: Chart on Service - Market share 2023-2028 (%)
- Exhibit 30: Data Table on Service - Market share 2023-2028 (%)

6.2 Comparison by Service
- Exhibit 31: Chart on Comparison by Service
- Exhibit 32: Data Table on Comparison by Service

6.3 Consulting and engineering - Market size and forecast 2023-2028
- Exhibit 33: Chart on Consulting and engineering - Market size and forecast 2023-2028 ($ million)
- Exhibit 34: Data Table on Consulting and engineering - Market size and forecast 2023-2028 ($ million)
- Exhibit 35: Chart on Consulting and engineering - Year-over-year growth 2023-2028 (%)
- Exhibit 36: Data Table on Consulting and engineering - Year-over-year growth 2023-2028 (%)

6.4 Maintenance and support - Market size and forecast 2023-2028
- Exhibit 37: Chart on Maintenance and support - Market size and forecast 2023-2028 ($ million)
- Exhibit 38: Data Table on Maintenance and support - Market size and forecast 2023-2028 ($ million)
- Exhibit 39: Chart on Maintenance and support - Year-over-year growth 2023-2028 (%)
- Exhibit 40: Data Table on Maintenance and support - Year-over-year growth 2023-2028 (%)

6.5 System integration - Market size and forecast 2023-2028
- Exhibit 41: Chart on System integration - Market size and forecast 2023-2028 ($ million)
- Exhibit 42: Data Table on System integration - Market size and forecast 2023-2028 ($ million)
- Exhibit 43: Chart on System integration - Year-over-year growth 2023-2028 (%)
- Exhibit 44: Data Table on System integration - Year-over-year growth 2023-2028 (%)

6.6 Market opportunity by Service
- Exhibit 45: Market opportunity by Service ($ million)
- Exhibit 46: Data Table on Market opportunity by Service ($ million)

7 Market Segmentation by End-user

7.1 Market segments
- Exhibit 47: Chart on End-user - Market share 2023-2028 (%)
- Exhibit 48: Data Table on End-user - Market share 2023-2028 (%)

7.2 Comparison by End-user
- Exhibit 49: Chart on Comparison by End-user
- Exhibit 50: Data Table on Comparison by End-user

7.3 Commercial - Market size and forecast 2023-2028
- Exhibit 51: Chart on Commercial - Market size and forecast 2023-2028 ($ million)
- Exhibit 52: Data Table on Commercial - Market size and forecast 2023-2028 ($ million)
- Exhibit 53: Chart on Commercial - Year-over-year growth 2023-2028 (%)
- Exhibit 54: Data Table on Commercial - Year-over-year growth 2023-2028 (%)

7.4 Government - Market size and forecast 2023-2028
- Exhibit 55: Chart on Government - Market size and forecast 2023-2028 ($ million)
- Exhibit 56: Data Table on Government - Market size and forecast 2023-2028 ($ million)
- Exhibit 57: Chart on Government - Year-over-year growth 2023-2028 (%)
- Exhibit 58: Data Table on Government - Year-over-year growth 2023-2028 (%)

7.5 Residential - Market size and forecast 2023-2028
- Exhibit 59: Chart on Residential - Market size and forecast 2023-2028 ($ million)
- Exhibit 60: Data Table on Residential - Market size and forecast 2023-2028 ($ million)
- Exhibit 61: Chart on Residential - Year-over-year growth 2023-2028 (%)
- Exhibit 62: Data Table on Residential - Year-over-year growth 2023-2028 (%)

7.6 Market opportunity by End-user
- Exhibit 63: Market opportunity by End-user ($ million)
- Exhibit 64: Data Table on Market opportunity by End-user ($ million)

8 Customer Landscape

8.1 Customer landscape overview
- Exhibit 65: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
- Exhibit 66: Chart on Market share by geography - 2023-2028 (%)
- Exhibit 67: Data Table on Market share by geography - 2023-2028 (%)

9.2 Geographic comparison
- Exhibit 68: Chart on Geographic comparison
- Exhibit 69: Data Table on Geographic comparison

9.3 US - Market size and forecast 2023-2028
- Exhibit 70: Chart on US - Market size and forecast 2023-2028 ($ million)
- Exhibit 71: Data Table on US - Market size and forecast 2023-2028 ($ million)
- Exhibit 72: Chart on US - Year-over-year growth 2023-2028 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2023-2028 (%)

9.4 Canada - Market size and forecast 2023-2028
- Exhibit 74: Chart on Canada - Market size and forecast 2023-2028 ($ million)
- Exhibit 75: Data Table on Canada - Market size and forecast 2023-2028 ($ million)
- Exhibit 76: Chart on Canada - Year-over-year growth 2023-2028 (%)
- Exhibit 77: Data Table on Canada - Year-over-year growth 2023-2028 (%)

9.5 Mexico - Market size and forecast 2023-2028
- Exhibit 78: Chart on Mexico - Market size and forecast 2023-2028 ($ million)
- Exhibit 79: Data Table on Mexico - Market size and forecast 2023-2028 ($ million)
- Exhibit 80: Chart on Mexico - Year-over-year growth 2023-2028 (%)
- Exhibit 81: Data Table on Mexico - Year-over-year growth 2023-2028 (%)

9.6 Market opportunity by geography
- Exhibit 82: Market opportunity by geography ($ million)
- Exhibit 83: Data Table on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 84: Impact of drivers and challenges in 2023 and 2028

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 85: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 86: Overview on factors of disruption

11.4 Industry risks
- Exhibit 87: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 88: Vendors covered

12.2 Market positioning of vendors
- Exhibit 89: Matrix on vendor position and classification

12.3 AECOM
- Exhibit 90: AECOM - Overview
- Exhibit 91: AECOM - Business segments
- Exhibit 92: AECOM - Key news
- Exhibit 93: AECOM - Key offerings
- Exhibit 94: AECOM - Segment focus

12.4 Arup Group Ltd.
- Exhibit 95: Arup Group Ltd. - Overview
- Exhibit 96: Arup Group Ltd. - Product / Service
- Exhibit 97: Arup Group Ltd. - Key offerings

12.5 Balfour Beatty Plc
- Exhibit 98: Balfour Beatty Plc - Overview
- Exhibit 99: Balfour Beatty Plc - Business segments
- Exhibit 100: Balfour Beatty Plc - Key offerings
- Exhibit 101: Balfour Beatty Plc - Segment focus

12.6 Carrier Global Corp.
- Exhibit 102: Carrier Global Corp. - Overview
- Exhibit 103: Carrier Global Corp. - Business segments
- Exhibit 104: Carrier Global Corp. - Key news
- Exhibit 105: Carrier Global Corp. - Key offerings
- Exhibit 106: Carrier Global Corp. - Segment focus

12.7 CBRE Group Inc.
- Exhibit 107: CBRE Group Inc. - Overview
- Exhibit 108: CBRE Group Inc. - Business segments
- Exhibit 109: CBRE Group Inc. - Key offerings
- Exhibit 110: CBRE Group Inc. - Segment focus

12.8 Comfort Systems USA Inc.
- Exhibit 111: Comfort Systems USA Inc. - Overview
- Exhibit 112: Comfort Systems USA Inc. - Product / Service
- Exhibit 113: Comfort Systems USA Inc. - Key offerings

12.9 EMCOR Group Inc.
- Exhibit 114: EMCOR Group Inc. - Overview
- Exhibit 115: EMCOR Group Inc. - Business segments
- Exhibit 116: EMCOR Group Inc. - Key offerings
- Exhibit 117: EMCOR Group Inc. - Segment focus

12.10 Godrej and Boyce Manufacturing Co. Ltd.
- Exhibit 118: Godrej and Boyce Manufacturing Co. Ltd. - Overview
- Exhibit 119: Godrej and Boyce Manufacturing Co. Ltd. - Business segments
- Exhibit 120: Godrej and Boyce Manufacturing Co. Ltd. - Key offerings
- Exhibit 121: Godrej and Boyce Manufacturing Co. Ltd. - Segment focus

12.11 HOCHTIEF AG
- Exhibit 122: HOCHTIEF AG - Overview
- Exhibit 123: HOCHTIEF AG - Business segments
- Exhibit 124: HOCHTIEF AG - Key offerings
- Exhibit 125: HOCHTIEF AG - Segment focus

12.12 IES Holdings Inc.
- Exhibit 126: IES Holdings Inc. - Overview
- Exhibit 127: IES Holdings Inc. - Business segments
- Exhibit 128: IES Holdings Inc. - Key offerings
- Exhibit 129: IES Holdings Inc. - Segment focus

12.13 Johnson and Pace Inc.
- Exhibit 130: Johnson and Pace Inc. - Overview
- Exhibit 131: Johnson and Pace Inc. - Product / Service
- Exhibit 132: Johnson and Pace Inc. - Key offerings

12.14 Siemens AG
- Exhibit 133: Siemens AG - Overview
- Exhibit 134: Siemens AG - Business segments
- Exhibit 135: Siemens AG - Key news
- Exhibit 136: Siemens AG - Key offerings
- Exhibit 137: Siemens AG - Segment focus

12.15 Tetra Tech Inc.
- Exhibit 138: Tetra Tech Inc. - Overview
- Exhibit 139: Tetra Tech Inc. - Business segments
- Exhibit 140: Tetra Tech Inc. - Key offerings
- Exhibit 141: Tetra Tech Inc. - Segment focus

12.16 Veolia Environnement SA
- Exhibit 142: Veolia Environnement SA - Overview
- Exhibit 143: Veolia Environnement SA - Business segments
- Exhibit 144: Veolia Environnement SA - Key news
- Exhibit 145: Veolia Environnement SA - Key offerings
- Exhibit 146: Veolia Environnement SA - Segment focus

12.17 WSP Global Inc.
- Exhibit 147: WSP Global Inc. - Overview
- Exhibit 148: WSP Global Inc. - Business segments
- Exhibit 149: WSP Global Inc. - Key news
- Exhibit 150: WSP Global Inc. - Key offerings
- Exhibit 151: WSP Global Inc. - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 152: Inclusions checklist
- Exhibit 153: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 154: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 155: Research methodology
- Exhibit 156: Validation techniques employed for market sizing
- Exhibit 157: Information sources

13.5 List of abbreviations
- Exhibit 158: List of abbreviations

Methodology

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

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

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What are the latest trends influencing the growth of this market?
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What are the factors influencing the growth of the parent market?

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