New market research analysis predicts that the global environmental consulting services industry will decline this year due to the covid-19 pandemic, but then recover to reach $33.3 billion in 2023.
The report from Research and Markets, “Environmental Consulting Services Global Market Report 2020-30: Covid-19 Impact and Recovery,” expects the industry will go from $31.3 billion in 2019 to $30.4 billion this year at a compound annual growth rate (CAGR) of -2.9%. This decline, the firm said, is mainly due to worldwide economic slowdown as countries take measures to contain the covid-19 outbreak.
However, after 2020, Research and Markets anticipates that global environmental consulting services will bounce back and grow even larger than it was in 2019.
“North America was the largest region in the global environmental consulting services market, accounting for 50% of the market in 2019. Western Europe was the second largest region accounting for 19% of the global environmental consulting services market,” the report noted. “Africa was the smallest region in the global environmental consulting services market.”
The analysis pointed to significant technological advances happening in the industry that allow businesses to reduce their carbon footprints. One example, Research and Markets said, was Bloom Energy’s fuel cell technology installation for Morgan Stanley’s 750,000-square-foot headquarters in Purchase, New York. Combined with a solar array, the installations produce millions of kilowatt-hours of renewable energy annually.
“Rapid advancements in technology and rising environmental awareness are driving companies to adopt large-scale solar projects,” the market research firm said. And, as major corporations continue to pursue these kinds of carbon-cutting initiatives in the future, they’ll likely need guidance from environmental consulting experts.