Grand View Research, Inc.
The mechanical electrical and plumbing services market in the United States was valued at USD 32.8 billion in 2020 and it is expected to grow at a CAGR of 14.2% by 2027.
Mechanical, electrical and plumbing services in the planning, design and maintenance of different elements of a building which may be classified under one or more of the headings; mechanical, electrical and plumbing services. Commonly referred to as MEP, these services are essential not only during the construction of a building but also during its lifetime. The main services offered by the MEP service provider are HVAC system maintenance, installation and maintenance of power lines and energy circulation, maintenance of pipes and plumbing system to ensure a proper cleaning and water sanitation.
The MEP industry has evolved over the years. In the early 2000s, MEP was considered a specialized service offering. However, with advancements in facilities management, facility management service providers have incorporated elements of mechanical, electrical or plumbing services so that they can provide a comprehensive package with the added value of MEP services. In addition, there is the incorporation of software services that help perform diagnostics of features affected by MEP services.
Mechanical Electrical and Plumbing Services Market in United States was valued at USD 32.8 Billion in 2020 and it is expected to grow at a CAGR of 14.2% by 2027. It also holds the largest market share higher among other geographies. Demand for mechanical electrical and plumbing services in the United States will be driven by new construction as well as demand for upgrades and renovations.
The MEP industry is moderately fragmented with the presence of several multinational as well as small local vendors. As such, competition in the pre-COVID era was already high. The COVID pandemic has caused several constructions to be temporarily halted. This has had a negative impact on the mechanical, electrical and plumbing services industry. However, with the effects of the pandemic and the resumption of activities, the construction market is expected to flourish, which would help stimulate the need for MEP services.
Integrating software and technology to perform diagnostic checks on different building elements would help with preventative checks and maintenance. Often preventive maintenance is less expensive than reactive repair work. Thus, a capital investment in the form of technology would help reduce the lifetime costs of maintenance work. The integration of software in the MEP industry is expected to increase over the forecast period with several government initiates across the world planning to implement or have already started implementing the smart city project ideas.
Increasing urbanization in APAC countries is driving demand for several types of services, MEP and facilities management being two of them. With this, global players are encroaching on these new developing markets, thereby standardizing market rates and providing services that customers can use to compare the capabilities of different providers before settling on just one. These normalization processes lead to a correction in market prices.
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