What Has Been The Evolution of the Mechanical Electrical And Plumbing Software Market in Recent Years?
The mechanical electrical and plumbing software market has seen considerable growth due to a variety of factors.
• The market size for mechanical, electrical, and plumbing software has seen substantial growth in recent years. The market will expand from a value of $5.06 billion to $5.55 billion between 2024 and 2025, witnessing an annual compound growth rate (CAGR) of 9.8%.
This significant growth in the past can be linked to a rise in the need for energy-efficient buildings, adherence to regulatory compliance, an upsurge in urbanization, a worldwide construction boom, improvements in project execution efficiency, and intricate building designs.
What Is the Forecasted Market Size and Growth Rate for The Mechanical Electrical And Plumbing Software Market Size In The Coming Years?
The mechanical electrical and plumbing software market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, significant growth is anticipated in the market size of mechanical electrical and plumbing software. The market is projected to expand to $8.49 billion in 2029, with a compound annual growth rate (CAGR) of 11.2%.
Factors such as the integration of renewable energy, emphasis on maintenance and facilities management, global infrastructure investments, sustainable design and certification, as well as data protection and privacy measures contribute to this growth in the forecast period. The forecast period is also expected to witness key trends like integration of building information modeling (BIM), the advent of cloud-based solutions, mobile accessibility and field integration, IoT and smart building integration, and a concentrated emphasis on collaboration and communication.
What Factors Are Driving Growth In The Mechanical Electrical And Plumbing Software Market?
The drive for more energy-efficient buildings is predicted to fuel the mechanical, electrical, and plumbing software market's expansion. Energy-efficient buildings are those specifically designed and constructed to reduce energy use and enhance resource effectiveness, all the while ensuring comfort, functionality, and the wellbeing of occupants. Mechanical, electrical, and plumbing software plays a crucial role in improving operational efficiency, conducting lifecycle analysis, and obtaining green building certification, keeping in line with the increasing awareness about environmental impact. To provide evidence, in October 2022, as stated by the US Green Building Council (USGBC), a non-profit organization based in the US, more than 5,000 additional projects received Leadership in Energy and Environmental Design (LEED) certification in 2022, and an extra 8,800 projects registered in the same year. Hence, the burgeoning demand for energy-efficient buildings is fueling the growth of the mechanical, electrical, and plumbing software market. The expansion of the residential sector is predicted to fuel the growth of the mechanical, electrical, and plumbing software market in the future. The residential sector, distinguished from commercial and industrial areas, primarily centers on housing. It includes single-family homes, multi-family residential constructs, or mobile homes. To exemplify, as of September 2023, the United States Census Bureau, a principal agency of the federal statistical system in the U.S., stated that the number of privately owned housing units approved by building permits in August was 1,543,000 on a seasonally adjusted yearly basis. This represents a 2.7% decrease from August 2022's rate of 1,586,000. However, it is a 6.9% increase from the revised July rate of 1,443,000. Thus, the growing residential sector is propelling the growth of the mechanical, electrical, and plumbing software market.
What Are The Main Segments Of The Global Mechanical Electrical And Plumbing Software Market?
The mechanical electrical and plumbing software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Application: Construction Industry, Electrical Industry, Mechanical Engineering, Plumbing Industry, Other Applications
Subsegments:
1) By Software: Design Software, Estimation Software, Project Management Software, Building Information Modeling (BIM) Software
2) By Services: Implementation Services, Training And Support Services, Consulting Services
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What Emerging Trends Are Influencing The Growth Of The Mechanical Electrical And Plumbing Software Market?
Key players in the market for mechanical, electrical, and plumbing (MEP) software are increasingly utilizing machine learning technology to boost their predictive maintenance capabilities, refine design processes, and increase the precision in sophisticated system modeling. Utilizing machine learning, these firms enhance the ability of MEP software to understand historical patterns, foresee potential system breakdowns, and advise on design tweaks to boost performance and eco-friendliness. As an example, BlueConduit, a US firm specializing in water infrastructure and asset modernization, unveiled its machine-learning software in June 2022. This software is created to detect lead service lines (LSLs) in multiple cities in the US and Canada. This cutting-edge tool aims at improving the proficiency and efficacy of identification and replacement of lead pipes - a significant environmental health threat due to the risk of lead exposure. The software deploys advanced machine-learning algorithms for analysing historical data and several environmental factors to predict the presence of lead service lines. This method allows utility firms to allocate resources to regions with the greatest probability of having lead pipes.
Who Are the Key Players In The Mechanical Electrical And Plumbing Software Market?
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 Systèmes 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
What Is The Most Dominant Region In The Mechanical Electrical And Plumbing Software Market?
North America was the largest region in the mechanical electrical and plumbing software market in 2024. 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
