Market Is Estimated To Witness High Growth Owing To Increased Environmental Regulations & Focus on Sustainability

 

Climate Change Consulting market

The Climate Change Consulting market is estimated to be valued at US$6.5 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Climate change consulting services include assisting organizations and governments to develop and implement strategies to reduce greenhouse gas emissions, evaluate climate risks and vulnerabilities, perform carbon accounting and management, and advise on compliance with climate regulations. The market caters to various end-use industries such as energy & utilities, mining & metals, transportation, and construction among others.

Market Dynamics:
Increased environmental regulations around the world along with focus on sustainability are expected to be the major drivers of climate change consulting market growth over the forecast period. Regulatory bodies across countries have implemented stringent regulations to curb carbon emissions from industries. For example, the European Union has proposed its 'Fit for 55' package which targets to reduce net greenhouse gas emissions by at least 55% by 2030 from 1990 levels. Similarly, governments are also offering incentives and subsidies for organizations transitioning to clean technologies and operations. Furthermore, investors are increasingly focusing on ESG compliant organizations, thereby driving demand for climate change consulting services to integrate sustainability in business strategies and operations. Consulting organizations assist clients in emission reporting, identifying sustainability goals, designing decarbonization roadmaps, and providing strategies to capitalize on emerging green opportunities.

SWOT Analysis

Strength: The climate change consulting market has experienced professionals with in-depth domain knowledge of climate change impacts, policies and adaptation and mitigation strategies. Consulting firms help organizations comply with evolving environmental regulations and adopt sustainability best practices. Their multi-disciplinary teams provide end-to-end support through research, strategy development, and implementation.

Weakness: The consulting projects heavily rely on timely availability of climate data and modeling tools. However, uncertainties remain in climate science which impacts the accuracy of risk assessment and forecasts. Additionally, smaller organizations may find the consulting engagements expensive.

Opportunity: As climate change awareness grows worldwide, more companies are committing to net-zero targets which willincrease demand for consulting services to map out transition roadmaps. Governments also seek expert counsel to develop policies around clean energy, carbon pricing etc.

Threats: Unexpected economic slowdowns can delay or pause upcoming projects. Additionally, some firms may start offering consulting services independently affecting revenue potential for established brands. Geopolitics around climate cooperation also pose a challenge.

Key Takeaways

The Global Climate Change Consulting Market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing concerns around climate change impacts and growing commitments to reduce emissions. North America dominated the market in 2021, with the US accounting for over 30% share due to presence of key consulting firms and stricter environment policies. Europe and Asia Pacific are expected to grow at the fastest pace through 2030 with increasing investments in renewable energy and climate resilience projects in China, India and European nations.

Key players operating in the climate change consulting market are ICF International, Inc., A.T. Kearney, 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, Ramboll Environ, Inc. These firms provide end-to-end solutions covering strategy, risk assessment, carbon accounting and program management to help organizations navigate the transition to a net-zero future.

Read More - https://www.dailyprbulletin.com/climate-change-consulting-market-demand/

 

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