The environmental impact assessments market size has seen rapid growth in recent years, with an expected increase from $30.19 billion in 2023 to $38.56 billion in 2024, representing a CAGR of 27.7%. This historic growth is attributed to heightened regulatory and public attention on sustainability, increasing public concern about environmental degradation, rapid industrialization and urbanization, growing awareness of climate change and pollution effects, and stricter government regulations regarding environmental protection. In the coming years, the environmental impact assessments market is anticipated to experience exponential growth, projected to reach $103.44 billion in 2028 at a CAGR of 28.0%. This anticipated growth can be linked to rising demand for sustainable development, increased investments in clean energy initiatives, diversified sector demand, enhanced focus on corporate social responsibility (CSR), and greater private sector demand for environmental services. Key trends during this forecast period include the integration of sophisticated technologies, the development of innovative environmental impact assessments, the incorporation of artificial intelligence (AI) into assessments, advancements such as cloud computing and geographic information system (GIS) mapping, and innovations enhancing data collection and processing capabilities.
Major Driver In The Environmental Impact Assessments Market
Increasing investments in renewable energy are expected to drive the environmental impact assessment (EIA) market. Renewable energy sources, which are naturally replenished, are witnessing growth due to rising awareness of climate change, declining costs of renewable technologies, and the emergence of financial instruments like green bonds. EIAs play a crucial role in ensuring that renewable energy projects are environmentally sustainable and comply with regulatory requirements. According to the International Energy Agency's World Energy Investment 2024 report, global energy investment is anticipated to exceed $3 trillion, with $2 trillion dedicated to clean energy. China is projected to invest $675 billion in clean energy, followed by Europe at $370 billion and the U.S. at $315 billion. This surge in investments is expected to boost the expansion of the environmental impact assessment market, projected to reach USD 2.45 billion in 2023, USD 3.02 billion in 2024, and USD 4.48 billion by 2028.
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Environmental Impact Assessments Market Competitive Landscape
Major companies operating in the environmental impact assessments market are 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.
Key Environmental Impact Assessments Market Trend
Major companies in the environmental impact assessment market are focusing on developing innovative products such as radiological and environmental impact assessments to enhance the precision, efficiency, and comprehensiveness of evaluations concerning the potential environmental and radiological effects of various projects and activities. Radiological and Environmental Impact Assessments (REIA) are comprehensive evaluations aimed at understanding and mitigating the impacts of projects involving radioactive materials or radiation on the environment and public health. For example, in September 2021, the International Atomic Energy Agency (IAEA), an Austria-based nuclear energy agency, launched the Methods for Radiological and Environmental Impact Assessment (MEREIA) program. This initiative aims to assist countries in applying assessment methodologies, conceptual models, mathematical models, and data within the broader environmental impact assessment framework. MEREIA strengthens resources in participating countries by providing advanced modeling capabilities and a mentoring approach to enhance knowledge management. The 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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Global Environmental Impact Assessments Market Segmentation
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
By Geography:The regions covered in the environmental impact assessments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the environmental impact assessments market in 2023.
The Environmental Impact Assessments Global Market Report 2024 furnishes information about the global environmental impact assessments market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
