Environmental Consulting Services Market Size to Gain $50.97 Bn, Globally, by 2028 with 5.4% CAGR - Exclusive Report by The Insight Partners
The global environmental consulting services market growth is driven by the rising awareness in industries regarding environmental impact and government regulations for environment protection.
New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- According to the new research report titled “Environmental Consulting Services Market Size, Share, Growth, Industry Trends, Demand, and Forecast to 2028-COVID-19 Impact and Global Analysis,” published by The Insight Partners, the environmental consulting services market was valued at US$ 34,365.5 million in 2020 and is projected to reach US$ 50,974.7 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028. The rise in revenues is one of the key factors enabling companies to adopt inorganic growth strategies such as acquisitions and expansions for expanding their presence in the global market. North America dominated the environmental consulting services market in 2020.
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Global Environmental Consulting Services Market – Report Scope:
Market Size Value in | US$ 34.36 Billion in 2020 |
Market Size Value by | US$ 50.97 Billion by 2028 |
Growth rate | CAGR of 5.4% from 2021-2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 177 |
No. of Tables | 82 |
No. of Charts & Figures | 67 |
Historical data available | Yes |
Segments covered | Service Type , Media Type , and Vertical |
Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Global Environmental Consulting Services Market: Competitive Landscape and Key Developments
AECOM Inc., Arcadis N.V., Jacobs Engineering Group Inc., John Wood Group PLC, and ERM Group, Inc. are some of the key market players operating in the global environmental consulting services market. The listing of key players is derived by considering multiple factors such as overall revenue, current environmental consulting services product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the environmental consulting services ecosystems which were studies analyzed during the course of this market research study, such as Bechtel Corporation, Tetra Tech Inc., ANTEA GROUP, Stantec Inc., Ramboll Group, SLR Consulting, and Golder Associates Ltd.. Further in 2021, ERM Group, Inc. announced it has acquired Arcus Consultancy Services, a renewable energy consultancy which caters to environmental, planning and engineering support. A few of the recent key developments are:
In 2021, Jacobs Engineering Group Inc. announced it has signed contract with NIRAS/ONDRAF, Belgian agency for radioactive waste management. Under the agreement, Jacobs Engineering Group Inc. is awarded with framework contract covering new treatment and storage facilities for radioactive waste project in Belgium.
In 2020, Arcadis N.V. announced it has acquired Morgen, a Dutch environmental consulting firm. The financial details of the acquisition were not disclosed.
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Environmental consulting services are conduct environmental impact assessments, obtain clearances for new projects, and implement environmental management plans. The environmental impact assessment is for the development projects such as infrastructural projects, townships, commercial buildings, and industrial projects. Environmental auditing is being done for evaluating remediation technology options for obtaining clearances from the government regarding the project. Environmental management plans comprise developing, implementing, and monitoring plants for occupational health and safety management systems audit, analysis, and hazard and operability studies. Moreover, environmental consulting services offer various services such as investment assessment and auditing, permitting & compliance, project & information management, monitoring & testing, and others. These services are used in several media types, such as water management, waste management, and others such as air quality, soil, natural resources, and renewable energy. The industries that majorly use environmental consulting services are energy & utilities, chemical & petroleum, manufacturing & process industries, transportation & construction industries, and others, including government & regulators.
The regions such as Europe and APAC are expected to exhibit significant growth along with the increasing growth in North America. In Europe, rising awareness in industries regarding their impact on the environment and strict government regulations on environment protection drive the growth of the environmental consulting services market. In terms of geography, the global market was dominated by APAC in 2020, which accounted for almost half of the total market share owing to the highest demand for environmental consulting services. The growing number of manufacturing units of various industries across APAC contributes significantly to the market growth in the region.
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Impact of COVID-19 Pandemic on Global Environmental Consulting Services Market Growth:
The COVID-19 outbreak has severely impacted the manufacturing, energy & utilities, chemical & petroleum, and transportation & construction industries. The outbreak pandemic is expected to create tremors through till mid-2021. The electronics equipment and associated services are likely to pick up pace sooner as governments across the world lifted the various containment measure steadily to revive the economy. The US is the most affected country in North America. The growing number of COVID-19 confirmed cases in the country has led the government to impose various containment measure such shutdown of factories, restrictions on travel, and closure of international borders and lockdowns. The huge increase in the number of confirmed cases and rising reported deaths in the country affected both manufacturing and sales of materials.
The global environmental consulting services market is segmented on the basis of service type, media type, and vertical. Based on service type, the market is segmented into investment assessment & auditing, permitting & compliance, project & information management, monitoring & testing, and others. The investment assessment & auditing segment dominated the market in 2020. Based on media type, the environmental consulting services market is segmented into water management, waste management, and others. The water management segment led the market in 2020. By vertical, the environmental consulting services market is segmented into energy & utilities, chemical & petroleum, manufacturing & process industries, transportation & construction industries, and others. The others segment led the market in 2020.
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Key Findings of the Study:
Rising awareness in industries regarding environmental impact. Moreover, government regulations for environment protection, thereby substantially driving the environmental consulting services market.
The environmental consulting services market is led by investment assessment and auditing segment with highest share and is expected to dominate in the forecast period. With augmenting concerns regarding environmental conservation, governments and corporates worldwide are actively exploring sustainable solutions for their operations, to reduce their environmental footprint. As large enterprises have the supply chain spread across various multiple regions, they need to comply with various regulatory laws existing in different regions. Governments are offering various benefits in form subsidies and tax benefits for business investing in suitable solutions. Thus, businesses approach environmental consulting firms to maximize returns on their investments by assessing investments and carrying out audits
North America dominated the environmental consulting services market in 2020.
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