Climate Change Consulting Market Size
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Climate Change Consulting Market Analysis
The climate change consulting market was valued at USD 4.04 billion in the previous year. It is expected to reach USD 8.20 billion over the forecast period, registering a CAGR of 12.76%. Climate change has a tremendous impact on people's lives worldwide. To create an environment-friendly, low-carbon economy and to mitigate and adapt to climate change, enormous economic investment and coordinated efforts are required. The demand for climate change consulting services has risen due to greater awareness and regulatory needs.
- The market is expected to grow as organizations attempt to reduce greenhouse gas emissions, adapt to changing climatic conditions, and meet global sustainability standards. Therefore, consulting firms are important in supporting businesses, governments, and non-profit organizations in formulating strategies, adopting sustainable practices, and navigating the complex climate change environment.
- Moreover, green building is accelerating the energy efficiency aspect of the climate change consulting sector. Technological developments in the automotive industry aim to create fewer emissions, increasing demand for climate change consulting services. Increased awareness of renewable energy sources and associated government initiatives in many countries encourages the expansion of renewable energy projects. It creates a demand for climate change consulting services.
- Furthermore, factors such as corporate sustainability objectives, risk management resilience, investor pressure and ESG concerns, technological advancements, public awareness, consumer demand, and others drive the growth of the industry.
- Lower levels of adoption with substantial discrepancies in the practical scenario are one of the main difficulties facing the market for climate change consulting. In addition, organizations frequently lack the financial, technological, and human resources to prepare for a complicated and divisive topic such as climate change adaptation.
- The demand for climate change consulting services rebounded as the pandemic subsided and economies recovered, as climate change remained a critical issue for governments and businesses worldwide. There is a growing recognition of the need to build more resilient and sustainable economies. As a result, climate change consulting firms are expected to benefit from this trend and grow in the coming years.
Climate Change Consulting Market Trends
Energy and Power Industry to be the Largest End-user
- The energy and power industry is experiencing a substantial change toward cleaner and more sustainable energy sources. This shift involves the use of renewable energy technologies such as solar, wind, and hydropower. It also explores alternatives such as nuclear energy and energy storage. The changing renewable energy landscape, decarbonization, climate change measures, plant digitalization, energy storage, IIoT, smart grids, and the need for flexible energy assets are driving this transformation. This raises the demand for climate change consulting services in the energy and power sectors to minimize greenhouse gas emissions.
- New efforts such as pay-for-performance are being used in the United States to improve business energy efficiency. In addition, increased renewable energy generation and energy efficiency measures are expected to boost the development of the North American market.
- Increasing CO2 emissions globally is a contributing factor to climate change. For instance, the GCP estimates that, in 2021, global carbon dioxide emissions from industry and fossil fuels totaled 37.12 billion metric tons (GtCO2). Global CO2 emissions have gone up by more than 60% since 1990.
- In July 2022, Intertek Group PLC announced the acquisition of Clean Energy Associates LLC, which is a provider of quality assurance, supply chain accountability, and technical services to the rapidly evolving solar energy and energy storage industries. The World of Energy's growth prospects is expanding as the energy revolution accelerates and corporations reinvent how they manage their sustainability agendas. To meet the predicted rise in global energy demand as populations grow while lowering greenhouse gas emissions, the world must generate an enormous rise in energy output from a range of sources in the short, medium, and long term.
- As a result, climate change consultants analyze the environmental impact of new technologies. They also assist businesses in navigating regulatory frameworks and designing sustainability plans.
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North America to Hold Significant Market Share
- Several factors, including supply chain risks, regulatory requirements, and growing demand for sustainable products and services, are driving the need to adopt climate change consulting services in the United States. In addition, the rapid growth of businesses and organizations seeking to address challenges and opportunities due to changing climatic conditions is expected to drive the market studied.
- Owing to such rising temperatures in the country, the government is taking major steps to reduce carbon emissions to make the country eco-friendly. For instance, in July 2022, the United States government signed the Australia - United States Net-Zero Technology Acceleration Partnership at the Sydney Energy Forum. The partnership would accelerate the development and deployment of zero-emission technology and cooperate on essential minerals supply chains to lower greenhouse gas emissions while boosting economic growth.
- Companies are rapidly pledging sustainability to reduce their carbon footprints in the country. For instance, in January 2023, Danone announced the launch of a strategic partnership with the Environmental Defense Fund to support its methane reduction ambitions. The organizations will work together on areas including improved science, data, and reporting standards and innovative financing models to help farmer suppliers to reduce methane emissions from their fresh milk supply chain by 30% by 2030.
- According to the Canadian government, the country encounters climate change at twice the rate of the world's average because of its northern location. Due to this rapid warming, changes in permafrost and sea-ice deterioration are expected to threaten communities and infrastructure in the North.
- The country is surrounded by oceans on three sides, including the Arctic, Pacific, and Atlantic. Climate change affects several ocean properties, including temperature, acidity, sea level, and dissolved oxygen.
- The rising amount of greenhouse gas emissions due to transportation, gas and oil production, electricity generation, and buildings is one of the significant factors driving climate change in Canada. This is expected to further drive the market studied in the country.
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Climate Change Consulting Industry Overview
The climate change consulting market is fragmented, with local and multinational firms having decades of business expertise and businesses competing for market share. Some players include Jacobs Solutions Inc., WSP Global Inc., ERM International Group Limited, and Ramboll Group A/S.
- February 2023 - ERM announced the acquisition of Coho, a global advisory firm with expertise in helping organizations reach their climate change, renewable energy, and water resilience goals. The acquisition will provide clients with further support to deliver their climate goals and realize commercial opportunities through decarbonization and water optimization.
Climate Change Consulting Market Leaders
Jacobs Solutions Inc.
WSP Global Inc.
Ramboll Group A/S
*Disclaimer: Major Players sorted in no particular order
Climate Change Consulting Market News
- March 2023 - Boston Consulting Group (BCG), one of the world's significant providers of management consulting firms, announced the formation of its Global Center for Climate & Sustainability Policy & Regulation to support clients as they shape and navigate the global transition to a net-zero, nature-positive world. Bringing together an international team of experts and professionals with deep knowledge of technology and sector-specific policy and regulation, the virtual center builds on BCG's extensive experience helping companies, governments, and multilateral organizations accelerate their climate and sustainability journeys.
- February 2023 - Kinetic Consulting, one of the leading boutique consulting companies providing business growth consultancy, partnered with the highly recognized ESG consultancy in Australia, The Growth Activists, to bring the best environmental, social, and governance practices to the Gulf region.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Market Size Estimates and Forecasts for the Study Period
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
4.4 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increased Focus on the Reduction of Carbon Footprint and Fulfilment of Net Zero Targets
5.1.2 National Goals Across the World to Combat Climate Change
5.2 Market Challenges
5.2.1 Lower Levels of Adoption with Large Gaps in the Realistic Scenario
5.3 Key Trend Analysis within Various Services
6. MARKET SEGMENTATION
6.1 By End-user Industry
6.1.1 Energy and Power
6.1.3 Public Sector
6.1.5 Other End-user Industries
6.2 By Geography
6.2.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
6.2.4 Latin America
188.8.131.52 Rest of Latin America
6.2.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Jacobs Solutions Inc.
7.1.3 WSP Global Inc.
7.1.4 Stantec Inc.
7.1.5 Ramboll Group A/S
7.1.6 Tetra Tech Inc.
7.1.7 ERM International Group Limited
7.1.8 Ove Arup & Partners International Ltd
7.1.9 GHD Group Limited
7.1.10 Sweco AB
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Frequently Asked Questions
What is the current Climate Change Consulting Market size?
The Climate Change Consulting Market is projected to register a CAGR of 12.76% during the forecast period (2023-2028).
Who are the key players in Climate Change Consulting Market?
Jacobs Solutions Inc., AECOM, WSP Global Inc., Stantec Inc. and Ramboll Group A/S are the major companies operating in the Climate Change Consulting Market.
Which is the fastest growing region in Climate Change Consulting Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Climate Change Consulting Market?
In 2023, the North America accounts for the largest market share in the Climate Change Consulting Market.
Climate Change Consulting Industry Report
Statistics for the 2023 Climate Change Consulting market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Climate Change Consulting analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.