NEW YORK, Nov. 9, 2023 /PRNewswire/ — The mechanical electrical and plumbing (MEP) services market in North America is estimated to grow by USD 23.37 billion from 2023 to 2028, growing at a CAGR of 7.73%. The mechanical electrical and plumbing (MEP) services market in North America is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer mechanical electrical and plumbing (MEP) services market in North America are 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. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying
Company Offering:
- AECOM – The company offers mechanical electrical and plumbing services such as advanced modeling, lighting, and fire protection.
- Arup Group Ltd. – The company offers mechanical electrical and plumbing services such as ventilation, heating, and cooling structural engineering services.
- Balfour Beatty Plc – The company offers mechanical electrical and plumbing services such as pipe fabrication and installation, HVAC, and piling and foundations.
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- Impactful driver- Rise in adoption of outsourcing mechanical, electrical, and plumbing services
The rising renewable energy integration drives market growth. Energy-efficient mechanical, electrical, and plumbing systems are emphasized. Furthermore, these systems in modern buildings often include hybrid systems that combine traditional energy sources with renewable sources. - Key Trend – Rising construction activities in both residential and non-residential sectors will result in an increased demand for mechanical, electrical, and plumbing services in North America. This is a growing trend that influences the MEP market. Mega-scale infrastructure development projects are expected to start during the forecast period. Advancements in the construction sector will play a vital role in generating increased demand for outsourcing facility management services as building owners will show an inclination toward managing their operational costs and delivering an improved environment to occupants.
- Major Challenges – Lack of skilled labor required for mechanical, electrical, and plumbing services
Market Segmentation
- By Service, the consulting and engineering segment is estimated to witness significant growth during the forecast period. The market growth in the segment can be attributed to factors such as the level of new infrastructure development in the region.
Technavio Research experts have provided more insights on the market share of segments – View a Sample Report
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Mechanical Electrical And Plumbing (MEP) Services Market In North America Scope |
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Report Coverage |
Details |
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Historic period |
2018-2022 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.73% |
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YoY growth 2022-2023 (%) |
7.47 |
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Regional analysis |
North America |
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Key countries |
US, Canada, and Mexico |
TOC:
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
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