Press release
Energy Consulting Market 2024: Market Analysis, Emerging Opportunities, and Future Outlook
Energy Consulting Market Analysis
"The Business Research Company recently released a comprehensive report on the Global Energy Consulting 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 energy consulting market size has grown strongly in recent years. It will grow from $16.76 billion in 2023 to $17.72 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to renewable energy revolution, energy security concerns, energy liberalization and deregulation, environmental concerns, rise of electricity.
The energy consulting market size is expected to see steady growth in the next few years. It will grow to $21.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to energy transition, decarbonization goals, energy-as-a-service models, industrial revolution, increased government regulations. Major trends in the forecast period include innovative solutions for energy efficiency, renewable energy deployment, grid modernization, smart grid systems, digitalization, carbon capture, utilization, and storage (CCUS).
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Market Drivers and Trends:
The increasing demand for energy efficiency is expected to propel the growth of the energy consulting market going forward. Energy efficiency is the measure of how effectively a system or device converts input energy into useful output while minimizing waste. Businesses, governments, and individuals demand energy-efficient solutions to cut carbon emissions, conserve natural resources, and reduce energy usage as environmental sustainability, energy costs, and resource conservation concern continues to grow. Energy efficiency consulting involves the analysis and optimization of energy usage in various facilities to reduce energy consumption and costs while improving environmental impact. For instance, in November 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, energy efficiency improved significantly by 2% in 2022, and it's projected to drop to 1.3% in 2023. Moreover, a 1.7% rise in energy demand in 2023 compared to 1.3% in 2022 is mostly responsible for the lower energy intensity improvement rate. Therefore, the increasing demand for energy efficiency is driving the growth of the energy consulting market.
Major companies operating in the energy consulting market are focused on developing advanced technological solutions, such as power system analysis software, to meet their power system modeling challenges. These solutions are essential for optimizing and ensuring the reliability of electrical grids by analyzing and managing complex power flow, stability, and fault scenarios. For instance, in July 2023, GE Vernova, a US-based energy consulting services company, launched the new, re-envisioned Positive Sequence Load Flow Analysis (PSLF) software, offering customers a faster and more efficient way to model their power systems. The use of PSLF software in energy consulting allows engineers to examine transfer limitations, execute economic dispatch, simulate power transfer across transmission grids, and research power system behavior under different conditions. This re-envisioned PSLF software incorporates seamless data and visual integration on a future-ready platform, maintaining the powerful and fast-core algorithms that PSLF users rely on. The update includes advanced data editing features, improved data visualization, and analysis tools, and innovative drag-and-drop and one-line drawing capabilities. It is built on the latest software technology platform, and GE's re-envisioned PSLF maintains reliability while introducing new capabilities for system planners and operators.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Accentu*re plc, Schneider Electric SE, Arthur D. Little Inc., Tradition Energy, Stantec Inc., AFRY AB, Arup Group Limited, Ramboll Group, ICF International Inc., Enel X, Clearway Energy Group LLC, The ERM International Group Limited, Golder Associates, RPS Group PLC, NV5 Global Inc., ENGIE Impact, ISG Enterprise Energy Solutions, Conservice LLC, NUS Consulting, Antea Group, The Consultus International Group, E&C Energy Consulting, Energy Edge Consulting LLC, Facility Engineering Associates P.C., American Utility Management Inc., Verde Solutions LLC, Iconergy Ltd., 360 Energy Group
Energy Consulting Market 2024 Key Insights:
• The energy consulting market is expected to grow to $21.17 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Increasing Demand For Energy Efficiency Growth In The Energy Consulting Market
• Key Players Revolutionize Power System Modeling With Enhanced Solutions
• North America was the largest region in the energy consulting market in 2023. The regions covered in the energy consulting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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