LONDON, March 17, 2021 (GLOBE NEWSWIRE) -- The Business Research Company’s report titled Environmental Consulting Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030 covers major environmental consulting services industry outlook 2020, environmental consulting services market share by company, construction manufacturers, environmental consulting services market size, and environmental consulting services market forecasts. The report also covers the global environmental consulting services market and its segments.
The environmental consulting services market is segmented by type into site remediation consulting services, other environmental consulting services, water and waste management consulting services and environment management, compliance and due diligence. The site remediation consulting services market was the largest segment of the environmental consulting services market segmented by type, accounting for 34.0% of the total market in 2020.
The environmental consulting services market is also segmented by end user industry into government and regulators, energy and utilities, mining, manufacturing and process industries, infrastructure and development and others. The government and regulators market was the largest segment of the environmental consulting services market segmented by end user industry accounting for 33.4% of the total in 2020.
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The environmental consulting services (ECS) market consists of the sales of ECS goods and services by entities (organizations, sole traders and partnerships) that provide advice, assistance, and action plans to organizations and governments to manage the environment.
The market includes the prevention of environmental contamination, toxic substances, security consulting, waste management, and pollution control, and ecological restoration. Environmental consulting services undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
The global environmental consulting services market size is expected to grow from $29 billion in 2020 to $36 billion in 2025 at a compound annual growth rate (CAGR) of 4.9% and further grow and reach $44 billion by 2030 at a compound annual growth rate (CAGR) of 3.7%.
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The environmental consulting services global market is slightly consolidated, with small number of global players operating in the market. The top ten competitors in the market made up to 30% of the total market. Major players in the market include AECOM, Amec Foster Wheeler, Arcadis, WSP GLOBAL INC. and Tetra Tech. The key players in global environmental consulting services are focusing on expanding their operational and business presence in the market through strategic acquisition of emerging and innovative companies.
One of the latest acquisition in the market was, in March 2021, TRC a US based construction and engineering consulting firm, acquired Environmental Partners, Inc. (EPI) for an undisclosed amount. Through this acquisition, TRC Companies aims at strengthening its capabilities in geo-environmental services and expand in the Pacific Northwest region. The deal would position TRC Companies as a leader in environmental engineering and consulting services in the Greater Seattle market. Environmental Partners, Inc. is an US based environmental services company, founded in 1990.
A few more player-adopted strategies in the environmental consulting services market include focusing on expanding in newer geographies and expanding by incorporating new corporate facilities.
Impact Of COVID-19 On Environmental Consulting Services Market
The pandemic has impacted the environmental consulting services market as on-site work has reduced significantly due to lockdowns, travel restrictions and remote working. The demand for services came down and revenues declined. COVID-19 would however accelerate the low-carbon transition by a couple of years which would mean an increased demand for environmental consulting services in the future.
Conversely in the wake of COVID-19, the environmental consulting services market was negatively impacted leading to the decline in the demand for services. This decreased demand for services was caused due to economic downturns, interest rate fluctuations and reductions in government and private industry spending that resulted in clients delaying, curtailing or canceling proposed and existing projects.
For instance, the demand for services from AECOM was affected by COVID-19 causing reduced demand for the services impacting client spending, halting of client projects, reduction in the contractual agreements and others which affected the revenue of the company. The total revenue of the company declined by 2.9% in 2020 to $2646.64 million over the previous year.
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Environmental Consulting Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provide environmental consulting services market overviews, analyze and forecast environmental consulting services market size and growth for the whole market, environmental consulting services market segments and environmental consulting services market geographies, environmental consulting services market trends, environmental consulting services market drivers, environmental consulting services market restraints, environmental consulting services market-leading competitors’ revenues, environmental consulting services market profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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