The global energy and resources consulting market grew 6% to $14.7bn in 2014 despite slumping oil prices, a new report from consultancy firm Source has found.
The UK market mirrored the global picture, growing 6.1% to $816m on the strength of efficiency projects in the North Sea, the report said. Long planning cycles also helped to keep consulting work on an even keel, it said.
Alison Huntington, a senior analyst from Source said: “A key question – that’s very hard to answer – is how long energy clients will carry on spending on consulting. Work in this sector tends to be capital intensive and long-running, but once current programmes come to an end, will cash-strapped clients shell out again on major investments?”
The report said the utilities sector was the stand-out market, growing at 8% to $3.4bn thanks to new competition, regulation, green technology, and smart metering.