Technological Development In The Environmental Consulting Services Market To Reduce Carbon Footprint
The environmental consulting services industry is witnessing significant advances in technology. Such technologies are enabling businesses and households to reduce their carbon footprint. For instance, Bloom Energy developed the fuel cell system technology that has the capacity to produce electricity without burning fossil fuel, thereby reducing emission of greenhouse gases. The company successfully installed the technology for Morgan Stanley’s 750 thousand square feet New York office and a 6-acre solar panel field; both installations are expected to produce more than 3 million kilowatt hours (kWh) of energy per annum. Rapid advancements in technology and rising environmental awareness are driving companies to adopt large-scale solar projects, thus advising on these projects provides attractive opportunities for environmental consulting companies.
The global environmental consulting services market size is expected to decline from $31.3 billion in 2019 to $30.4 billion in 2020 at a compound annual growth rate (CAGR) of -2.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The environmental consulting services market growth is then expected to recover and grow at a CAGR of 3% from 2021 and reach $33.3 billion in 2023.
The environmental consulting services (ECS) market consists of the sales of ECS goods and services by entities (organizations, sole traders and partnerships) that provide advice, assistance, and action plans to organizations and governments to manage their environment. It includes the prevention of environmental contamination, toxic substances, security consulting, waste management, and pollution control. Environmental consulting services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
The environmental consulting services (ECS) market is segmented by type into site remediation consulting services, others - environmental consulting services, water and waste management consulting services, environment management, and compliance and due diligence. By end-users, the market is segmented into mining, manufacturing & process industries, energy & utilities, government & regulators, infrastructure & development, and others.
North America was the largest region in the global environmental consulting services market, accounting for 50% of the total share in 2019. Western Europe was the second largest region accounting for 19% of the global environmental consulting services market. Africa was the smallest region in the global environmental consulting services market.