Energy & Utility Consulting Services in the US - Industry Market Research Report

Low energy: The industry will decelerate in line with an overall weak global economy

Over the five years to 2023, the Energy and Utility Consulting Services industry has faced various challenges. Primarily, demand for consulting services is driven by positive, forward-looking expectations and levels of corporate profit. Fluctuating corporate profit over the past five years, especially among mining and energy extraction companies, has resulted in uneven demand for consulting services from the mining and energy extractors market segment, causing weakness in industry revenue performance. Nonetheless, the industry has been uplifted by stronger performance in the water and wastewater utilities segment. Moreover, industry revenue declined in 2020 amid the COVID-19-induced decrease in downstream markets because of business closures, supply chain disruptions, and decreased consumer demand, drastically reducing industrial production across various sectors. Industry revenue is estimated to increase an annualized 3.1% to reach $5.5 billion over the past five years, including an expected increase of 1.4% in 2023 alone as industrial production rises. Conversely, industry profit is expected to decrease during the five years. This industry comprises operators that are primarily engaged in providing advice and assistance to businesses and other organizations on the energy, mining, geological and geophysical consulting industries. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.