Demand will soar as public and private companies adopt "greener" practices.
New York, NY (PRWEB) January 07, 2014
Firms in the Environmental Consulting industry provide advisory services such as environmental assessments, site remediation planning, waste management and natural resource management services. Firms assist construction, manufacturing and other sectors to mitigate their impact on the surrounding environment and navigate changing legislation and regulation. Industry staff includes scientists, engineers and other technicians with experience in fields such as air and water quality.
The industry has experienced moderate growth over the past five years because of an increasing emphasis on environmentally sustainable behaviors. According to IBISWorld Industry Analyst Jeremy Edwards, "Consumers and organizations are becoming increasingly focused on reducing the impact of business and daily life on the environment." However, growth was hindered over the five years to 2013 by collapsing corporate profit and weak construction levels in 2008 and 2009. Industry revenue slowed in 2008 before falling 4.6% in 2009, as the private sector reduced investment and slashed expenses like environmental consultants. Economic conditions have since improved, and the industry has benefited from improving private investment. Furthermore, indirect government assistance, such as the American Recovery and Reinvestment Act, has helped the industry recover. Disasters such as the BP oil spill have also boosted demand for consultants due to the need for emergency site remediation planning and cleanups. As a result, industry revenue is projected to grow at an annualized 2.7% over the five years to 2013. Growth is expected to continue in 2013 with a 3.9% increase to $16.6 billion.
The future of environmental consulting is promising. Increased environmental regulations are anticipated, particularly in the areas of oil drilling and energy dependence. "Customers will increasingly demand the industry's services for advice about drilling offshore and for aid in becoming more energy efficient and adopting renewable energy," says Edwards. Corporate profit is expected to grow at an average over the five years through 2018, allowing companies to allocate more resources toward implementing sustainable practices and promoting positive public images. Industry firms will also aid construction companies to meet new environmental standards as construction activity picks up. Consequently, revenue is forecast to grow during the five years to 2018.
For more information, visit IBISWorld’s Environmental Consulting in the US industry report page.
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IBISWorld industry Report Key Topics
The Environmental Consulting industry provides advice to businesses and federal governments on environmental issues, such as controlling environmental contamination from pollutants, toxic substances and hazardous materials. Environmental consultants identify problems, measure and evaluate risks and recommend solutions. The industry employs a multidisciplined staff of scientists, engineers and other technicians.
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Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.