Environmental Impact Assessments Market Report 2024: Key Trends in Regulatory Compliance and Sustainability

"The Business Research Company recently released a comprehensive report on the Global Environmental Impact Assessments Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The environmental impact assessments market size has grown rapidly in recent years. It will grow from $30.19 billion in 2023 to $38.56 billion in 2024 at a compound annual growth rate (CAGR) of 27.7%. The growth in the historic period can be attributed to regulatory and public attention on sustainability is growing, increasing public concern over environmental deterioration, rapid pace of industrialization and urbanization, growing awareness of the effects of climate change and environmental pollution, and increasing government regulations on environmental protection.

The environmental impact assessments market size is expected to see exponential growth in the next few years. It will grow to $103.44 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%. The growth in the forecast period can be attributed to growing demand for sustainable development, increasing investments in clean energy projects, increase in demand from diverse sectors, such as oil and gas, growing emphasis on corporate social responsibility (CSR), and growing demand for environmental services from the private sector. Major trends in the forecast period include integration with sophisticated technologies, innovative environmental impact assessments, incorporation of artificial intelligence (AI) in the environmental impact assessments, technological advancements such as cloud computing and geographic information system (GIS) mapping, and innovating technologies that improves the capacity for data collecting and processing

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Market Drivers and Trends:

The increasing investments in renewable energy are expected to propel the growth of the environmental impact assessment market going forward. Renewable energy refers to energy derived from natural sources that are replenished constantly. The increase in investments in renewable energy is due to Increasing awareness and urgency around climate change, the increasing cost of renewable energy technologies, and the rise of green bonds and other financial instruments. Environmental impact assessment plays a crucial role in renewable energy projects by evaluating the potential environmental effects of proposed developments. This process helps ensure that projects are environmentally sustainable, socially acceptable, and compliant with regulatory requirements. For instance, according to the World Energy Investment 2024 report by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global energy investment is projected to surpass $3 trillion for the first time in 2024, with around $2 trillion dedicated to clean energy technologies. Further, China is anticipated to lead clean energy investments, contributing an estimated $675 billion. Other significant contributors include Europe, with $370 billion, and the United States, with $315 billion. Therefore, increasing investments in renewable energy is driving the growth of the environmental impact assessment market.

Major companies operating in the environmental impact assessment market are focused on developing innovative products, such as radiological and environmental impact assessments, to enhance precision, efficiency, and comprehensiveness in evaluating various projects and activities' potential environmental and radiological effects. Radiological and Environmental Impact Assessments (REIA) are comprehensive evaluations that focus on understanding and mitigating the possible impacts of projects involving radioactive materials or radiation on the environment and public health. For instance, in September 2021, the International Atomic Energy Agency (IAEA), an Austria-based nuclear energy agency, launched Methods for Radiological and Environmental Impact Assessment (MEREIA), a program on radiological and environmental impact assessment approaches. It aims to assist countries in applying assessment methodologies, conceptual models, mathematical models, and data within the broader environmental impact assessment framework. MEREIA will strengthen resources in countries by providing advanced modeling capabilities and a mentoring approach to improve knowledge management. The MEREIA program is designed for professionals from regulatory agencies, operating organizations, technical support bodies, scientists, researchers, decision-makers, and others involved in conducting radiological environmental impact assessments.

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Major Key Players of the Market:

AECOM Technology Corporation, Bureau Veritas SA, Stantec Inc., GHD Group, Bidwells LLP, BRE Group, BMT Group Ltd., JBA Consulting, OCA Global Corporate Service S.A., Intertek Group PLC, Aspen Environmental Group, KERAMIDA Inc., Millennium EMS Solutions Ltd., Cholamandalam MS Risk Services Ltd., CSA Ocean Sciences Inc., Japan NUS Co. Ltd., EnviroCentre Limited, NGH Environmental Pty Ltd., Enviro-Sciences Inc., WRA Inc.

Environmental Impact Assessments Market 2024 Key Insights:

• The environmental impact assessments market is expected to grow to $103.44 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%.
• Increasing Investments In Renewable Energy Drive Growth Of Environmental Impact Assessment Market
• Leading Companies Pioneer Innovative Methods In Environmental Impact Assessment Spotlight on MEREIA
• North America was the largest region in the environmental impact assessments market in 2023. The regions covered in the environmental impact assessments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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