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Environmental consulting services market expected to grow to $37 billion by 2020

Environmental consulting services market expected to grow to $37 billion by 2020

Environmental consulting services, the services which provide advice, assistance, and action plans to help organizations and governments manage their environment, are growing at 4.5 percent year on year, according to a report from The Business Research Company (TBRC), “Environmental Consulting Services Market Global Report 2017.” These services are gaining traction among both multi-national companies and small and medium businesses as awareness of the impact of e-waste on the environment increases. E-waste, the fastest-growing waste stream, is hazardous and expensive to treat in an environmentally sound manner.

The companies in the environmental consulting industry help prevent environmental contamination, toxic substance emissions and security lapses, and facilitate waste management and pollution control. Up to 2016, the market of environmental consulting services grew at the rate of 3.8 percent, but this has accelerated.

The Asian region is the biggest market for environmental consulting services in 2017, making up about 40 percent of the whole market. The Americas is the second largest market, accounting for 33 percent of the global total. Asia will remain the biggest market and will also grow fastest; almost 7 percent year on year growth has accelerated by 2 percent. Two other regions where the market will grow substantially are Oceania and the Middle East and Africa. Growth in the American and European markets is expected to slow.

The global market for environmental consulting services is expected to grow from $33 billion in 2017 to $37 billion in 2020. The main reasons behind this increased growth are investments in smart cities to promote sustainable living, global collaboration for environmental protection, and new technologies in environment and waste management. Through the next decade, smart cities will host numerous climate-sustainable solutions for industries such as energy, technology, and manufacturing. Companies will strive to deliver innovative approaches to manage complex projects to build high-risk infrastructure, while protecting public health, preserving the environment and restoring natural resources. In 2015, 195 countries adopted the Paris Agreement during the United Nations Climate Change Conference to help develop sustainable solutions for global environmental issues such as nuclear cleanup and global warming.

In the last five years, there has been a rise in the number of specialist consulting firms that focus specifically on environmental concerns. The growth of such firms is a response to organizations seeking solutions to specific problems. The Global Environmental Consultancy predicts a rise in specialist firms in the field of climate change and energy services, predicted to grow by more than 30 percent in the next five-years, and in Latin America and Africa/Middle East, growing by 33.6 percent and 26.7 percent, respectively. TBRC believes that this trend will push the global market further up to 2022.