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Global Environmental Consulting Services Market to Reach $43.2 Billion by 2026

The concept of environmental consulting revolves around provisioning of services and products by various entities or consultants to assists governments and organizations in managing the environment and ensuring compliance with environmental guidelines. The major factors influencing the market for environmental consulting services currently include digital innovation and shifts in market landscape led by investment and policy. Another important focus area for environmental consultancies currently is ESG (Environmental, Social and Governance) management and metrics. In a few countries like France for instance, it is now mandatory. The COVID-19 pandemic is expected to further reinforce the importance of ESG, given the growing global urgency around climate change. Recovery in construction sector and drive towards smart cities, and growing focus of countries to meet the sustainable development targets of the UN comprise major growth drivers for environmental consulting services. The UN had established goals for sustainable development for all the member countries. The goals include providing equitable drinking water access, improving quality of water by focusing on pollution reduction, preventing hazardous waste dumping, building more resilient and safer infrastructure, molding national policies to better handle climate change, promoting sustainable exploitation of terrestrial and marine resources etc. Governments of all member countries are required to invest towards meeting these targets, which is anticipated to drive increased demand for environmental services going forward.

Amid the COVID-19 crisis, the global market for Environmental Consulting Services estimated at US$34.9 Billion in the year 2022, is projected to reach a revised size of US$43.2 Billion by 2026, growing at a CAGR of 5.3% over the analysis period. Site Remediation Consulting Services, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$15.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Water & Waste Management Consulting Services segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 28.2% share of the global Environmental Consulting Services market. Site-remediation refers to the process of removal of polluted or contaminated soil, surface water, or groundwater, in order to minimize the impact on human beings or the environment. Various regulatory standards are in place that mandate remedial action to be undertaken in in case of pollution due to an environmental incident or past industrial activity. Amid anticipated positive trajectory in the global engineering & construction sector on the back of expected recovery in economic scenario and revival in spending patterns, demand for environmental consultancy services such as water & waste management is likely to revive in the post-COVID-19 period.

The U.S. Market is Estimated at $17 Billion in 2022, While China is Forecast to Reach $3.1 Billion by 2026

The Environmental Consulting Services market in the U.S. is estimated at US$17 Billion in the year 2022. The country currently accounts for a 48.59% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$3.1 Billion in the year 2026 trailing a CAGR of 6.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.3% CAGR while Rest of European market (as defined in the study) will reach US$3.3 Billion by the end of the analysis period.

Environment Management, Compliance & Due Diligence Segment to Reach $10.4 Billion by 2026

In the global Environment Management, Compliance & Due Diligence segment, USA, Canada, Japan, China and Europe will drive the 5.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6.5 Billion will reach a projected size of US$9.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$484.5 Million by the year 2026, while Latin America will expand at a 6.6% CAGR through the analysis period.