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Press Release: Climate Change Consulting Market to Surpass US$ 8.0 Billion by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Climate Change Consulting Market - Insights
Global climate change consulting market generated revenue of US$ 5.3 billion in 2017. By 2026, the climate change consulting market is expected to be valued at US$ 8.0 billion with a CAGR of 4.8% over the forecast period. India is expected to grow at significant rate over the forecast period, followed by Australia in Asia Pacific market. This growth is attributed to continuous demand for consultancy services in manufacturing, mining, government, and other prominent sectors to take a strategic step against climate crisis.
North America held dominant position in the global climate change consulting market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. accounted for the largest share in terms of revenue in the region, owing to supportive government legislations in most of the states in the country and initiatives taken by large-scale organizations in response to tackle climate change risks.
Renewable energy development segment held dominant position in the market in 2018
Among service type, the renewable energy development segment held dominant position in the climate change consulting market in 2018 and is projected to retain its dominance throughout the forecast period. Climate change consulting services for renewable energy development spans across all renewable energy technologies such as solar, wind, hydro, bio-energy, and geothermal. Renewable energy development services include renewable energy project development, strategy development, technology selection and procurement, site prospecting and development, risk mitigation and management, etc. Energy performance regulation such as Energy Performance of Building Directive (EPBD) for sustainable buildings, energy certification constraints, and renewable energy integration in smart cities projects is driving growth of this segment. There are numerous policies across the globe to promote the development of renewable energy projects. Climate change consulting companies offers assistance for the technical evaluation of renewable energy policies.
Figure. Global Greenhouse Gas Emissions, by Gas, 2015 (%)
According to International Renewable Energy Agency (IRENA), Asia accounted for highest growth in renewable energy generation in 2017, accounting for 38% of renewable electricity generation. This suggests growth in demand for renewable energy development consulting services in the region.
Figure. Global Climate Change Consulting Market Share (%), by Region, 2017
North America held dominant position in the climate change consulting market in 2017
North America held dominant position in the market in 2017 and is expected to retain its dominance throughout the forecast period. North America climate change consulting market generated revenue of US$ 2,653.0 Mn in 2017. Significant climate changes have already been observed in the U.S. These changes includes a rise in sea level, increase in air and water temperatures, increased frequency and intensity of heavy downpours, reduced frost days, and reduced snow cover, permafrost, glaciers, and sea ice. Climate change impacts are expected to become more severe in North America. According to Coherent Market Insights’ analysis, in 2018, Canada experienced the warmest year on record.
Climate change adaptation includes a wide range of activities such as farmers are switching to growing a different crop variety better suited for warmer as well as drier conditions, companies are relocating their key business centers away from coastal areas vulnerable to sea level rise and hurricanes, and communities are altering its zoning and building codes to place fewer structures in harm’s way and making buildings less vulnerable to damage from extreme weather events.
Furthermore, extreme weather conditions disrupts manufacturing process and this reduces the supply of resources, destroys the transportation routes, and communication channels. Therefore, governments are taking initiatives to reduce effects due to these conditions. For instance, the Government of Canada took practical steps towards climate change by delivering a low-carbon economy that reduces greenhouse gas emissions (GHG) generated from transport, manufacturing, and industrial operations. For instance, in 2012, Vancouver Council adopted the Climate Change Adaptation Strategy to ensure a livable, vibrant, and resilient city in the face of climate change.
Global Climate Change Consulting Market: Key Players
Major players operating in the global climate change consulting industry include ICF International, Inc., McKinsey & Company, Inc., PricewaterhouseCoopers LLP (PwC), ERM Group, Inc., KPMG International, Coastal Risk Consulting, LLC, CH2M HILL Companies, Ltd. (Jacobs Engineering Group), Deloitte LLP, and Ramboll Environ, Inc.
The impacts of climate change occurring around the world has put a strain on large corporations and governing authorities to take preventive measures in order to reduce the effects of climate change. For this, regulatory bodies and other organizations such as the European Union, the World Bank, the United Nations, and the International Energy Association among others have put forth various plans to overcome the impacts of climate change. For instance, in April 2016, dealing parties (195 nations) signed an agreement within the United Nations Framework Convention on Climate Change (UNFCCC), named as the Paris Agreement, which revolves around greenhouse-gas-emissions mitigation, adaptation, and finance.
Market Drivers: Increasing awareness about harmful impact of greenhouse gas emissions and climate change
The global demand for climate change consulting is significantly increasing, owing to increasing focus of companies and governments on sustainable development, development of smart cities, and increasing government regulations and collaborations for environment protection. Climate change consulting services provided by vendors mainly offer advisory, assistance, and action plans for organizations and governments to control climate change.
Political factors significantly drive demand for climate change consulting services. Policies and regulations act as a key driver for growth of the climate change consulting market. However, climate change consulting market growth was affected by downturn in the oil & gas industry after 2014, as the investments by oil and gas companies in climate change consulting services decreased significantly during this period.
Key features of the study:
Detailed Segmentation:
Table of Contents
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