Environment Health and Safety Market to Grow at a CAGR of 11.50 Percent | Market In-Depth Study, Trends, Demand and Forecast 2027
Research Reports
Apr 11, 2022
Market Highlights
Environment, Health, and Safety (EHS) is the subject of workplace safety and security. This discipline ensures that organizations operate in an environmentally friendly manner that has no negative impact on the environment or individuals. The company’s EHS department is concerned with workplace safety, environmental protection, occupational safety and health, and best practices. This department’s purpose is to reduce and decrease work-related emergencies and incidents. It also aims to ensure workplace safety by tracking and observing indoor air quality and preventing chemical hazards by limiting worker exposure to them. Organizations incorporate EHS through a variety of safety programs, practices, and training sessions.
The global environment, health, and safety market is projected to reach approximately USD 8.09 billion at a CAGR of ~11.50% by the end of the forecast period 2018–2023.
Increasing environmental, health, and safety awareness among organizations and their employees are the primary drivers of the EHS market. This is attributed to an increase in the number of workplace incidents and emergencies. These incidents are most common in the energy and utility, chemical, mining, and construction industries. Because of the increasing deployment of EHS solutions, as well as the evolution of laws and regulations in this industry vertical, the energy and utility segment has the largest market size. The federal authorities’ and the government’s strict rules and regulations have also fueled the EHS market. The government has issued substantial mandates to ensure EHS over the last decade. For instance, the US government has made federal investments in the nanotechnology market related to EHS. This ensures the development of technology with responsible science-based guidance, leading to workplace risk management. The uncertainty of standards and regulations, on the other hand, is a factor impeding the growth of the EHS industry.
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Segmentation:
The global environment, health, and safety industry has been segmented based on component, service, and vertical.
By component, the global EHS market has been segmented into solutions and services.
By service, the global EHS market has been divided into project deployment & implementation services, audit, data analytics services, assessment, regulatory compliance services, business consulting & advisory services, training & support services, and certification services.
By vertical, the global EHS market has been divided into energy & utilities, healthcare, food & beverage, government & defense, chemicals & materials, construction & engineering, and others (telecom and IT automotive and retail).
Regional Analysis:
The regional analysis of EHS market is considered for North America, Europe, Asia-Pacific and the rest of the world. North America is dominating the market as the US and Canada are well-established economies, heavily investing in research and development activities. These investments are contributing towards the development of new and advanced technologies. Asia-Pacific is also expected to be the fastest growing region in terms of CAGR. China, Japan, Australia, and India have witnessed the adoption of new technologies, and the government in these countries is continuously investing in research and development of the EHS solutions in various organizations. Europe is expected to witness a positive growth during the forecast period.
Competitive Analysis
Notable participants in the market of EHS are – Cority (Canada), SAP (Germany), EtQ (US), Sphera Solutions (US), Gensuite (US), Enablon (US), Intelex (Canada), Enviance (US), VelocityEHS (US), and Verisk 3E (US).
SiteHawk (US) and Optial (UK) are among the other participants in this market.
Summary
The global EHS market is anticipated to reach USD 8.09 billion at an 11.50?GR from 2018–2023 (forecast period). EHS solutions are becoming an integral part of every business organization in order to transform business continuity, profitable growth, corporate social responsibilities, and organizational performance related to environmental interaction.
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Environment, Health, and Safety (EHS) Market Research Report, By Component (solution and service), Vertical (energy & utilities, healthcare, food & beverage, chemicals & materials, construction & engineering, government, & others) — Forecast till 2027
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