Environmental Consulting Services Market Segmentation:
Service Type Segment Analysis
The monitoring and testing segment in the environmental consulting services market is projected to account for significant revenue share of 15.3% during the forecast period. The segment involves measuring, assessing, and analyzing environmental conditions to ensure business compliance with regulations. A wide range of services fall under this segment such as air quality monitoring, water quality testing, soil analysis, noise measurement, wildlife surveys, formaldehyde monitoring, etc. The segment is poised for growth owing to increasing demand for reliable and accurate data, coupled with the rapid technological advancements that are improving the efficacy of monitoring systems. For instance, in April 2023, Bain & Company backed a new artificial intelligence integrated data management solution called ESG Flo that provides more transparent, traceable, and efficient data helping businesses achieve their ESG goals.
The investment assessment and auditing segment in the environmental consulting services market is poised to increase its profit share during the forecast period as the rate of businesses seeking expert analysis and evaluation to support sustainable investment decisions increase. Environmental consulting services can offer B2B solutions for green finance consulting and sustainability assessments. The segment assists in stabilizing a robust sustainable supply channel by assessing corporate transactions and mergers. For instance, in February 2024, Walmart announced their Project Gigaton a success for reducing one billion metric tons of greenhouse gas emissions from their suppliers much ahead of the 2030 target. In March 2022, the British Safety Council announced a 5-star environmental sustainability audit to help companies improve their sustainability performance.
Application Segment Analysis
The water management segment is projected to hold the lion’s share of revenue during the forecast period in the larger environmental consulting services market. The segment provides services such as water quality assessments, water resource management, wastewater treatment, flood risk assessment, etc. The growth of the segment is attributed to the rising water scarcity driven by climate change and rapid population growth leading to increasing demands for water management solutions. In March 2024, the UN World Water Development Report stated 2.2 billion people globally living without access to safe water highlighting the importance of water management by governments and corporations alike.
In May 2020, the UK government environment agency selected Jacobs in collaboration with JBA Consulting to develop and implement a National Flood Risk Assessment system. As regulatory requirements intensify globally, environmental consulting services are geared to provide customized water management solutions to businesses and governments leading to considerable environmental consulting services market growth. The waste management segment is poised to have a rapid growth during the forecast period to cater to needs of effective waste management solutions. Waste management services include waste audits, waste minimization strategies, waste segregation and collection, landfill management, hazardous waste management, etc.
In February 2024, the UN report on Global Waste Management Outlook 2024 projects municipal solid waste generation to reach 3.8 billion tons by 2050 and estimated the global cost of waste management at USD 252 billion in 2020. The report indicates urgent action on waste management to reduce the waste management costs. This puts further impetus on businesses to find effective waste management solutions to reduce costs as well as comply with the stringent environmental regulations leading to growing demands for professional environmental consulting services.
Our in-depth analysis of the environmental consulting services market includes the following segments:
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