global ec strategies€¦ · editorial director, market intelligence service . anya hembrough...

© Environment Analyst 2019 1

Global EC Strategies

This report was researched and edited by:

Liz Trew Editorial Director, Market Intelligence Service

Anya Hembrough Deputy Editor and Senior Analyst

Ross Griffiths Assistant Editor and Senior Analyst

Stuart Foxon Director

Thanks to the environmental consulting firms that have assisted us by responding to our surveys, participating in email/phone/face-to-face interviews and verifying/commenting on their company profiles.

Great care has been taken to ensure the accuracy of the information in this edition of the report at the time of publishing; however, changes may have occurred since then. Environment Analyst cannot accept liability for errors or omissions of any kind. We are undertaking an ongoing process of verification of the content – if you do wish to pass on any updated company information or discuss any aspect of the report, please contact Environment Analyst (details above).

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© 2019 Environment Analyst Ltd. All rights reserved.

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While Environment Analyst takes every effort to ensure the accuracy of data, we cannot take responsibility for any adverse consequences arising from actions taken in response to our content and we recommend that readers take appropriate professional advice.

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Global Strategies

1. Contents 1. Contents ................................................................................................................................................... 2

2. List of figures ............................................................................................................................................ 4 2.1 Environment Analyst ......................................................................................................................................... 8 2.2 Report methodology and definitions ................................................................................................................ 8 2.3 Acknowledgements .......................................................................................................................................... 8 2.4 Accessing other reports and profiles in the series ......................................................................................... 8

3. Executive summary ................................................................................................................................... 9 3.1 Headline findings .............................................................................................................................................. 9 3.2 Introduction to the Global 23 .......................................................................................................................... 11 3.3 Global EC market summary figures ............................................................................................................... 12 3.4 Global environmental consultancy market SWOT analysis .......................................................................... 17

4. Market dynamics, drivers & disruptors .................................................................................................... 22 4.1 Global 23 performance and organic growth trends ...................................................................................... 23 4.2 Regional factors .............................................................................................................................................. 23 4.3 Service area trends ......................................................................................................................................... 28 4.4 Client sector trends ......................................................................................................................................... 29 4.5 Other drivers, dynamics & disruptors ............................................................................................................. 29

5. Market Structure, competitor performance analysis & business models .................................................. 32 5.1 Changing structure ......................................................................................................................................... 32 5.2 Business models ............................................................................................................................................. 33 5.3 The specialist few ........................................................................................................................................... 34

Alliance model allows flexibility of workforce ......................................................................................... 36 5.3.1.5.4 Multidisciplinaries – stuck in the middle or best of both? ............................................................................ 39 5.5 Large-scale integrated firms revise formula for growth ............................................................................... 41

6. Global 23 rankings and KPIs .................................................................................................................... 45 6.1 Market leaders, movers & losers .................................................................................................................... 45 6.2 Financial and resourcing benchmarks (inc. profitability, staffing & contract trends, revenue per

head) ................................................................................................................................................................ 46 6.3 Global 23 - 2019 to date, and what’s in store for 2020 ................................................................................. 49

Interim financial updates .......................................................................................................................... 49 6.3.1. Full FY19 results (review to date) ............................................................................................................. 50 6.3.2. Expectations and priorities for 2020 ........................................................................................................ 51 6.3.3.

7. Global 23 - strategic trends & M&A ......................................................................................................... 53 7.1 Consolidation .................................................................................................................................................. 53 7.2 Diversification ................................................................................................................................................. 54 7.3 Globalisation and ‘offshoring’ ........................................................................................................................ 55 7.4 Retrenchment .................................................................................................................................................. 56 7.5 Portfolio optimisation ..................................................................................................................................... 56 7.6 Private equity ................................................................................................................................................... 57 7.7 Digital disruption ............................................................................................................................................. 58 7.8 ‘Rivals to bedfellows’ – the trend for collaborative working ......................................................................... 58 7.9 Sustainability leadership and stakeholder value ........................................................................................... 58 7.10 Ones to watch outside the Global 23… .......................................................................................................... 59

8. Outlook & forecast model ........................................................................................................................ 61

9. APPENDIX 1: Market development background ....................................................................................... 64 9.1 Services evolution ........................................................................................................................................... 64 9.2 GFC and commodity super-cycle dip puts brakes on ................................................................................... 67 9.3 Strong fundamental drivers ............................................................................................................................ 68 9.4 Infrastructure – the global EC sector’s saviour? ........................................................................................... 69 9.5 International environmental policy and political scene ................................................................................ 70 9.6 Digital revolution and the EC space ............................................................................................................... 71

10. APPENDIX 2: Global 23 M&A TABLES ..................................................................................................... 72 10.1 Advisian/Worley .............................................................................................................................................. 72 10.2 AECOM ............................................................................................................................................................ 73



10.3 Antea Group (member of the Inogen Alliance) .............................................................................................. 74 10.4 Arcadis ............................................................................................................................................................. 74 10.5 Cardno ............................................................................................................................................................. 75 10.6 ERM .................................................................................................................................................................. 76 10.7 GHD .................................................................................................................................................................. 77 10.8 Golder .............................................................................................................................................................. 78 10.9 HDR .................................................................................................................................................................. 78 10.10 ICF .................................................................................................................................................................... 79 10.11 Jacobs ............................................................................................................................................................. 79 10.12 Mott MacDonald ............................................................................................................................................. 80 10.13 Ramboll ............................................................................................................................................................ 80 10.14 Royal HaskoningDHV ...................................................................................................................................... 81 10.15 RPS .................................................................................................................................................................. 81 10.16 SLR ................................................................................................................................................................... 82 10.17 SNC-Lavalin ..................................................................................................................................................... 83 10.18 Stantec ............................................................................................................................................................. 84 10.19 Sweco .............................................................................................................................................................. 85 10.20 Tetra Tech ....................................................................................................................................................... 86 10.21 Wood ................................................................................................................................................................ 86 10.22 WSP ................................................................................................................................................................. 87

11. APPENDIX 3: Global 23 strengths & weaknesses overview ...................................................................... 90

12. APPENDIX 4: Global 23 data tables ......................................................................................................... 98 12.1 Financial overview of the Global 23 ............................................................................................................... 98

12.1.1. General financial ........................................................................................................................................ 99 12.1.2. Environmental consultancy revenue ...................................................................................................... 100 12.1.3. Group revenue ......................................................................................................................................... 103 12.1.4. Environmental services revenue, including consultancy ....................................................................... 105 12.1.5. Environmental service revenue, excluding consultancy ........................................................................ 107 12.1.6. Group profitability services revenue, including consultancy ................................................................. 109

12.2 Staff .............................................................................................................................................................. 111 12.3 Contracts ...................................................................................................................................................... 115 12.4 Regional analysis ......................................................................................................................................... 117

12.4.1. West Europe ............................................................................................................................................. 117 12.4.2. Central & East Europe ............................................................................................................................. 120 12.4.3. Africa & Middle East ................................................................................................................................ 123 12.4.4. Asia Pacific .............................................................................................................................................. 126 12.4.5. North America ......................................................................................................................................... 129 12.4.6. Latin America ........................................................................................................................................... 132 12.4.7. Office locations ....................................................................................................................................... 135

12.5 Service area analysis ................................................................................................................................... 136 12.5.1. Climate change & energy ........................................................................................................................ 136 12.5.2. Contaminated site assessment/remediation ........................................................................................ 139 12.5.3. Impact assessment ................................................................................................................................. 142 12.5.4. Env. management, compliance & due diligence .................................................................................... 145 12.5.5. Water and waste management ............................................................................................................... 148 12.5.6. Other services .......................................................................................................................................... 151

12.6 Client sector analysis ................................................................................................................................... 154 12.6.1. Government & regulators ........................................................................................................................ 154 12.6.2. Energy & utilities (inc. waste).................................................................................................................. 157 12.6.3. Mining, manuf. & process industries ...................................................................................................... 160 12.6.4. Infrastructure & development (incl property, transport) ........................................................................ 163 12.6.5. Financial, professional & service sector................................................................................................. 166 12.6.6. Other sectors ........................................................................................................................................... 169

13. APPENDIX 5: The Global Top 100, 2018 .................................................................................................172



2. List of figures Fig 1. Global EC market 2010-2023(e) ....................................................................................................................... 9 Fig 3. Global 23 and worldwide environmental consultancy market growth, 2010-2018 ..................................... 10 Fig 4. Global EC market structure and consolidation impact ................................................................................. 10 Fig 5. Global 23 market share representative infographic* .................................................................................... 12 Fig 6. Global environmental consultancy market share by region*, 2010-2022 .................................................... 12 Fig 8. Global environmental consultancy market share by service area*, 2010-2022 .......................................... 13 Fig 9. Global environmental consultancy market share by client sector, 2010-2022 ............................................ 13 Fig 10. Global EC ‘market intensity’ (EC revenues as a proportion of GDP), 2010-2023(e) .................................... 14 Fig 11. Global EC market leaders and market growth trends by region ................................................................... 15 Fig 12. Global 23 – EC ranking, market share and financial summary 2016-2018 ................................................. 16 Fig 13. Global EC market growth vs. world economic growth trend 2010-2023e ................................................... 22 Fig 14. Total environmental consultancy market, 2010-2018 .................................................................................. 23 Fig 15. Global 23 – regional growth trends (organic vs total inc. acquisitional) (%), 2014-2018 ........................... 23 Fig 16. Global environmental consultancy market turnover by region, 2010/18 ..................................................... 25 Fig 17. Global environmental consultancy market share by region, 2010/18 ......................................................... 25 Fig 18. Global environmental consultancy market growth by region, 2010/18 ....................................................... 25 Fig 19. Global 23 - regional EC (organic) revenue growth trends, 2011-2018 ......................................................... 26 Fig 20. Global EC market forces by region ................................................................................................................. 27 Fig 21. Global environmental consultancy market turnover by service area, 2013-2018 ....................................... 29 Fig 22. Global environmental consultancy market turnover by client sector, 2013-2018 ....................................... 29 Fig 23. Global 23 (aggregated) - eight-year EC revenue growth ............................................................................... 32 Fig 24. Global EC market structure and consolidation impact ................................................................................. 33 Fig 25. Organic growth rate by business model, 2011-2018 .................................................................................... 34 Fig 26. Global 23 – business models and market positioning ................................................................................. 37 Fig 27. Global 23 – business models and market positioning (continued) ............................................................. 38 Fig 28. Global 23 EC market share and change, 2015-2018 ..................................................................................... 46 Fig 29. EC market growth vs. world economic growth trend 2008-2020(f) ............................................................. 49 Fig 30. Global environmental consultancy market forecast, 2019-2022 ................................................................. 61 Fig 31. Global EC market forecasts and 5-yr CAGR by region .................................................................................. 61 Fig 32. Global EC market forecasts by region, 2018-2023 ........................................................................................ 63 Fig 33. Global EC market forecasts and CAGR by service area ................................................................................ 63 Fig 34. Global EC market forecasts and CAGR by client sector ............................................................................... 63 Fig 35. The evolution of environmental services ....................................................................................................... 65 Fig 36. Evolution of environmental services and global demand ............................................................................. 66 Fig 37. Global EC ‘market intensity’ (EC revenues as a proportion of GDP), 2010-2023(e) .................................... 67 Fig 38. EC market growth vs. commodity index and oil prices, 2011-2019 ............................................................ 68 Fig 39 Global 23 – financial reporting period representing 2018 in the tables in this report ................................. 98 Fig 40 Global 23 (aggregated) – eleven-year revenue trends (group vs. environmental) ...................................... 99 Fig 41 Global 23 (aggregated) – eleven-year revenue growth (group vs. environmental) ..................................... 99 Fig 42 Global 23 (aggregated) – eleven-year trends in environmental share of group revenue ............................ 99 Fig 43 Global 23 – environmental consultancy revenue, 2008-18 ........................................................................ 100 Fig 44 Global 23 – environmental consultancy market share, 2010-18 ................................................................ 100 Fig 45 Global 23 – environmental consultancy revenue ranking, 2008-18 ........................................................... 101 Fig 46 Global 23 – proportion of group revenue in environvmental consulting, 2008-18 .................................... 101 Fig 47 Global 23 – 3-year EC revenue growth, 2009-18 (%) ................................................................................... 102 Fig 48 Global 23 – 1-year EC revenue growth, 2008-18 (US$) ............................................................................... 102 Fig 49 Global 23 – 1-year EC revenue growth, 2008-18 (%) ................................................................................... 103 Fig 50 Global 23 – group revenue, 2008-18 ............................................................................................................ 103 Fig 51 Global 23 – group revenue ranking, 2008-18 .............................................................................................. 104 Fig 52 Global 23 – 1-year group revenue growth, 2009-18 (US$) .......................................................................... 104 Fig 53 Global 23 – 1-year group revenue growth, 2008-18 (%) .............................................................................. 105 Fig 54 Global 23 – environmental services revenue, 2008-18 ............................................................................... 105 Fig 55 Global 23 – environmental services revenue ranking, 2008-18.................................................................. 106 Fig 56 Global 23 – 1-year environmental services revenue growth, 2008-18 (US$) ............................................. 106 Fig 57 Global 23 – 1-year environmental services revenue growth, 2008-18 (%) ................................................. 107 Fig 58 Global 23 – environmental services revenue excluding consultancy, 2008-18 ......................................... 107 Fig 59 Global 23 – environmental services revenue excluding consultancy ranking, 2008-18 ........................... 108 Fig 60 Global 23 – 1-year environmental services revenue excluding consultancy growth, 2008-18 (US$)....... 108 Fig 61 Global 23 – 1-year environmental services revenue excluding consultancy growth, 2008-18 (%) ........... 109



Fig 62 Global 23 – group operating profitability, 2009-18 (US$) ........................................................................... 109 Fig 63 Global 23 – group operating profitability ranking, 2009-18 ........................................................................ 110 Fig 64 Global 23 – group operating profitability margin, 2009-18 (%) .................................................................. 110 Fig 65 Global 23 – environmental consultancy staff numbers, 2009-18 .............................................................. 111 Fig 66 Global 23– group staff numbers, 2009-18 .................................................................................................. 111 Fig 67 Global 23 – environmental services staff numbers, 2009-18 ..................................................................... 112 Fig 68 Global 23 – revenue per head (environmental consulting), 2009-18 ......................................................... 112 Fig 69 Global 23 – revenue per head (environmental consulting) ranking, 2009-18 ............................................ 113 Fig 70 Global 23 – revenue per head (group), 2009-18 .......................................................................................... 113 Fig 71 Global 23 – revenue per head (environmental services), 2009-18 ............................................................. 114 Fig 72 Global 23 – contract numbers, 2009-18 and average value ....................................................................... 115 Fig 73 Global 23 – average contract value, 2009-18 .............................................................................................. 115 Fig 74 Global 23 – average contract value ranking, 2009-18 ................................................................................ 116 Fig 75 Global 23 – EC revenue West Europe, 2010-18 ........................................................................................... 117 Fig 76 Global 23 – EC revenue ranking West Europe, 2010-18 ............................................................................. 117 Fig 77 Global 23 – EC revenue market share West Europe, 2010-18 .................................................................... 118 Fig 78 Global 23 – proportion of EC revenue in West Europe, 2010-18 ................................................................ 118 Fig 79 Global 23 – EC revenue growth West Europe, 2011-18 (US$m) ................................................................. 119 Fig 80 Global 23 – EC revenue growth West Europe, 2011-18 (%) ........................................................................ 119 Fig 81 Global 23 – EC revenue Central & East Europe, 2010-18 ............................................................................ 120 Fig 82 Global 23 – EC revenue ranking Central & East Europe, 2010-18 .............................................................. 120 Fig 83 Global 23 – EC revenue market share Central & East Europe, 2010-18 ..................................................... 121 Fig 84 Global 23 – proportion of EC revenue in Central & East Europe, 2010-18 ................................................. 121 Fig 85 Global 23 – EC revenue growth Central & East Europe, 2011-18 (US$m) ................................................. 122 Fig 86 Global 23 – EC revenue growth Central & East Europe, 2011-18 (%) ......................................................... 122 Fig 87 Global 23 – EC revenue Africa & Middle East, 2010-18 .............................................................................. 123 Fig 88 Global 23 – EC revenue ranking Africa & Middle East, 2010-18 ................................................................. 123 Fig 89 Global 23 – EC revenue market share Africa & Middle East, 2010-18 ....................................................... 124 Fig 90 Global 23 – proportion of EC revenue in Africa & Middle East, 2010-18 ................................................... 124 Fig 91 Global 23 – EC revenue growth Africa & Middle East, 2011-18 (US$m) .................................................... 125 Fig 92 Global 23 – EC revenue growth Africa & Middle East, 2011-18 (%) ........................................................... 125 Fig 93 Global 23 – EC revenue Asia Pacific, 2010-18 ............................................................................................ 126 Fig 94 Global 23 – EC revenue ranking Asia Pacific, 2010-18 ............................................................................... 126 Fig 95 Global 23 – EC revenue market share Asia Pacific, 2010-18 ..................................................................... 127 Fig 96 Global 23 – proportion of EC revenue in Asia Pacific, 2010-18.................................................................. 127 Fig 97 Global 23 – EC revenue growth Asia Pacific, 2011-18 (US$m) .................................................................. 128 Fig 98 Global 23 – EC revenue growth Asia Pacific, 2011-18 (%) ......................................................................... 128 Fig 99 Global 23 – EC revenue North America, 2010-18 ........................................................................................ 129 Fig 100 Global 23 – EC revenue ranking North America, 2010-18 .......................................................................... 129 Fig 101 Global 23 – EC revenue market share North America, 2010-18 ................................................................. 130 Fig 102 Global 23 – proportion of EC revenue in North America, 2010-18 ............................................................. 130 Fig 103 Global 23 – EC revenue growth North America, 2011-18 (US$m) ............................................................. 131 Fig 104 Global 23 – EC revenue growth North America, 2011-18 (%) ..................................................................... 131 Fig 105 Global 23 – EC revenue Latin America, 2010-18 ......................................................................................... 132 Fig 106 Global 23 – EC revenue ranking Latin America, 2010-18 ........................................................................... 132 Fig 107 Global 23 – EC revenue market share Latin America, 2010-18 .................................................................. 133 Fig 108 Global 23 – proportion of EC revenue in Latin America, 2010-18 .............................................................. 133 Fig 109 Global 23 – EC revenue growth Latin America, 2011-18 (US$m) ............................................................... 134 Fig 110 Global 23 – EC revenue growth Latin America, 2011-18 (%) ...................................................................... 134 Fig 111 Global 23 – number of offices by region, 2018 ........................................................................................... 135 Fig 112 Global 23 – proportion of offices by region, 2018 ...................................................................................... 135 Fig 113 Global 23 – EC revenue climate change & energy, 2010-18 ....................................................................... 136 Fig 114 Global 23 – EC revenue ranking climate change & energy, 2010-18 .......................................................... 136 Fig 115 Global 23 – EC revenue market share climate change & energy, 2010-18 ................................................ 137 Fig 116 Global 23 – proportion of EC revenue in climate change & energy, 2010-18 ............................................ 137 Fig 117 Global 23 – EC revenue growth climate change & energy, 2011-18 (US$m) ............................................. 138 Fig 118 Global 23 – EC revenue growth climate change & energy, 2011-18 (%) .................................................... 138 Fig 119 Global 23 – EC revenue contaminated site assessment/remediation, 2010-18 ....................................... 139 Fig 120 Global 23 – EC revenue ranking contaminated site assessment/remediation, 2010-18.......................... 139 Fig 121 Global 23 – EC revenue market share contaminated site assessment/remediation, 2010-18 ................ 140 Fig 122 Global 23 – proportion of EC revenue in contaminated site assessment/remediation, 2010-18 ............ 140



Fig 123 Global 23 – EC revenue growth contaminated site assessment/remediation, 2011-18 (US$m) ............. 141 Fig 124 Global 23 – EC revenue growth contaminated site assessment/remediation, 2011-18 (%) .................... 141 Fig 125 Global 23 – EC revenue impact assessment, 2010-18 ............................................................................... 142 Fig 126 Global 23 – EC revenue ranking impact assessment, 2010-18 .................................................................. 142 Fig 127 Global 23 – EC revenue market share impact assessment, 2010-18 ........................................................ 143 Fig 128 Global 23 – proportion of EC revenue in impact assessment, 2010-18 .................................................... 143 Fig 129 Global 23 – EC revenue growth impact assessment, 2011-18 (US$m) ..................................................... 144 Fig 130 Global 23 – EC revenue growth impact assessment, 2011-18 (%) ............................................................ 144 Fig 131 Global 23 – EC revenue env. management, compliance & due diligence, 2010-18 .................................. 145 Fig 132 Global 23 – EC revenue ranking env. management, compliance & due diligence, 2010-18 ..................... 145 Fig 133 Global 23 – EC revenue market share env. management, compliance & due diligence, 2010-18............ 146 Fig 134 Global 23 – proportion of EC revenue in env. management, compliance & due diligence, 2010-18 ........ 146 Fig 135 Global 23 – EC revenue growth env. management, compliance & due diligence, 2011-18 (US$m) ........ 147 Fig 136 Global 23 – EC revenue growth env. management, compliance & due diligence, 2011-18 (%) ................ 147 Fig 137 Global 23 – EC revenue water and waste management, 2010-18 ............................................................. 148 Fig 138 Global 23 – EC revenue ranking water and waste management, 2010-18 ................................................ 148 Fig 139 Global 23 – EC revenue market share water and waste management, 2010-18 ...................................... 149 Fig 140 Global 23 – proportion of EC revenue in water and waste management, 2010-18 ................................... 149 Fig 141 Global 23 – EC revenue growth water and waste management, 2011-18 (US$m) ................................... 150 Fig 142 Global 23 – EC revenue growth water and waste management, 2011-18 (%) .......................................... 150 Fig 143 Global 23 – EC revenue other services, 2010-18......................................................................................... 151 Fig 144 Global 23 – EC revenue ranking other services, 2010-18 ........................................................................... 151 Fig 145 Global 23 – EC revenue market share other services, 2010-18 .................................................................. 152 Fig 146 Global 23 – proportion of EC revenue in other services, 2010-18 .............................................................. 152 Fig 147 Global 23 – EC revenue growth other services, 2011-18 (US$m) .............................................................. 153 Fig 148 Global 23 – EC revenue growth other services, 2011-18 (%) ...................................................................... 153 Fig 149 Global 23 – EC revenue Government & regulators, 2010-18 ...................................................................... 154 Fig 150 Global 23 – EC revenue ranking Government & regulators, 2010-18 ......................................................... 154 Fig 151 Global 23 – EC revenue market share Government & regulators, 2010-18 ............................................... 155 Fig 152 Global 23 – proportion of EC revenue in Government & regulators, 2010-18 ............................................ 155 Fig 153 Global 23 – EC revenue growth Government & regulators, 2011-18 (US$m) ............................................ 156 Fig 154 Global 23 – EC revenue growth Government & regulators, 2011-18 (%) ................................................... 156 Fig 155 Global 23 – EC revenue energy & utilities (inc. waste), 2010-18 ................................................................ 157 Fig 156 Global 23 – EC revenue ranking energy & utilities (inc. waste), 2010-18 ................................................... 157 Fig 157 Global 23 – EC revenue market share energy & utilities (inc. waste), 2010-18 ......................................... 158 Fig 158 Global 23 – proportion of EC revenue in energy & utilities (inc. waste), 2010-18 ..................................... 158 Fig 159 Global 23 – EC revenue growth energy & utilities (inc. waste), 2011-18 (US$m) ...................................... 159 Fig 160 Global 23 – EC revenue growth energy & utilities (inc. waste), 2011-18 (%) ............................................. 159 Fig 161 Global 23 – EC revenue mining, manuf. & process industries, 2010-18 .................................................... 160 Fig 162 Global 23 – EC revenue ranking mining, manuf. & process industries, 2010-18 ....................................... 160 Fig 163 Global 23 – EC revenue market share mining, manuf. & process industries, 2010-18 ............................. 161 Fig 164 Global 23 – proportion of EC revenue in mining, manuf. & process industries, 2010-18 ......................... 161 Fig 165 Global 23 – EC revenue growth mining, manuf. & process industries, 2011-18 (US$m) .......................... 162 Fig 166 Global 23 – EC revenue growth mining, manuf. & process industries, 2011-18 (%) ................................. 162 Fig 167 Global 23 – EC revenue infrastructure & development (incl property, transport), 2010-18 ...................... 163 Fig 168 Global 23 – EC revenue ranking infrastructure & development (incl property, transport), 2010-18 ......... 163 Fig 169 Global 23 – EC revenue market share infrastructure & development (incl property, transport),

2010-18 .......................................................................................................................................................... 164 Fig 170 Global 23 – proportion of EC revenue in infrastructure & development (incl property, transport),

2010-18 .......................................................................................................................................................... 164 Fig 171 Global 23 – EC revenue growth infrastructure & development (incl property, transport), 2011-18

(US$m) ........................................................................................................................................................... 165 Fig 172 Global 23 – EC revenue growth infrastructure & development (incl property, transport), 2011-18

(%) .................................................................................................................................................................. 165 Fig 173 Global 23 – EC revenue financial, professional & service sector, 2010-18 ................................................ 166 Fig 174 Global 23 – EC revenue ranking financial, professional & service sector, 2010-18 .................................. 166 Fig 175 Global 23 – EC revenue market share financial, professional & service sector, 2010-18 ......................... 167 Fig 176 Global 23 – proportion of EC revenue in financial, professional & service sector, 2010-18 ..................... 167 Fig 177 Global 23 – EC revenue growth financial, professional & service sector, 2011-18 (US$m) ..................... 168 Fig 178 Global 23 – EC revenue growth Financial, professional & service sector, 2011-18 (%) ............................ 168 Fig 179 Global 23 – EC revenue other sectors, 2010-18 .......................................................................................... 169



Fig 180 Global 23 – EC revenue ranking other sectors, 2010-18 ............................................................................ 169 Fig 181 Global 23 – EC revenue market share other sectors, 2010-18 ................................................................... 170 Fig 182 Global 23 – proportion of EC revenue in other sectors, 2010-18 ............................................................... 170 Fig 183 Global 23 – EC revenue growth other sectors, 2011-18 (US$m) ................................................................ 171 Fig 184 Global 23 – EC revenue growth other sectors, 2011-18 (%) ....................................................................... 171

global ec strategies€¦ · editorial director, market intelligence service . anya hembrough...

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