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Rapid Urbanization Along with Increasing Commercial and Industrial Projects is Driving the MEP Services Market in India Finds Frost & Sullivan - The growth of the construction sector in India is heralding wider opportunities for the Mechanical-Electrical-Plumbing (MEP) services market
Rapid Urbanization Along with Increasing Commercial and Industrial Projects is Driving the MEP Services Market in India Finds Frost & Sullivan

 

NewswireToday - /newswire/ - Mumbai, India, 2014/04/15 - The growth of the construction sector in India is heralding wider opportunities for the Mechanical-Electrical-Plumbing (MEP) services market.

   
 
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Increasing investments from commercial (IT and retail), industries, residential, hotels, and hospitals, etc. have given the required impetus to the growth of this market.

The value of Indian real estate projects that touched US $100 billion in 2010 is expected to touch $265 billion in 2020. According to analysis from Frost & Sullivan, if we factor in total construction projects valued at $265 billion, then at least 25 percent of the construction value can be attributed to MEP design and works. This represents a potential opportunity of $67 billion in the next 10 years. The market is witnessing a growth rate of around 9 percent in 2013.

The commercial segment, particularly office and mall space, has remained flat and showed signs of slowdown in the recent past; however, new office space, malls, hospitals, hotels, and construction projects are expected to be back on track once credit rates and inflation lessens. According to industry sources, the area for the commercial building sector in India is expected to reach 1.9 billion square feet by 2030, as against the present 659 million square feet. Of the real estate projects about 75 percent of the value is contributed by the residential segment, which includes not only single homes, ground (G)+2/3/4 floors, but also taller and increasingly complex structures touching up to 30-40 storeys.

"Current MEP projects are not only large in size but are also complex. Complexity arises due to revisions or amendments in building codes that call for mandatory installation of certain products and systems. Apart from standard services like plumbing and heating, ventilation, air conditioning and refrigeration (HVAC&R), the Indian construction industry is undergoing a sea change with respect to the installation and usage of extra-low voltage/low voltage (ELV/LV) systems, keeping in mind the design and safety aspects of the electrical equipment,” says Sasidhar Chidanamarri, Industry Manager, Environment & Building Technologies Practice, Frost & Sullivan.

Increasing penetration of green buildings is also creating a requirement for high quality and reliable MEP work because of the complexity of designing and constructing a green building. Presence of multiple unorganized participants who cater to small, commercial, and residential buildings, make the market highly cost competitive. This along with low awareness about integrated MEP offerings, shortage of qualified, skilled, and competent manpower serves as challenges for the growth of this sector. At the same time, absence of codes and standards for MEP works in India allows easy entry for the participants, but it creates an environment where quality is often neglected for sub-standard work.

Globally and in India, there are an increasing number of smart city initiatives that are witnessing more usage of information technology (IT) in buildings, transforming them into smart buildings. This will be a trend in the real estate and construction sector in the coming years. The study finds that with the advent of convergence of technologies, such as pre-casting, building automation, energy management, etc., MEP players will be dealing with a whole new competitive environment and may have to partner with companies from different industry verticals as never before. Growth in the construction sector, increasing green building penetration, and the need for delivering projects on time are driving market growth.

"MEP players have to adapt business models and value creation to work with other industry sectors. There is also a strong possibility that MEP players will find new verticals (end-user segments) and markets that were never before part of their strategy. As a result, they have to bring in new competencies, new products, and solutions to reach out to the rapidly evolving needs of the future customer,” notes Chidanamarri. By 2030, it is expected that the competitive landscape will become more organized and large MEP players will seek out new and technologically complex opportunities.

If you are interested to know more on this topic, please send an email to Ravinder Kaur/Priya George, Corporate Communications, at ravinder.kaur[.]frost.com /priyag[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state, and country.

Analysis of the Indian Mechanical Electrical Plumbing (MEP) Services Market is part of the Environment & Building Technologies Growth Partnership Service program. All studies included in subscription provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.

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Media contact: Nimisha Iyer, Corporate Communications South Asia, Middle East, and North Africa
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Rapid Urbanization Along with Increasing Commercial and Industrial Projects is Driving the MEP Services Market in India Finds Frost & Sullivan

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