Procurement Outlook
Mechanical electrical and plumbing services in the planning, design, and maintenance of different elements of a building which can be classified under one or more of the headers; mechanical, electrical, and plumbing services. Commonly known as MEP, these services are essential not only during the construction of a building but also during its lifetime. The major services offered under the MEP service provider are maintenance of the HVAC system, installation, and maintenance of electrical lines and power circulation, maintenance of pipes and the plumbing system to ensure proper cleaning and water sanitation.
The MEP industry has evolved over the years. Back in the early 2000s, MEP was considered a specialized service offering. However, with the progress in facilities management, the 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. Additionally, there is the incorporation of software services that help perform diagnostics of the functionalities that MEP services are concerned with.
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Demand Outlook
The mechanical electrical and plumbing services market in the US 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 highest market share among other geographies. The demand for mechanical electrical and plumbing services in the US will be driven by new construction as well as retrofit and renovation demand.
The MEP industry is moderately fragmented with the presence of several multinational as well as small-sized, local suppliers. As such, the competition during the pre-COVID era was already high. The COVID pandemic resulted in several constructions to temporarily stop. This had negatively impacted the Mechanical Electrical and Plumbing Services Industry. However, with the effects of the pandemic seizing and businesses resuming, the construction market is expected to bloom which would help drive the requirement for MEP services.
Cost Drivers
Integrating software and technology to perform diagnostic checks on different elements of the building would help in preemptive checks and maintenance. Often, preemptive maintenances are cheaper than reactive repair work. So a capital investment in the form of technology would help reduce lifetime costs for maintenance work. The integration of software into the MEP industry is expected to increase during the period of forecast with several governments initiates across the globe planning to implement or have already started implementing the ideas of smart city projects.
The growing urbanization in APAC nations is leading to a demand for several types of services, MEP and facilities management being two of them. With this, global players are encroaching into these new developing markets thereby standardizing market rates and providing services that the customers can use to benchmark capabilities of different suppliers before opting for one. These processes of standardization are leading to market correction in prices.
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