by The Global 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:
The climate change consulting market offers assessment and management of risks associated with climate change and sustainable development. It guides organizations and governments with low carbon strategies, climate policy formulation, carbon foot-printing, and climate risk assessment. Thus, climate change consulting services play a vital role in attaining environmental sustainability goals. Regulatory compliance for reduced emissions and carbon taxation further boost the demand for climate change consulting.
Market key trends:
One of the key trends in the climate change consulting market is the rising focus on renewable energy transition and decarbonization initiatives across industries. Climate change consulting guides industries with solutions for replacing fossil fuel reliance with green and clean energy sources like solar, wind, hydro and nuclear. It assists organizations in energy usage analysis, renewable project development and implementation of carbon reduction programs. Another critical trend is the growing need for climate vulnerability assessment and adaptation solutions. Climate change effects differ for regions and sectors. Consulting firms provide location-specific climate risk evaluation and customized adaptation roadmaps. This helps build resilience against physical and transition risks of climate change.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as climate change consulting requires high level expertise and experience in this domain.
Bargaining power of buyers: The bargaining power of buyers is high as there are many players providing climate change consulting services.
Bargaining power of suppliers: Not applicable as climate change consulting firms do not have any suppliers.
Threat of new substitutes: Threat of new substitutes is low as climate change consulting offers a unique solution.
Competitive rivalry: High as the industry players compete on service quality and pricing.
Key Takeaways
The Global Climate Change Consulting Market is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period 2022-2030, due to increasing focus on mitigating the impacts of climate change by governments across the world.
Regionally, North America dominates the climate change consulting market currently. The region accounted for over 35% share of the global market in 2021 led by presence of key players and strict environmental regulations in the US and Canada. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period on back of growing investments towards climate change adaptation and mitigation in countries such as India and China.
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 players are focusing on new service launches and partnerships to strengthen their positions in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
