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 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The climate change consulting market comprises services related to assessing climate change risks and opportunities, assisting with the development of climate change strategies and mitigation plans, implementing climate change adaptation and resilience projects, and procuring carbon credits and offsets. These services are demand by both private sector organizations and public agencies to understand implications of climate change on their business operations and infrastructure development plans in order to build resilience. The market is driven by the need for strategic guidance to adapt to the changing climate and regulatory scenarios around the world.
Market key trends:
One of the key trends in the climate change consulting market is the rise in demand for climate change adaptation and resilience planning services. As the impacts of climate change like sea level rise, extreme weather events, water stress are becoming more prominent; urban planners, infrastructure developers and natural resource managers are looking to integrate climate adaptation measures. Another trend is growing focus on carbon management and procurement of carbon offsets/credits. More businesses are evaluating options to reduce operational carbon footprint and neutralize remaining emissions through offsets to achieve carbon neutrality targets. Consultants are assisting companies in assessing carbon footprint, identifying emission reduction opportunities and procuring compliant offsets.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate due to high initial investment required for starting climate change consulting services. However, lack of regulations regarding qualifications and professional licenses makes entry easier.
Bargaining power of buyers: The bargaining power of buyers is moderate. Though a few large organizations account for bulk of the demand, availability of several consultants provides options to buyers.
Bargaining power of suppliers: Since consulting services involve knowledge capabilities, the bargaining power of suppliers is moderate to high. Skilled professionals can negotiate better pay packages.
Threat of new substitutes: Threat from substitutes is low as climate change consulting requires specialized domain knowledge and established client relationships that are difficult to replicate.
Competitive rivalry: Competition is intense among existing consulting firms to gain more clients and market share.
Key Takeaways:
The Global Climate Change Consulting Market Demand is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period 2023 to 2030, due to increasing stringent government regulations regarding carbon emissions.
Regional analysis: North America dominates the climate change consulting market holding around 35% share, followed by Europe. Asia Pacific region is expected to witness the fastest growth over the forecast period, led by China and India. These countries are significantly investing in development of renewable energy sources to reduce carbon footprint.
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.
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