The global energy and resources consulting market grew to almost $15 billion (£9.9bn) in 2014.

That’s a 6% rise, new figures revealed.

The report also stated the US market is “crucial to global performance” as it grew nearly 10% to $6.8 billion (£5.67bn).

Despite low oil prices, many clients in the sector continue consulting their spend, it added.

However it had an impact on where consulting demand is coming from both within client organisations and globally.

It added efficiency and cost cutting services are the most in demand.

Consultants are also seeing demand for technology and Mergers and Acquisitions (M&A) services as companies look for ways to respond to market conditions.

It also explained globally utilities grew 8% to $3.4 billion (£2.24bn) due to new competition, regulation, green technology and smart metering.

The report from Source Information Services claims smart meters will have a big impact on the sector in the EU as 80% of customers are expected to have the technology installed by 2020.

In the UK more than seven million smart meters will be installed in homes under a new £1 billion roll-out programme.