Energy Consulting Market Size, Share, Growth, and Industry Analysis by Type (Reducing Energy Costs, Managing Risks and Others) By Application (Large Enterprises, SMEs and Others) Regional Forecast To 2031

Updated On: 22 April 2024

Energy Consulting Market REPORT OVERVIEW

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global energy consulting market size was USD 16994.68 million in 2022 and market is projected to touch USD 27422.24 Million By 2031, exhibiting a CAGR of 5.46% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over.

The energy consulting market is a segment of the larger management consulting industry, focused on providing strategic and operational advice to clients in the energy sector. The energy sector includes oil and gas, utilities, renewable energy, and other related industries. Energy consultants may advise on a range of issues, including energy efficiency, sustainability, renewable energy technologies, energy policy, and risk management. They may work with a variety of clients, including government agencies, energy companies, and large corporations.

The global energy consulting market is expected to continue to grow in the coming years, driven by increasing demand for energy efficiency and renewable energy, as well as increasing regulatory pressures and the need for cost savings. The market is also likely to be impacted by emerging technologies such as blockchain and the Internet of Things (IoT), which are expected to have significant implications for the energy industry.

COVID-19 Impact: Delays in Energy Projects to Limit the Market Demands

The pandemic led to a global economic slowdown, resulting in reduced demand for energy consulting services as businesses and industries struggled to stay afloat. Many energy projects were put on hold or delayed due to the pandemic, leading to a decline in demand for consulting services related to project planning, design, and management. The pandemic led to significant changes in energy consumption patterns, with many people working from home and travel restrictions reducing the demand for transportation fuels. This has led to a shift in focus for energy consulting services towards renewable energy and distributed energy resources.

LATEST TRENDS

"Digitalization and Sustainability Factor to Augment the Market Growth"

With the increasing adoption of digital technologies, energy consulting firms are using advanced analytics and machine learning to help clients optimize their energy usage and reduce costs. Digitalization also enables remote monitoring and management of energy assets, leading to greater efficiency and cost savings. There is a growing focus on sustainability in the energy consulting market, as companies look for ways to reduce their carbon footprint and promote environmental responsibility. Energy consultants are providing advice on renewable energy sources, energy-efficient technologies, and carbon emissions reduction strategies. The growth of renewable energy sources such as solar and wind has led to an increased demand for energy storage solutions. Energy consultants are working with clients to develop effective storage solutions that can help to balance the grid and reduce energy costs.

Energy Consulting Market Segmentation

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• By Type Analysis

By type, market is segmented into reducing energy costs, managing risks and others. The reducing energy costs type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into large enterprises, SMES and others. The large enterprises segment will lead the global share through 2031.

DRIVING FACTORS

"Government Regulations and Policies to Push the Market"

With rising energy costs and increasing concerns about climate change, there is a growing demand for energy-efficient solutions. Energy consultants can help businesses and organizations identify ways to reduce energy consumption and increase efficiency. Governments around the world are implementing regulations and policies aimed at reducing carbon emissions and promoting renewable energy sources. Energy consultants can help companies navigate these complex regulations and ensure compliance. The adoption of renewable energy sources such as solar and wind power is growing rapidly. Energy consultants can help businesses evaluate the feasibility of renewable energy projects and implement them effectively.

"Advancement in Technology to Boost the Market Growth"

Advancements in technology are driving innovation in the energy sector. Energy consultants can help businesses stay up-to-date with the latest technologies and implement them in their operations. Energy consulting services can help businesses reduce energy costs and save money in the long run. This is particularly important for businesses operating in industries with high energy consumption, such as manufacturing and transportation.

Overall, the energy consulting market is expected to continue to grow as businesses and organizations seek to reduce their carbon footprint, increase efficiency, and save money on energy costs.

RESTRAINING FACTORS

"Competition from Internal Resources to Slow the Market Growth "

Energy consulting projects often require significant capital investment, which may limit the number of projects that can be developed. This can be a challenge for smaller consulting firms or those operating in emerging markets. Some companies may rely on their own internal resources to manage energy-related projects, rather than hiring external consultants. This can limit the potential market for energy consulting firms. Some organizations may not be aware of the benefits of working with energy consulting firms or may not understand the value proposition of these services. This can limit demand for energy consulting services.

Energy Consulting Market REGIONAL INSIGHTS

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"North American Market to Grow Exponentially with the Forecasted Period"

The energy consulting market is a global industry that provides various services related to the energy sector. The market is primarily driven by increasing demand for renewable energy sources, government initiatives to promote clean energy, and rising energy costs.

In North America, the United States is the largest market for energy consulting services. The region is witnessing a shift towards renewable energy sources and the adoption of smart grid technologies. The energy consulting market in the US is driven by factors such as government regulations, rising energy costs, and the need for energy efficiency.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Antea Group (Netherlands)
• NV5 (U.S.)
• ISG Enterprise Energy Solutions (U.S.)
• Energy Edge Consulting (U.S.)
• Enel X (Italy)
• Accenture (Ireland)
• E&C Energy Consulting (U.S.)
• Arthur D. Little (U.S.)
• 360 Energy Group (U.S.)
• NUS Consulting (U.S.)
• Tradition Energy (U.S.)
• Engie Impact (U.S.)
• Verde Solutions (Canada)
• Consultus (UK.)
• AFRY (Swedem)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.