Mechanical, Electrical and Plumbing Services
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Mechanical, Electrical and Plumbing Services market report transcript
Electrical Mechanical and Plumbing Services Global Market Outlook:
MARKET OVERVIEW (2020E)
GLOBAL MARKET SIZE: $1,133 BILLION
Porter's Analysis on Electrical Mechanical and Plumbing Services
- The MEP services market is highly competitive with large global firms and regional medium and small scalefirms.
- Supplier power remains low to medium, based on the current economic conditions that are prevailing across the globe.
- Currently, the market is struggling to recover from COVID crisis hence, the suppliers/contractors are highly competitive in bidding the tenders from the buyers.
- Over the next few years, the supplier power in the industry may gradually increase due to the inflow of various capital projects from both the public and private sectors from both the public and private sectors
Barriers to New Entrants
- Barrier to entry remains high, due to:
– High upfront capital required
– Requirement of skilled workforce in a tight labor market
- As the engineering and construction market is consolidated, new entrants from other geographical locations via possible mergers and acquisitions, which is less in the sub -sector
- Building codes and regulations are highly complex, which has further raised the barrier
Intensity of Rivalry
- The MEP service are a highly competitive market with several players, offering services
- The market is highly dominated by top regional and global, who has high expertise in the engineering sector.
- Leveraging the use of technology to provide better quality for the buyers and develop partnerships, to improve backlog period intensifies competition
Threat of Substitutes
- MEP’s are one of the major essentials in construction industry and hence there is no substitutes for their role.
- The only alternative position for buyers is to manage the MEP requirements internally, if they have any large investment plans for the near future.
- Buyer power typically depends on the level of investment by the buyers.
- The evolving nature of service contracts such as the long-term relationship between the suppliers and buyers or combining multiple projects in a region would increase the buyer power.
- There are capable regional/local medium to small scale MEP companies in the market and increasing the competition between incumbents suppliers to retain current contract at respective locations will give higher buyer power to small buyers.