Global Climate Change Consulting Market is estimated to account for US$ 8,653.7 Mn by end of 2028, Says Coherent Market Insights (CMI)
/EIN News/ -- SEATTLE, April 12, 2021 (GLOBE NEWSWIRE) -- Climate change is one of the most dangerous and pressing issues today, which has the potential to disrupt human life globally. Although there are some scientists who do not agree with this term, it is agreed by the majority of them that this phenomenon does occur and is being caused primarily by human activities.
Greenhouse gases are produced when you burn fossil fuels like petrol, coal, or natural gas for energy production, resulting in the emission of carbon dioxide. The process of carbon emission is believed to be the main cause behind global warming. A major result of this is a rise in the earth's temperature, which makes the planet feel warmer.
A major technique employed for reducing greenhouse gas emissions is by using carbon dioxide absorption and carbon storage. Experts have developed new technologies that can remove carbon dioxide out of the air. Another effective measure to reduce carbon dioxide emissions is to plant trees, as this acts as a sponge that absorbs carbon dioxide from the atmosphere, and stores it in the trees.
The global climate change consulting market is estimated to account for 8,653.7 Mn in terms of value by the end of 2028.
Market Drivers:
Increasing carbon emission is expected to propel growth of the global climate change consulting market over the forecast period. For instance, according to the Global Carbon Project, emissions from fossil fuel and industry are expected to reach 36.81bn tones of CO2 (GtCO2) in 2019, recording an increase of 0.6% from 2018 levels.
Moreover, increasing consumption of energy is also expected to aid in growth of the market. For instance, according to Energy Statistical Yearbook 2019, total energy consumption in the U.S. reached 2.3 Gtoe in 2018, registering an increase of 3.5% from 2017.
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Market Opportunities:
Initiatives to reduce greenhouse gas emissions is expected to offer lucrative growth opportunities for players in the global climate change consulting market. For instance, in December 2019, Schlumberger announced its commitment to setting a science-based target to reduce its greenhouse gas emissions and in line with the defined criteria, Schlumberger will define its reduction target by 2021.
Moreover, launch of new suite of climate-change models is also expected to aid in growth of the market. For instance, in March 2021, RMS, a catastrophe risk solutions company, announced the forthcoming launch of a new suite of climate-change models to help customers assess the near- and long-term impacts of climate change on physical assets and their businesses.
Market Trends:
The climate change consulting market in North America is driven by increasing carbon emission. For instance, according to Energy Statistical Yearbook 2019, in 2018, carbon dioxide emissions in the U.S. increased by 3.1% compared to that in 2017.
The climate change consulting market is witnessing significant investment. For instance, in March 2021, Anthesis, a sustainability consultancy, received a minority investment from Palatine Private Equity that the company intends to use to accelerate its mission to help mitigate the worst impacts of global climate change.
Competitive Landscape:
Major players operating in the global climate change consulting market include ICF International, Inc., McKinsey & Company, Inc., PricewaterhouseCoopers LLP (PwC), ERM Group, Inc., KPMG International, Boston Consulting Group, Coastal Risk Consulting, LLC, CH2M HILL Companies, Ltd. (Jacobs Engineering Group), Deloitte LLP, and Ramboll Environ, Inc.
Major players operating in the global climate change consulting market are focused on adopting expansion strategies. For instance, in March 2021, Boston Consulting Group launched a new sustainability offering through the expansion of its Center for Climate Action. The company expanded its existing Center for Climate Action into a global BCG Center for Climate & Sustainability.
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Market Segmentation:
On the basis of service type:
- Corporate Strategy for Climate Change
- Carbon Footprint Analysis
- Renewable Energy Development
- Energy Efficiency
- Strategic Advisory Services
- Policy and Economics
- Emission Trading and Offsetting
- Climate Adaptation Analysis & Planning
- Green Building Services
On the basis of industry:
- Mining
- Energy & Utilities
- Government
- Manufacturing
- Transportation and Logistics
- Others
On the basis of region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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