Climate change consulting market is estimated to be valued at USD 9.37 Bn in 2031; 6.5% CAGR Projected- Coherent Market Insights

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the climate change consulting market

Coherent Market Insights’ analyst projected the climate change consulting market to be valued at USD 6.81 Bn in 2024. It is expected to exhibit a CAGR of 6.5% over the forecast period 2024 -2031.

Market Dynamics:

Increasing government initiatives towards adopting carbon neutral policies drives market growth. Governments are introducing stringent regulations and policies to curb carbon emissions and achieve targets set in the Paris Agreement.

Growing awareness among private organizations regarding carbon footprint assessment and management also drives market growth. This is creating significant demand for technical expertise in implementing low carbon strategies, assessing risks of climate change, and compliance with emerging sustainability standards.

Moreover, growing pressure from stakeholders is forcing companies to quantify and disclose climate impact. This is fuelling consultant’s requirement.

Market Trends:

• Advisory service on climate change strategy formulation is a key trend. These services to help design robust climate change strategies and roadmaps towards achieving long term sustainability goals. Consulting firms provide end-to-end support from assessment of carbon footprint to recommending mitigation initiatives and carbon management programs.

• Another trend gaining traction is use of technologies like AI, IoT, blockchain etc. to develop advanced carbon accounting software and tools. These tools monitor and verify emission data, and automated reporting platforms.

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Climate Change Consulting Market Opportunities

• Climate change consulting is expected to dominate the climate change consulting market. It is expected to grow at a CAGR of over 7% during the forecast period. Carbon footprint assessment services help organizations calculate and understand their direct and indirect greenhouse gas emissions.

• Sustainability strategy development is anticipated to witness the fastest growth during the forecast period. These strategies involve setting science-based or net-zero targets, identifying sustainability priorities.

Key Market Takeaways

• Climate Change Consulting Market is anticipated to witness a CAGR of 6.5% during the forecast period 2024-2031. This is due to stringent government regulations and increasing focus on sustainable business practices from companies globally.

• On the basis of service type, sustainability strategy development segment is expected to hold a dominant position. This is due to growing need to establish long-term climate strategies and net-zero commitments from organizations.

• On the basis of end user, the energy and utilities segment is expected to hold the largest market share. This is due to stringent carbon regulations and emphasis on renewable energy adoption in this sector.

• North America is expected to hold a dominant position over the forecast period. This is due to supportive governmental policies and presence of key market players in the region.

Competitor Insights

Key players operating in the climate change consulting market include

• Deloitte Touche Tohmatsu Limited
• PwC (PricewaterhouseCoopers)
• McKinsey & Company
• ERM (Environmental Resources Management)
• AECOM
• Jacobs Engineering Group
• WSP Global Inc.
• SLR Consulting
• Ramboll Group
• Tetra Tech, Inc.

Recent Developments: 

• In June 2023, McKinsey & Company worked with NGOs to improve sustainable agricultural techniques. This collaboration intends to address the critical issues of climate change and resource management. It encourages novel agriculture practices and environmentally friendly farming approaches.

• In October 2022, PwC introduced a set of climate risk assessment solutions for organizations. These tools are intended to assist enterprises in properly assessing and managing their exposure to climate-related hazards.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.