How Is The Global Environmental Impact Assessments Market Defined?
Environmental impact assessment (EIA) is a systematic process used to evaluate the potential ecological effects of a proposed project or development before any decisions are made. The primary goal of EIA is to ensure that decision-makers consider environmental impacts alongside economic and social factors during project planning and design stages.
Environmental Impact Assessments Global Market Report 2024 provides data on the global environmental impact assessments market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The environmental impact assessments market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Environmental Impact Assessments Market Size And Annual Growth Rate?
The environmental impact assessments market has expanded significantly, growing from $30.19 billion in 2023 to $38.56 billion in 2024 at a CAGR of 27.7%. This growth is fueled by heightened regulatory and public focus on sustainability, increased concern over environmental degradation, rapid industrialization and urbanization, climate change awareness, and stricter environmental regulations. By 2028, the market is projected to reach $103.44 billion with a CAGR of 28.0%, driven by rising demand for sustainable development, clean energy investments, and corporate social responsibility initiatives. Trends include integration with AI and GIS mapping, cloud computing, innovative assessment methodologies, and technologies that enhance data collection and analysis.
Which Key Drivers Are Propelling The Environmental Impact Assessments Market's Growth?
The growth of the environmental impact assessment market is expected to be propelled by the rise in investments in renewable energy. This shift is largely driven by increasing awareness of climate change and the growing demand for sustainable energy sources. Environmental impact assessments are essential for evaluating the potential effects of renewable energy projects, ensuring they are environmentally responsible. For instance, in the 2024 World Energy Investment report, the International Energy Agency projected global energy investments to exceed $3 trillion, with $2 trillion allocated to clean energy technologies, and China, Europe, and the U.S. leading the investment efforts.
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What Are The Key Segments Within The Global Environmental Impact Assessments Market?
The environmental impact assessments market covered in this report is segmented –
1) By Type: Hydrogeology, Hydrology, Contaminated Land, Geo-Conservation, Geotechnical Engineering
2) By Assessment Method: Screening, Scoping, Environmental Impact Assessments (EIA) Report, Review, Monitoring
3) By Application: Governmental, Industrial, Commercial, Residential, Infrastructure
How Are New Trends Impacting The Size Of The Environmental Impact Assessments Market?
In the environmental impact assessment market, companies are advancing tools like radiological and environmental impact assessments to evaluate the effects of projects on the environment and public health. For example, the International Atomic Energy Agency (IAEA) launched the MEREIA program in September 2021, which provides assessment methodologies and models for radiological impact analysis, improving decision-making for projects involving radiation.
Which Region Drives The Highest Growth In The Environmental Impact Assessments Market?
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.
