by Climate change consulting services help companies and governments measure, report and reduce their carbon footprint, assess climate-related risks and impacts, and develop strategies to transition to net-zero operations. Climate change consulting analyses a client’s value chain and operations to understand sources of greenhouse gas emissions. Consultants then recommend solutions like renewable energy adoption, energy efficiency upgrades, and carbon offsetting. The services help organizations comply with government regulations and international agreements on emission reduction. The global climate change consulting market is estimated to be valued at US$ 6.82 Billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
One of the major trends in the climate change consulting market is the rising demand for climate change adaptation and vulnerability assessment services. As climate change impacts are becoming more pronounced with rising average global temperatures, companies and governments are seeking assistance from consultants to analyze how critical infrastructure, operations, supply chains and communities may be impacted by extreme weather, rising seas and other physical risks. Consultants help identify assets and regions most at risk, and recommend adaptation measures that can help build climate resilience. They also advise on capturing funding available through government grants and international climate finance for adaptation projects. This trend is expected to gain further momentum over the coming years as physical risks from climate change intensify.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the climate change consulting market is moderate. Specialized expertise and high capital requirements pose barriers to entry. However, the growing market demand opens opportunities.
Bargaining power of buyers: The bargaining power of buyers in the climate change consulting market is high. Buyers can negotiate on price and look for alternatives owing to availability of various players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Due to specialized skills required, switching costs for suppliers are high. However, availability of substitutes keeps their power in check.
Threat of new substitutes: The threat of substitutes is moderate. While some digital solutions provide alternatives, consulting requires specialized domain knowledge and human expertise.
Competitive rivalry: Competition in the climate change consulting market is high due to presence of numerous global and regional players. Players differentiate based on service quality, technical expertise and global presence.
Key Takeaways
The global Climate Change Consulting Market Growth is expected to witness high growth over the forecast period supported by initiatives to cut carbon emissions and transition towards green energy.
Regional analysis
The market in North America is expected to dominate owing to stringent regulations and aggressive climate change goals set by governments and companies in the region. However, Asia Pacific is anticipated to showcase the fastest growth led by China, India and other developing countries ramping up renewable energy and emission reduction targets.
Key players
Key players operating in the climate change consulting market include Cato Manufacturing Ltd, Culver Props, Inc., Delta Electronics, Inc., Dowty Circuits Limited, Hartzell Propeller, Inc., McCauley Propeller Systems, Inc., Sensenich Propeller Service, Inc., and others. Players are focusing on expanding capabilities and global footprint to tap growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
