By 2030, Global Environment, Health and Safety (EHS) Market Size Rise at 7.3% CAGR, to Reach USD 11.82 Billion

According to the research report, the global environment, health, and safety (EHS) market size & share was valued at USD 6.37 billion in 2021 and is expected to reach USD 11.82 Billion by 2030, growing at a CAGR of 7.3% during the forecast period.

Overview

Environment, health, and safety is the branch in the company or a firm commissioned with warranting that the task undertaken by the company does not cause unnecessary damage to the environment, place the health and safety of the worker at high risk, obeys legislation that is applicable and follows most acceptable practices. The objective of the EHS is to prohibit and lessen accidents, health issues, and emergencies at work, along with any environmental harm that could be the outcome of work practices.

EHS departments consider a structured and objectively enlightened approach to prohibit injuries and accidents. They supervise the dangers, including ergonomic hazards, liability to carcinogens, heavy machinery, and falls from height. Several concerns motivate the work undertaken by the EHS department, which includes the safeguarding of workers, their health and crude environment, obeying requirements that are legal and standards that are regulatory, and the growth in profit, productivity, and morale that is the result of a safe and healthy workforce.

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Drivers

• Prohibiting accidents in the workplace is the primary factor in the growing demand for the EHS market

The growing consciousness of the environment, health, and safety among firms and their workers is one of the leading drivers for the environment, health, and safety market. This consciousness is because of the development in the prevalence of workplace incidents and accidents. Accidents in energy and utility, mining, chemical, and construction industries are prevalent. Due to the growing classification of EHS solutions and the development of regulations and rules in this vertical, the energy and utilities industry has the largest EHS market size.

The global EHS market has also been driven by the federal government’s stringent norms and regulations. The government has produced substantial directives to guarantee EHS over the last decade. For instance, public investments have been made by the US government in the nanotechnology industry linked to the EHS. Thus, the technology is advanced with helpful advice that is science-based creating risk management at work. Therefore, these acquisitions assist in growing environment, health, and safety market profit.

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Regional analysis

Latin America to emerge as a dominating region with the largest market share

Latin America rules the industry as the US and Canada are well-established economies. They invest enormously in research and development. These investments assist in progressing the advancement of original and cutting-edge technology. EHS issues in Latin America have become more crucial for firms because of the growth in regulations and enforcement activities that are stricter. Further, all Latin American countries differ regarding EHS, particularly given the broad geographical and cultural differences. These anomalies between countries make it progressively obligatory to have solutions for discrete power.

Key segmentation

By component analysis

• The service sector to boost the market and under which analytics segment to grow fastest

Depending on the component, the service segment is anticipated to flourish owing to the analytics segment having the largest market share due to the assistance of businesses in collecting data from many sources and gauging it, so the profit margins are boosted.

By vertical analysis

• Increasing attention on worker safety to assist adoption of EHS

Dependent on the vertical, the construction and engineering bracket is forecast to grow exponentially as worker safety is essential to all firms and has a high stake in construction and engineering sectors due to the unpredictable nature of the work.

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Covid-19 impact

After the outbreak of covid-19 and industries limping back to normalcy, the shift in workplace health and safety is anticipated to grow due to the pressing need for social distancing and uninterrupted personalization through sanitization to do away with the minutest probability of the proliferation of covid-19.

Key players

Major global market players include 3E Company, Cority, Dakota Software, Enable North America Corp, Gensuite, HIS Inc., Intelex, International Finance Corp, Medgate Inc ProcessMAP, Quentic Sai Global, Sap SE, Sphera Solutions, Velocityehs, Verisk 3E.

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Recent developments

• In June 2021, VelocityEHS initiated a new platform VelocityEHS accelerate. This platform is devised to improvise the performance of risk, safety, health, operational excellence, and cooperative governance.
• In March 2021, Enablon contracted with EY to initiate an ESG management and reporting solution. The platform offers reporting that is end to end and management of ESG data.

Environment, health, and safety market: By component

• Software
•  Services
  • Analytics
  • Project Deployment and Implementation
  • Business Consulting and Advisory
  • Audit, Assessment, and Regulatory Compliance
  • Certification

Environment, health, and safety market: By application

• Medical & Pharmaceutical Waste Management
• Industrial Waste Management
• Wastewater Management
• Others

Environment, health, and safety market: By vertical

• Energy and Utilities
• Chemicals and Materials
• Healthcare
• Construction and Engineering
• Food and Beverage
• Government and Defense
• Others