Climate Change Consulting Market Will Experience A Noticeable Growth During The Forecast Period 2018 – 2026 | Key Players are ICF International, McKinsey & Company, PricewaterhouseCoopers LLP (PwC), ERM Group, KPMG International

The impacts of climate change occurring around the world has put a strain on large corporations and governing authorities to take preventive measures in order to reduce the effects of climate change. For this, regulatory bodies and other organizations such as the European Union, the World Bank, the United Nations, and the International Energy Association among others have put forth various plans to overcome the impacts of climate change. For instance, in April 2016, dealing parties (195 nations) signed an agreement within the United Nations Framework Convention on Climate Change (UNFCCC), named as the Paris Agreement, which revolves around greenhouse-gas-emissions mitigation, adaptation, and finance.

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Market Drivers: Increasing awareness about harmful impact of greenhouse gas emissions and climate change

Global climate change consulting market generated revenue of US$ 5.3 billion in 2017. By 2026, the climate change consulting market is expected to be valued at US$ 8.0 billion with a CAGR of 4.8% over the forecast period. India is expected to grow at significant rate over the forecast period, followed by Australia in Asia Pacific market. This growth is attributed to continuous demand for consultancy services in manufacturing, mining, government, and other prominent sectors to take a strategic step against climate crisis.

Political factors significantly drive demand for climate change consulting services. Policies and regulations act as a key driver for growth of the climate change consulting market. However, climate change consulting market growth was affected by downturn in the oil & gas industry after 2014, as the investments by oil and gas companies in climate change consulting services decreased significantly during this period.

According to International Renewable Energy Agency (IRENA), Asia accounted for highest growth in renewable energy generation in 2017, accounting for 38% of renewable electricity generation. This suggests growth in demand for renewable energy development consulting services in the region.

Renewable energy development segment held dominant position in the market in 2018

Among service type, the renewable energy development segment held dominant position in the climate change consulting market in 2018 and is projected to retain its dominance throughout the forecast period. Climate change consulting services for renewable energy development spans across all renewable energy technologies such as solar, wind, hydro, bio-energy, and geothermal. Renewable energy development services include renewable energy project development, strategy development, technology selection and procurement, site prospecting and development, risk mitigation and management, etc. Energy performance regulation such as Energy Performance of Building Directive (EPBD) for sustainable buildings, energy certification constraints, and renewable energy integration in smart cities projects is driving growth of this segment. There are numerous policies across the globe to promote the development of renewable energy projects. Climate change consulting companies offers assistance for the technical evaluation of renewable energy policies.

North America held dominant position in the climate change consulting market in 2017

North America held dominant position in the market in 2017 and is expected to retain its dominance throughout the forecast period. North America climate change consulting market generated revenue of US$ 2,653.0 Mn in 2017. Significant climate changes have already been observed in the U.S. These changes includes a rise in sea level, increase in air and water temperatures, increased frequency and intensity of heavy downpours, reduced frost days, and reduced snow cover, permafrost, glaciers, and sea ice. Climate change impacts are expected to become more severe in North America. According to Coherent Market Insights’ analysis, in 2018, Canada experienced the warmest year on record.

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Global Climate Change Consulting Market: Key Players

Major players operating in the global climate change consulting industry include ICF International, 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, and Ramboll Environ, Inc.

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