LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the MEP services market in North America is expected to reach USD 46.5 billion by 2021, growing at a CAGR of almost 19%.
“North American countries, Canada and the US, consist of several office buildings, business parks, and corporate office headquarters, which require specialized services for operating and maintaining the electromechanical and civil systems.”
This research report titled ‘MEP Services Market in North America 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The market estimates include new sales, retrofit, replacement, spares, and the services market. Projects include FM consulting and engineering, electro-mechanical commissioning, and retrofits.
The MEP services market in North America, due to its high market maturity and end-user awareness will exhibit stable growth during the forecast period. The need to maintain modern infrastructure facilities in an efficient manner will result in new business opportunities for MEP services vendors. Hard FM services involving electrical, mechanical, and water management services involve technical skill and expertise, which facilitates the growth of MEP services vendors during the forecast period.
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Technavio’s industrial automation analysts categorize the MEP services market in North America into three major segments by end user. They are:
- Commercial buildings
- Government buildings
- Residential buildings
MEP services market in North America by commercial buildings
Infrastructural investments in the North America region has contributed toward the growth of the commercial sector in the region. Subsequently, the demand for managing various aspects of a commercial building has surfaced, propelling the growth of outsourced service vendors. Technical services involving O&M of electro-mechanical systems within a facility is driving the revenues for MEP service vendors in the region.
According to Bharath Kanniappan, a lead automation research analyst from Technavio, “North American countries, Canada and the US, consist of several office buildings, business parks, and corporate office headquarters, which require specialized services for operating and maintaining the electromechanical and civil systems.”
MEP services market in North America by government buildings
Government buildings in North America as compared to other government bodies of other geographies are highly open to outsourcing their facility services to specialized vendors. Thus, MEP service vendors are expected to observe growth in terms of new and existing building projects in this sector. The growth of government-owned and operated buildings like airports, rail stations and harbors will necessitate growing need for efficiency in carrying out the electro-mechanical and civil works.
“Governments in the respective countries of North America are not only increasing their outsourcing budget but also fostering relationships with external FM companies who can enhance the productivity of government buildings,” says Bharath.
MEP services market in North America by residential buildings
The residential buildings in North America including standalone buildings and housing societies, which are gradually turning out to be a major consumer of MEP services. Developments in the residential real estate have resulted in the modernization of housing facilities with stress on the importance of energy optimization in these facilities.
MEP vendors offer building owners and tenants with the ease of cutting down their electricity cost and enhancing the productivity of their building facilities. US residential buildings will continue to drive growth in terms of retrofit and replacement activities with a minor share of revenue generation through new business projects.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Global Facility Solutions
- MEP Engineering
- WSP | Parsons Brinckerhoff
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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