Report : Environmental Consulting Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Service Type (Investment Assessment & Auditing, Permitting & Compliance, Project & Information Management, Monitoring & Testing, and Others), Media Type (Water Management, Waste Management, and Others), and Vertical (Energy & Utilities, Chemical & Petroleum, Manufacturing & Process Industries, Transportation & Construction Industries, and Others)
According to the new research report titled “Environmental Consulting Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 50,974.7 million by 2028, registering a CAGR of 5.4% from 2021 to 2028.
Environmental consulting services are conduct environmental impact assessments, obtain clearances for new projects, and implement environmental management plans. The environmental impact assessment is for the development projects such as infrastructural projects, townships, commercial buildings, and industrial projects. Environmental auditing is being done for evaluating remediation technology options for obtaining clearances from the government regarding the project. Environmental management plans comprise developing, implementing, and monitoring plants for occupational health and safety management systems audit, analysis, and hazard and operability studies. Moreover, environmental consulting services offer various services such as investment assessment and auditing, permitting & compliance, project & information management, monitoring & testing, and others. These services are used in several media types, such as water management, waste management, and others such as air quality, soil, natural resources, and renewable energy. The industries that majorly use environmental consulting services are energy & utilities, chemical & petroleum, manufacturing & process industries, transportation & construction industries, and others, including government & regulators.
The global environmental consulting services market is segmented on the basis of service type, media type, and vertical. Based on service type, the market is segmented into investment assessment & auditing, permitting & compliance, project & information management, monitoring & testing, and others. The investment assessment & auditing segment dominated the market in 2020. Based on media type, the environmental consulting services market is segmented into water management, waste management, and others. The water management segment led the market in 2020. By vertical, the environmental consulting services market is segmented into energy & utilities, chemical & petroleum, manufacturing & process industries, transportation & construction industries, and others. The others segment led the market in 2020.
Key Findings of Study:
The regions such as Europe and APAC are expected to exhibit significant growth along with the increasing growth in North America. In Europe, rising awareness in industries regarding their impact on the environment and strict government regulations on environment protection drive the growth of the environmental consulting services market. In terms of geography, the global market was dominated by APAC in 2020.
The COVID-19 outbreak has severely impacted the manufacturing, energy & utilities, chemical & petroleum, and transportation & construction industries. The outbreak pandemic is expected to create tremors through till mid-2021. The electronics equipment and associated services are likely to pick up pace sooner as governments across the world lifted the various containment measure steadily to revive the economy. The US is the most affected country in North America. The growing number of COVID-19 confirmed cases in the country has led the government to impose various containment measure such shutdown of factories, restrictions on travel, and closure of international borders and lockdowns. The huge increase in the number of confirmed cases and rising reported deaths in the country affected both manufacturing and sales of materials. During the pandemic, various companies minimized the allocated budget for the manufacturing of industrial machineries owing to economic slowdown, which negatively affected the global environmental concerns. A few of the major players operating in the environmental consulting services market are AECOM Inc., Jacobs Engineering Group Inc., Arcadis N.V., Bechtel Corporation, and John Wood Group PLC. Significant strategic initiatives by several market players are observed in the market. For instance, in 2020, Arcadis N.V. announced it has acquired Morgen, a Dutch environmental consulting firm. The financial details of the acquisition were not disclosed.