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2021 Environmental Consulting Services Market New Technology Forecasts with 5.4% of CAGR by 2028

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2021 Environmental Consulting Services Market New Technology Forecasts with 5.4% of CAGR by 2028

April 28
15:45 2021
2021 Environmental Consulting Services Market New Technology Forecasts with 5.4% of CAGR by 2028

The Insight Partners
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.

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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.

Rising Awareness in Industries Regarding Environmental Impact

Awareness regarding the protection of environment is increasing in industries. Companies are hiring environmental consultancies for preparing reports of their existing and future projects, along with determining their impact on environment. The rise in revenues is one of the key factors enabling companies to adopt inorganic growth strategies such as acquisitions and expansions for expanding their presence in the global market. For setting up their plant in at new locations, they need to get a clearance from the respective government authorities, for which they must present a report based on the conditions of the land and the impact of the construction and the plant on the surrounding environment. Therefore, this companies are increasingly hiring environmental consultancies for their environmental impact assessment.

Strategic Insights

Product development is the commonly adopted strategy by companies to expand their product portfolio. AECOM Inc; Arcadis N.V.; Jacobs Engineering Group Inc.; John Wood Group PLC; and ERM Group, Inc. are among the key players implementing strategies to enlarge their customer base and gain significant share in the global environmental consulting services market, which, in turn, permit them to maintain their brand name. A few of the recent key developments are:

  • In 2021, Jacobs Engineering Group Inc. announced it has signed contract with NIRAS/ONDRAF, Belgian agency for radioactive waste management. Under the agreement, Jacobs Engineering Group Inc. is awarded with framework contract covering new treatment and storage facilities for radioactive waste project in Belgium.
  • In 2020, Arcadis N.V. announced it has acquired Morgen, a Dutch environmental consulting firm. The financial details of the acquisition were not disclosed.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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