Environment Health and Safety Market Analysis

Environment, health and safety (EHS) is a discipline that studies and implements the practical aspects of protecting the environment 1, maintaining health, and ensuring safety at the workplace. It involves creating organized efforts and procedures for identifying workplace hazards and reducing accidents and exposure to harmful situations and substances, as well as complying with environmental regulations and reducing an organization's carbon footprint. EHS management goes beyond legal compliance, and organizations are encouraged to do more than is required by law. EHS guidelines cover industry-specific categories as well as those that are general to most industry sectors. In the United States

The EHS Market was estimated in 2021 at USD 6.45 billion. By 2030, the market for environmental health and safety is expected to reach USD 12.72 billion, up from USD 7.02 billion in 2022, with a compound annual growth rate (CAGR) of 8.90%. (2022-2030).

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.

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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COVID-19 Impact on the Global Environment, Health, and Safety Market

It is clear that after a large-scale disaster, such as the coronavirus pandemic, risk awareness in different industries has increased. Because of the pandemic, health and safety have become a hot subject. While COVID-19 presents a global challenge, it also presents numerous opportunities. The pandemic has changed the way we think of environmental health and safety (EHS).

For example, vendors can consider redesigning their software to combat the new threat, SARS-CoV-2, so businesses who consider their safety systems to be strong and successful may need to re-evaluate their options to make significant changes.

Market 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 the global environment, health, and safety industry is considered for North America, Europe, Asia Pacific, and the rest of the world.

North America dominates the industry because the United States and Canada are well-established economies that spend heavily on research and development. These investments result in the development of innovative and cutting-edge technologies. In terms of CAGR, Asia Pacific is expected to be the fastest-growing region. China, Japan, Australia, and India have also seen the adoption of emerging technologies, and the governments in these countries are constantly investing in the research and development of EHS solutions in different organizations. Moreover, Europe is projected to rise at a positive rate during the forecast period.

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Key Players

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% CAGR 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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