Mechanical, Electrical and Plumbing Services Market to be dominated by Electrical services Segment through 2028.

With the rise in urbanization, major players in the construction industry across the world are building big and complex residential and commercial buildings to drive Global Mechanical, Electrical and Plumbing Services Market in the forecast period, 2023-2028.

According to TechSci Research report, “Global Mechanical, Electrical and Plumbing Services Market - By Region, Competition, Forecast & Opportunities, 2028”, Global Mechanical, Electrical and Plumbing Services Market is anticipated to grow at a 9.86% CAGR in the forecast period, 2024-2028.

The construction industry faced challenges during the pandemic crisis, now it is in the recovery phase. Despite the economic challenges, the Asia Pacific construction industry recorded significant growth in 2021. The growth is driven by increasing demand for the residential construction sector, which remained strong in big economies. In addition, the infrastructure construction sector experienced increasing investments. According to an industry Survey, in Q4 2021, demand for commercial properties remained stable as key e-commerce companies create demand for larger commercial spaces and this trend is expected to continue further. 

Furthermore, countries like China, and Japan are relaxing restrictions on home approvals and lending to boost the construction industry, in Q4 2021, a huge number of bank credits were offered to property firms in China. In addition, mortgage lending in China increased by more than USD 30 billion (CNY 200 billion) in October 2021 from around USD 23 billion (CNY 150 billion ) in September 2021.

Browse over XX market data Figures spread through 180 Pages and an in-depth TOC on "Global Mechanical Electrical and Plumbing Services Market.”

Based on Type, Global Mechanical, Electrical and Plumbing Services Market is segmented into— (Mechanical, Electrical, and Plumbing) services. Electrical Segment to Dominate the Market, this is primarily due to the increasing demand for smart and intelligent building systems, including advanced lighting, power distribution, and energy management solutions. The growing adoption of renewable energy sources and the integration of renewable energy systems into buildings, such as solar panels and electric vehicle charging stations, also contribute to the growth of electrical services. Additionally, the rising demand for data centers, telecommunications infrastructure, and other electrical-intensive facilities further drives the demand for electrical services in the MEP services market, making it the fastest-growing segment.

Based on End-Users, commercial segment is expected to grow at a high CAGR over the forecast period, this is primarily due to the rapid growth of commercial infrastructure, including office buildings, retail spaces, hotels, and healthcare facilities, driven by urbanization, industrialization, and globalization. The increasing demand for energy-efficient and sustainable MEP services in commercial buildings, to meet environmental regulations and reduce operating costs, is also a significant driver. Moreover, the rising adoption of advanced technologies, such as building automation and smart systems, in commercial buildings further boosts the demand for MEP services.

Based on Region, Asia Pacific region is expected to dominate the market for Mechanical, Electrical and Plumbing Services during the forecast period. This growth is ascribed to various factors such as rapid urbanization and industrialization in countries like China and India, which further led to increased demand for MEP services in the construction of residential, commercial, and industrial buildings. Additionally, the rising awareness of energy efficiency and sustainability has driven the adoption of green MEP services in the region. The availability of skilled labor at competitive costs and favorable government policies supporting infrastructure development have further fueled the growth of the MEP services market in Asia-Pacific.

Major companies operating in the Global Mechanical, Electrical and Plumbing Services market are:

• Jacobs
• Drake & Scull Engineering
• Atkins
• ETA Engineering
• WSP
• Habtoor Leighton Specon
• Hyder Consulting Limited
• AECOM
• Dar Al-Handasah
• Al-Futtaim

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“The global Mechanical, Electrical and Plumbing Services market is driven by several key factors that shape its growth and development. The Global Mechanical, Electrical, and Plumbing (MEP) Services market is primarily driven by urbanization and infrastructure development, sustainability initiatives, technological advancements, and energy efficiency regulations. Urbanization fuels construction and infrastructure projects, increasing the demand for MEP services in urban areas. Sustainability concerns have led to a focus on green building practices, pushing the adoption of energy-efficient MEP systems. Technological advancements, including Building Information Modeling (BIM) and automation, improve MEP system design and efficiency. Energy efficiency regulations, often driven by environmental concerns, require compliant MEP systems, ensuring a continuous demand for MEP services. Other factors such as aging infrastructure, globalization, growth in healthcare and technology sectors, smart building trends, resilience measures, and the integration of renewable energy sources also contribute to the expansion of the MEP Services market. These drivers collectively shape the industry, emphasizing the need for advanced, sustainable, and resilient MEP solutions in a rapidly evolving global construction landscape.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Mechanical, Electrical and Plumbing Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast

Segmented by Type (Mechanical Services, Electrical Services, and Plumbing Services), By End-Users (Commercial and Residential), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global Mechanical, Electrical and Plumbing Services market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Mechanical, Electrical and Plumbing Services market.

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