MEP services market is consistently driven by increasing infrastructural development worldwide. Mechanical, electrical and plumbing services, including designing, implementation, and maintenance form an integral part of the residential, commercial, and government buildings. Increasing infrastructure development in emerging economies and the requirement of the developed economies to upgrade their existing infrastructure is in turn expected to create highly conducive environment for growth of the global MEP services market.
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Rampant urbanization in emerging economies to present favorable growth prospects
According to World Bank Group, the global urban population growth rate has declined, which witnessed growth of over 2% in 2016. However, the global urban population accounted for over 54% of the globe in 2016. According to UN projections, this is expected to witness considerable surge in the years and will account for 66% of the global population by 2050. Increasing urbanization will present significant demand for the infrastructural development over the next few years. In conjunction with the development of residential facilities, requirement to avail the basic amenities of income and livelihood will drive demand for commercial and MEP services market over the forecast period.
Service outsourcing to ensure timely project completion and ensure fixed costs will present strong growth landscape
Considerable reduction of risks through outsourcing of business operations to MEP services market participants is expected to drive the growth of the business. These vendors handle the mechanical, electrical and plumbing associated tasks with the end users can maintain their focus on their core activities for the construction development. End user problems associated with the training, maintaining, and retaining the skilled workforce is considerably reduced. Moreover, expertise of these businesses in the quality and durability of the projects within the stipulated time and costs is expected to be prominent growth factor fueling the industry growth.
3D modeling and virtual project planning to streamline the project costs has gained significant traction over the past few years
Preplanning the design layouts and associated approximation of the cots can be approximated at the project initiation. However, these 3D modeling and virtual project planning aids the participants in gaining better approximations and explore design defects. Moreover, the related costs associated with the project prototyping, layout designs and time required is significantly reduced. Thus, virtual project planning has gained significant traction in the industry, is expected to be among the key trends that will help the participants garner better margins.