Market Overview:
The Climate Change Consulting Market is estimated to be valued at US$ 6.1 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. Climate change consulting involves advisory services for assessing climate risks, assisting with strategic planning and policymaking, performing energy audits, and providing emissions reporting. These services help public and private organizations reduce their carbon footprint and comply with environmental regulations.
Market Dynamics:
The increasing stringency of regulations toward carbon emissions is expected to drive the climate change consulting market growth. Various countries and regions have formulated policies and set carbon reduction targets to mitigate climate change risks. For example, the European Union has pledged to reduce net greenhouse gas emissions by at least 55% by 2030 from 1990 levels. This has increased the demand for strategic advice on implementing climate policies and reaching sustainability goals among companies. Furthermore, growing awareness about environmental stewardship is prompting organizations to measure and disclose the impact of their operations. Seeking expert guidance for sustainability reporting and reducing overall carbon footprint will also contribute to the market expansion over the forecast period.
Market key trends:
One of the key trends in the climate change consulting market is the increasing focus on climate change adaptation and resilience planning. With global warming and rising sea levels becoming an existential threat, many governments and organizations are developing long-term strategies and action plans to build resilience against climate change impacts. Climate change consultants help assess climate risks and vulnerabilities and advise on adaptation solutions across sectors such as infrastructure, water, agriculture, coastal areas etc. This is driving significant demand for climate change consulting services.
SWOT Analysis
Strength: Climate change is a serious global issue that needs urgent mitigation and adaptation actions. This creates huge demand for climate change consulting services.
Weakness: Due to the complex nature of climate science, it requires significant expertise and resources for climate change consultants to provide research-backed solutions and strategies.
Opportunity: Developing countries and regions that are most vulnerable to climate change impacts offer major opportunities for climate change consultants to assist in resilience planning and project development.
Threats: Changing policy priorities of governments regarding climate actions and shorter-term economic pressures can reduce focus on long-term climate resilience, impacting demand for consulting services. Stringent client expectations around technical capabilities also pose threats.
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 about climate risks and transition to low-carbon economy. The Asia Pacific region is expected to dominate the market owing to rapidly growing consulting demand from developing countries vulnerable to climate impacts in the region.
Regional analysis
The Asia Pacific region is expected to dominate the climate change consulting market during the forecast period. Countries such as India, China, Indonesia, Philippines, and Vietnam are highly vulnerable to rising sea levels, floods, droughts, and extreme weather events. They offer major opportunities for climate consultants to help build adaptation and resilience plans. For example, Asian Development Bank has several climate adaptation projects in the pipeline that will require consultant support.
Key players
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. ICF, PwC, and ERM dominate the market with proven expertise and large client portfolio in climate resilience and mitigation strategies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it