Energy Consulting Market Is Estimated To Witness High Growth Owing To Increasing Demand for Energy Efficiency Initiatives

The energy consulting market is estimated to be valued at US$ 17.16 Bn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics:

The growth of the energy consulting market is driven by increasing demand for energy efficiency initiatives from end-use industries. Federal regulations regarding energy efficiency and conservation various industries the goal is to reduce operating costs and increase profits by using energy-saving technologies and processes. Energy consulting companies help industries Specify various aspects to maximize energy use and reduce waste. In addition, government regulations in various countries that forces the industry to increase energy efficiency will drive the demand for energy consulting services during the forecast period.

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Key Market Trends

A key trend in the energy consulting market is the increased use of cloud-based project management tools. Consulting firms are increasingly using cloud-based platforms to remotely manage projects with clients across the region. These platforms help improve communication. Follow project milestones and share documents virtually another important trend is the increased focus on renewable energy consulting. The increasing global focus on decarbonisation and reducing reliance on fossil fuels is increasing the need for industry as well as provinces and countries to consult and evaluate available renewable energy options.

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Energy Consulting Market Opportunities

Investment Assessment & Auditing Services

Investment assessment and auditing services segment is expected to witness significant growth during the forecast period. Increasing investments in renewable energy projects such as solar, wind, and hydroelectric projects have boosted the demand for investment assessment and auditing services. Consulting firms provide assessment of suitable investments avenues and conduct auditing of projects to help clients make well informed investment decisions.

Management Consulting Services

Management consulting services include strategy formulation, operational improvement, mergers & acquisitions, and regulatory compliance. Growing complexities in energy market dynamics have increased the need for expert management consultancy. Consulting firms provide customized solutions to improve efficiencies and guide clients towards best practices. This is expected to drive the growth of management consulting services segment.

Key Market Takeaways

• The global energy consulting market is expected to register a CAGR of 5.3% during the forecast period 2024-2031 due to increased investments in renewable energy projects across the world. On the basis of service type The Investment Assessment and Audit Services segment is expected to occupy a dominant position as investment in energy projects around the world increases.
• The renewable energy sector is expected to be the leading segment during the forecast period. Due to the end use industry Supportive government policies that drive solar and wind energy installations and climate change initiatives.
• Regional level North America is expected to hold a dominant position during the forecast period. With leading consulting firms in the region and an increasing number of energy transition projects.

Key players operating in the energy consulting market include

Accenture plc., RINA S.p.A., Archer Underground Services, E.On Energy Consulting, Energy Management Consulting Group (EMCG), and Energy Planning and Management.

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