Sustainability Consulting Market Size, Share, Growth, and Industry Growth by Type (Strategy and Planning, Technical Support, Testing, Auditing and Verification and Sustainability Marketing) By Application (Chemicals, Building & Construction, Agriculture, Food & Beverage, Mining, Oil & Gas, and Others), Regional Forecast To 2032

Updated On: 01 April 2024

Sustainability Consulting Market REPORT OVERVIEW

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The global sustainability consulting market size was USD 8788.7 million in 2022 and projected to touch USD 13654.3 million by 2032, at a CAGR of 4.5% during the forecast period.

The sustainability consulting industry is made up of companies (organizations, sole proprietors, and partnerships) that provide products and services to businesses and governments in order to help them manage the environment. Offering business and public sector customers ways to address environmental problems and lessen environmental impact in areas including water pollution, waste management, air quality, and soil contamination is a component of sustainability consulting.

Environmental contamination prevention, hazardous chemical management, security consulting, waste management, pollution control, and ecological restoration all fall under the category of sustainability consulting. Processes, where human capital is the primary input, are carried out via sustainability consulting. When a person or group is in charge of providing services to the customer, they typically make the expertise and abilities of their staff members accessible on an assignment basis.

Covid-19 Impact: Delayed TREATMENTS LEAD TO LOWER THE MARKET DEMAND

Due to lockdowns, travel bans, and remote working, the pandemic has had an impact on the market for sustainability consulting services. On-site work has decreased dramatically. Revenues decreased as service demand decreased. Downsizing and other cost-cutting measures, such as lower budgets for attending events and salary reductions, were made necessary by the lack of money. However, COVID-19 will hasten the low-carbon transition by a couple of years, which will result in future growth in demand for sustainability consultancy.

LATEST TRENDS

"New Service Models and Technological Advancements to Augment the Market Demand."

Businesses in the sustainability consulting market are constantly coming up with new ideas and creating new services, such as managing carbon footprints, preserving cultural heritage, using Geographic Information Systems (GIS), caring for the marine environment, designing beautiful landscapes, and controlling noise and vibration. Companies are also developing innovative waste management techniques that are industry-specific, such as wastewater treatment techniques tailored for the chemical, dairy, paper and pulp, and mining sectors. For instance, GE's technologies for wastewater treatment and metal removal allow industrial enterprises to recycle treated water and recover metals like lead, copper, chromium, and iron for commercial use. Such services are tailored in accordance with geographic regions, environmental issues, economic sectors, customer needs, and changing governmental restrictions.

Technology is advancing significantly, which is good news for the market for sustainable consulting services. A smaller carbon footprint is being achieved by enterprises and people thanks to these technologies. Microsoft, for example, announced investments in 500 megawatts of renewable energy from Sol Systems in 2020 to lower the company's carbon impact. To build a coalition for a net-zero carbon economy by 2050, the firm is also collaborating with six other corporations. By investing in strategies to lower emissions related to its thermal load, General Motors said that it will utilize 100% renewable energy by the year 2050. In terms of how environmental consulting organizations conduct their business, big data is also significant. Big data gives businesses the ability to openly and transparently gather and curate environmental data from various government agencies, industrial sectors, and NGOs. Additionally, it helps transform that data into value and insight. It is anticipated that revolutionary change to enhance sustainability would be possible by fusing digital technology with an abundance of environmental data. Large-scale solar projects are becoming more popular among businesses due to the rapid improvements in technology and growing environmental consciousness; providing advice on these projects presents lucrative potential for sustainability consulting firms. For instance, India and Australia decided to work on low emissions technologies in September 2021 with an emphasis on solar initiatives.

Sustainability Consulting Market Segmentation

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• By Type Analysis

By type, market is segmented into strategy and planning, technical support, testing, auditing and verification and sustainability marketing. The strategy and planning segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into chemicals, building & construction, agriculture, food & beverage, mining, oil & gas and others. The chemicals segment will lead the global share through 2031.

DRIVING FACTORS

"Smart City Initiatives Will Lead to Market Growth."

The market for sustainability consulting services is anticipated to benefit from the sharp increase in funding for smart city initiatives in several nations throughout the world. Information and communication technology are used in "smart cities" to effectively manage and run urban services including transportation networks, water supplies, and law and order. Idinvest Partners, a division of the European investment group Eurazeo, completed the first closing of the Smart City Fund II in 2021. Developing countries are also embracing the idea of smart cities more and more. For example, more than 1,000 smart city pilot projects are either ready for implementation or are being built internationally, with 500 of these initiatives located in China. The need for environmental consulting services, such as those related to water and waste management, is anticipated to rise as expenditures in the development of smart cities rise, which will propel market expansion.

"More Employment in Businesses to Increase the Market."

In industries, environmental protection is becoming more and more popular. Businesses are using environmental consultants to provide studies on their current and upcoming initiatives as well as assess their environmental effect. One of the major elements enabling businesses to implement inorganic development methods, such as acquisitions and expansions for enhancing their position in the global market, is the rise in revenues. They must produce a report based on the circumstances of the land and the impact of the construction and the plant on the surrounding environment in order to obtain the necessary authorization from the relevant government authorities for setting up their plant in new locations. As a result, these businesses are employing sustainability consultancies more frequently for their environmental impact assessments.

RESTRAINING FACTORS

"New Technologies in Waste Management and the Environment to Impede the Market."

Many businesses are introducing cutting-edge and affordable trash management technology. The employment of anaerobic bacteria to break down biodegradable material from industrial waste is one example of a technology. Others include the extraction of gas from landfills. Gas that is recovered from landfills is utilized to create steam in manufacturing facilities as well as energy. For instance, Miller's waste processing facility uses landfill refuse to create feedstock, biofuel, and gas for use in manufacturing facilities and agricultural operations. These new technologies aid in lowering the amount of waste produced by manufacturing firms, which reduces the demand for sustainability consulting, which is anticipated to operate as a market restriction.

Sustainability Consulting Market REGIONAL INSIGHTS

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The sustainability consulting industry will be dominated by North America in 2020. The occurrence of various catastrophic events in the past sparked a demand for sustainability advice for disaster site remediation plans and cleanups. In order to safeguard the environment, governments have implemented a number of restrictions. Significant sustainability consulting service providers including Tetra Tech, AECOM, and John Wood are well-known internationally as well as in North America. They offer services for trash management, environmental audits, natural resource management, and site rehabilitation. Project management, testing and monitoring, as well as operation and maintenance, are additional services offered by these consultancies. Government organizations also use these consultancies to create up-to-date reports on how various elements affect the environment, which they use to either propose or change current rules. The sustainability consulting market is anticipated to develop at a faster rate in the Rest of APAC nations during the projected period as a result of this aspect.

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

• McKinsey & Company (U.S.)
• EY (UK.)
• KPMG (Netherlands)
• Bain & Company (U.S.)
• Deloitte (UK.)
• Boston Consulting Group (U.S.)
• PA Consulting Group (Jacobs) (UK.)
• Accenture (Ireland)
• Tata Consultancy Services (Mumbai)
• DuPont Sustainable Solutions (U.S.)

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.