Environmental health & safety system is mainly used by the companies to ensure employee safety and well-being at the workplace and to monitor environmental balance. The governing bodies and regional federal agencies are proactively implementing EHS across various industry verticals in order to adhere with environmental and occupational safety standards. The software solutions encompassed under EHS include quality & risk assessment, data analytics, cost management, environmental compliance, energy & carbon management and others. Furthermore, the different EHS services include consulting, project management, analytics, training, implementation, auditing and certification. The rising awareness for workplace and employee safety coupled with increasing efforts towards environmental safety have led the EHS market to grow at a substantial pace. The EHS market is expected to advance at a CAGR of 12.0% from 2016 to 2024 evaluating at a market size of US$ 8,315.1 Mn in 2024, up from US$ 3,009.0 Mn in 2015.
This research study, titled “Environmental Health & Safety (EHS) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024,” provides strategic analysis of the global environmental health and safety market, along with the market growth (size in US$ Mn) forecast for the period from 2016 to 2024. The report includes an in-depth analysis of the market drivers, restraints, and industry trends. It also highlights the growth opportunities for EHS services in the next few years.
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Environmental health & safety tools are primarily used by companies to adhere with the environmental regulations and norms concerned with occupational and environmental health & safety. Over the past four decades, a large number of EHS regulations has been implemented across major industrialized economies such as North America and Europe. After the global financial crisis in 2008, implementation of robust and costly EHS monitoring tools has been affected greatly. Yet there has been a significant imposition of regulations that has collectively increased the spending on improved information management systems. The global EHS market is expected to expand at a CAGR of 12.0% from 2016 to 2024, reaching US$ 8,315.1.0 Mn by 2024.
The implementation of EHS tools has been witnessing prominent growth owing to a rise in corporate investment across EHS software platforms. Furthermore, multiple statutory and legal requirements to maintain EHS safety standards have surged the deployment of EHS across major industry verticals such as chemicals and petrochemicals, construction, and energy and mining. Moreover, continued industrial growth in developing economies such as China, India, South Africa, and the UAE is encouraging EHS adoption. This has significantly affected the market for EHS to exhibit growth across developing nations. However, there are certain restraints harnessing the EHS market’s growth, such as potentially costly solutions and services to comply with EHS regulations and the expenditures incurred in auditing for complex sites.
The EHS market is segmented on the basis of components, end-use industry, and geography. The components segment can be further classified on the basis of software solutions and the services offered. The different types of software solutions associated with EHS include quality and risk assessment software, data analytics software, cost management software, environmental compliance software, energy and carbon management software, and others. The EHS service segmentation includes consulting services, project management, analytics, training, implementation, auditing, and certification. Key end-use industries implementing EHS software and services covered in this report are chemical & petrochemical, energy & mining, construction, agriculture, transportation, manufacturing, government & public sector, retail, healthcare and others. Based on geography, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America recorded the greatest implementation of EHS in terms of software and services, and the region is expected to dominate the EHS market at the highest CAGR of 13.2% from 2016 to 2024. This high growth rate is anticipated due to the development of end-use industry infrastructure across the U.S. Moreover, rising awareness in terms of adherence to environmental regulations, has further strengthened the North American EHS market.