MECHANICAL, ELECTRICAL AND PLUMBING SERVICES MARKET ANALYSIS

Mechanical, Electrical And Plumbing Services MarketSize and Trends

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.

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.