Climate Change Consulting Market Is Estimated To Witness High Growth Owing To Opportunity For Enviro

Author : Raj Dhote | Published On : 12 Jan 2024

Climate change consulting involves providing advisory services to organizations, both private and public, regarding strategies to reduce greenhouse gas emissions, implement energy efficiency practices, transition to renewable energy sources, and adapt operations to the effects of climate change. Consulting services help assess the climate risks and vulnerabilities faced by businesses. They also assist in developing and implementing customized climate action plans in line with science-based targets and carbon neutrality goals. With mounting pressure from stakeholders, regulators, and investors to demonstrate commitment to environmental sustainability, demand for climate change consulting is growing rapidly.

The global Climate Change Consulting Market is estimated to be valued at US$ 6.82 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for environment sustainability is driving growth in the climate change consulting market. With the increasing impacts of climate change such as rising sea levels, extreme weather events, water stress etc., there is a growing need to curb greenhouse gas emissions and transition to a low carbon economy. Consulting firms help organizations understand and comply with evolving environmental regulations through strategies aligned with sustainability initiatives. They provide strategic advisory and enable companies to leverage opportunities in the green economy, enhance resilience, and gain a competitive edge through emission reduction projects. This is expected to increase the demand for climate change consulting services during the forecast period.

Porter's Analysis
Threat of new entrants: The climate change consulting market has moderate threat of new entrants due to large clients with niche expertise requirements and need for strong domain expertise and experience. However, presence of various small startup firms poses some threat.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and buyers can negotiate on pricing and contract terms.
Bargaining power of suppliers: Suppliers have low bargaining power as they supply generic consulting services and climate data/solutions. Switching costs are also low.
Threat of new substitutes: Threat of substitutes is moderate as other small consulting firms and in-house teams can provide similar services based on emerging technologies.
Competitive rivalry: The market has high competitive rivalry owing to presence of numerous global and regional players competing for large projects and clients.

SWOT Analysis
Strength: Extensive domain expertise, experience in providing consulting across diverse industries and regions, strong client relationships and network.
Weakness: High dependency on few large projects, budget and time constraints affecting quality, rapid changes in climate change policies and technologies.
Opportunity: Increasing spend on climate change projects globally, growth in infrastructure, renewable energy sectors, development of new tools, technologies and solutions.
Threats: Economic slowdowns reducing budgets, stringent regulations limiting scope of work, natural calamities distracting focus.

Key Takeaways

The global Climate Change Consulting Market Growth  is expected to witness high growth over the forecast period led by stringent government policies and regulations to curb carbon emissions. The market in European region dominates currently owing to early adoption of climate action plans and initiatives to achieve carbon neutrality goals well ahead of targets. The Asia Pacific region is expected to be the fastest growing market due to growing projects in clean energy and infrastructure sectors in major countries like China and India.

Regional analysis related content: The Europe region currently holds the largest share in the climate change consulting market led by countries like Germany, UK and France. Major factors driving the European market include stringent COP21 protocols, EU Green Deal initiatives and policies supporting decarbonization goals. Countries have launched programs providing funding and incentives for projects in carbon accounting, zero emissions technologies, sustainability reporting etc.

Key players related content:
Key players operating in the climate change consulting market are Cato Manufacturing Ltd, Culver Props, Inc., Delta Electronics, Inc., Dowty Circuits Limited, Hartzell Propeller, Inc., McCauley Propeller Systems, Inc., and Sensenich Propeller Service, Inc. Major players are focusing on contracts for carbon neutrality plans, climate risk assessment, emissions reduction project management to gain projects globally.

For more insights, read- https://www.ukwebwire.com/climate-change-consulting-market-trends-size-and-share-analysis/