PUBLISHER: The Business Research Company | PRODUCT CODE: 1426375
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426375
MEP (Mechanical, Electrical, and Plumbing) software plays a crucial role in the design and documentation of systems that ensure a comfortable environment for building occupants. MEP software is a specialized category of computer-aided design (CAD) software utilized by engineers, designers, and contractors to model, design, and document mechanical, electrical, and plumbing systems within buildings. This software enables the creation of both 2D and 3D drawings, providing a comprehensive tool for designing and visualizing these essential building systems.
The key components of MEP software are software applications and related services. Software encompasses the digital tools and programs designed for specific tasks related to the planning and execution of mechanical, electrical, and plumbing systems. These software solutions can be deployed either in the cloud or on-premises, catering to diverse industries such as construction, electrical engineering, mechanical engineering, plumbing, and others.
The mechanical electrical and plumbing software market research report is one of a series of new reports from The Business Research Company that provides mechanical electrical and plumbing software market statistics, including mechanical electrical and plumbing software industry global market size, regional shares, competitors with a mechanical electrical and plumbing software market share, detailed mechanical electrical and plumbing software market segments, market trends and opportunities, and any further data you may need to thrive in the mechanical electrical and plumbing software industry. This mechanical electrical and plumbing software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The mechanical electrical and plumbing software market size has grown rapidly in recent years. It will grow from $4.56 billion in 2023 to $5.06 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The historic growth of MEP (Mechanical, Electrical, and Plumbing) software can be attributed to rising demand for energy-efficient buildings, adherence to regulatory standards, escalating urbanization trends, a global surge in construction activities, enhanced project delivery efficiency, and the growing complexity of building designs.
The mechanical electrical and plumbing software market size is expected to see rapid growth in the next few years. It will grow to $7.56 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The forecasted growth of MEP (Mechanical, Electrical, and Plumbing) software can be attributed to the integration of renewable energy sources, a heightened emphasis on maintenance and facility management, increased global investments in infrastructure, a commitment to sustainable design and certification practices, and the implementation of data security and privacy measures. Key trends anticipated in the forecast period include the integration of Building Information Modeling (BIM), the adoption of cloud-based solutions, enhanced mobile accessibility and field integration, integration with Internet of Things (IoT) technologies for smart buildings, and an increased focus on collaboration and communication within the industry.
The surge in demand for energy-efficient buildings is anticipated to drive the expansion of the mechanical, electrical, and plumbing (MEP) software market. Energy-efficient buildings are structures strategically designed to curtail energy usage and optimize resource efficiency while ensuring occupant comfort and functionality. MEP software solutions play a crucial role in enhancing operational efficiency, conducting lifecycle analysis, and facilitating green building certifications. For instance, the US Green Building Council reported a notable increase in LEED-certified projects in the US in 2022, with over 5,000 additional projects attaining certification and 8,800 new project registrations. Similarly, China witnessed approvals for 1,077 LEED projects in 2021, encompassing more than 152 million square feet of certified space. Hence, the upsurge in energy-efficient building demand is propelling the growth of the MEP software market.
The burgeoning residential sector is poised to be a significant driver in advancing the mechanical, electrical, and plumbing (MEP) software market. Residential sectors encompass various types of housing, including single-family units, multi-family residences, and mobile homes, and form a crucial aspect of land utilization. Notably, in August 2023, the United States Census Bureau recorded the approval of 1,543,000 privately-owned dwelling units through building permits, marking a 2.7% decline from August 2022 but a 6.9% increase from the revised July rate of 1,443,000. This illustrates the consistent growth and demand within the residential construction domain. Consequently, the expansion of the residential sector serves as a key driver stimulating growth within the MEP software market.
The mechanical, electrical, and plumbing (MEP) software market encounters a significant obstacle posed by the considerable implementation costs associated with these software solutions. These costs are variable, contingent upon the company's size and its specific software requirements, often entailing higher upfront fees and recurring monthly payments for enterprise-level software. As indicated by Schnackel Engineers Inc., MEP systems commonly contribute a substantial share, often surpassing 40%, of construction costs, exerting a notable impact on the overall project budget. Such financial hurdles can dissuade prospective users and organizations from embracing MEP software solutions. Consequently, the significant implementation costs pose a hindrance to the expansion of the mechanical, electrical, and plumbing software market.
Key players in the mechanical, electrical, and plumbing (MEP) software market are embracing innovative technologies such as digital MEP workflows to deliver dependable customer service. Digital MEP workflows utilize digital tools and methodologies within MEP design, automating tasks, enhancing communication, and facilitating information sharing among project teams. For example, in September 2021, Trimble Inc., a prominent provider of software, hardware, and services, introduced SysQue v8.3, an intricately designed digital tool aimed at streamlining modeling workflows and digitizing MEP processes from design to the shop floor. Its functionality includes swift configuration of wall assemblies, saving configurations as business standards, and precise integration within models to bolster electrical efficiency and productivity. The incorporation of the PypeServer interface further enables the creation of pipe CAM files directly from the Revit model, accentuating its versatility and utility in MEP projects.
In November 2022, NV5 Global Inc., a prominent American firm specializing in conformity assessment, technology, and consultancy solutions, completed the acquisition of Intrepid Engineering LLC. The specific financial details of this acquisition were not disclosed. NV5's strategic aim behind this acquisition is to fortify its extensive customer portfolio, reinforce its technological proficiency, and foster growth across the Southwest Region. Intrepid Engineering LLC, the acquired company, is known for its offerings in mechanical, electrical, and plumbing (MEP) software solutions within the United States.
Major companies operating in the mechanical electrical and plumbing software market report are Siemens AG, Schneider Electric, Ecolab Inc., EMCOR Group Inc., GDI Integrated Facility Services Inc., Dassault Systemes SE, Autodesk Inc., Trimble Inc., Sage Group, AVEVA Group, Bentley Systems Incorporated, Caravan Facilities Management LLC, Knight Facilities Management Inc., Graphisoft SE, ProTenders Inv., Continuum Services, EDSA Micro Corporation, Camelot Facility & Property Management, Crockett Facilities Services Inc., CYPE Ingenieros SA, MEPcontent, BIM-ME, Choice Facility Services & Construction Inc., Dohn Engineering PLC, Assurance Facility Management Inc., eSUB Construction Software, Global Facility Solutions Inc., Priosoft Construction Software
North America was the largest region in the mechanical electrical and plumbing software market in 2023. The regions covered in the mechanical electrical and plumbing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the mechanical electrical and plumbing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The mechanical, electrical, and plumbing software market consists of revenues earned by entities by providing services such as estimation services, consulting services, software implementation and deployment services, and project management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The mechanical, electrical, and plumbing software market also includes sales of hard disks, display cards, graphics cards, and display adapters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Mechanical Electrical And Plumbing Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mechanical electrical and plumbing software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mechanical electrical and plumbing software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mechanical electrical and plumbing software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.