What Is The Current and Historic Market Size Analysis Of The Energy Consulting Market?
The energy consulting market has seen considerable growth due to a variety of factors.
• The market size of energy consulting has witnessed substantial growth in the past years. It is projected to increase from $17.72 billion in 2024 to $18.69 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%.
Reasons for this growth during the historical period include the revolution in renewable energy, concerns about energy security, energy liberalization and deregulation, as well as environmental concerns and the surge in electricity.
What are the Market Size and Expected Growth Rates for the Energy Consulting Market?
The energy consulting market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are for the energy consulting market size to experience consistent growth in the upcoming years. It is predicted to increase to $22.01 billion in 2029 with a compound annual growth rate (CAGR) of 4.2%.
The upward trend in this period can be linked to factors such as energy transition, goals of decarbonization, models of energy-as-a-service, the industrial revolution, and enhanced government regulations. Noteworthy trends for the forecast period encompass innovative strategies for energy efficiency, the implementation of renewable energy, grid modernization, intelligent grid systems, digitalization, and carbon capture, utilization, and storage (CCUS).
Which Key Drivers Are Propelling The Energy Consulting Market's Growth?
The growing need for energy efficiency is predicted to boost the progression of the energy consulting market in the future. The gauge of how well a machine or system turns the energy it consumes into purposeful output whilst minimizing waste is known as energy efficiency. Offering energy-efficient resolutions to decrease carbon footprints, preserve natural resources, and reduce energy consumption are demands from businesses, governments, and individuals due to the mounting concerns for environmental sustainability, energy costs, and conservation of resources. Energy efficiency consulting provides an analysis and optimization of the energy used in various facilities which helps in reducing energy intake and cost while bringing about a positive impact on the environment. The International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported in November 2023 that there was a significant 2% improvement in energy efficiency in 2022 and it's expected to reduce to 1.3% in 2023. It also mentioned that the rise in energy demand by 1.7% in 2023 compared to 1.3% in 2022 is primarily due to the lesser improvement rate of energy intensity. Thus, the escalating demand for energy efficiency is the driving force behind the expansion of the energy consulting market.
What Are The Key Segments Within The Global Energy Consulting Market?
The energy consulting market covered in this report is segmented –
1) By Type: Reducing Energy Costs, Managing Risks
2) By Component: Solution, Services
3) By Deployment Model: On-Premise, Cloud, Hybrid
4) By Application: Large Enterprises, Small And Medium Enterprises (SMEs)
5) By Industry: Banking, Financial Services And Insurance (BFSI), Healthcare, Energy And Utility, Information Technology And Telecommunication, Retail And E-Commerce, Manufacturing, Government And Defense, Media And Entertainment, Other Industries,
Subsegments:
1) By Reducing Energy Costs: Energy Efficiency Audits, Renewable Energy Solutions, Energy Procurement Strategies, Energy Storage Systems, Demand Response Programs, Energy Consumption Monitoring And Management
2) By Managing Risks: Energy Price Hedging, Regulatory Compliance, Risk Assessment And Mitigation, Carbon Emissions Management, Supply Chain Risk Management, Disaster Recovery And Business Continuity Planning
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Which Emerging Market Trends Are Altering The Energy Consulting Industry?
Leading corporations in the energy consulting market are prioritizing the creation of state-of-the-art technological tools like power system analysis software to address their power system modeling difficulties. These systems are critical for maximizing and assuring the dependability of electrical networks through the analysis and management of challenging power flow, stability, and fault situations. For example, GE Vernova, an energy consulting firm based in the U.S., launched a revamped version of its Positive Sequence Load Flow Analysis (PSLF) software in July 2023. This software provides clients with a quicker, more efficient method of modeling their power systems. PSLF software usage in energy consulting enables engineers to investigate transfer restrictions, carry out economic dispatch, model power transfer over transmission networks, and study power system conduct in varying conditions. The updated PSLF software presents seamless data and visual integration on a platform ready for future needs, preserving the quick and robust algorithms used by PSLF users. The enhanced version includes superior data alteration features, better data visualization and analysis tools, and forward-thinking drag-and-drop and one-line sketching functionalities. Constructed on a modern software technology platform, GE's upgraded PSLF upholds reliability whilst offering new possibilities for system programmers and managers.
Who Are the Key Players In The Energy Consulting Market?
Major companies operating in the energy consulting market are:
• Accenture 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
What Are The Regional Insights Into The Energy Consulting Market?
North America was the largest region in the energy consulting market in 2024. The regions covered in the energy consulting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
