Mechanical Electrical and Plumbing (MEP) Services Market size in North America to grow by USD 23.37 billion from 2023 to 2028; Market is fragmented due to the presence of prominent companies like AECOM, Arup Group Ltd. and Balfour Beatty Plc, and many more - Technavio

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.
• For details on companies and their offerings – Buy a report!
• 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

Related Reports:
The Malaysia - online on-demand home services market size is estimated to grow at a CAGR of 57.52% between 2022 and 2027. The market size is forecast to increase by USD 12.10 billion.

The India - mechanical electrical and plumbing services market size is estimated to grow at a CAGR of 15.91% between 2022 and 2027. The market size is forecast to increase by USD 2,280.74 million.

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

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact US:

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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