When all the three words come together, it
forms a mention to a special discipline which points towards the urgent
humanitarian needs that are important to be addressed to satisfy the norms for
safety at work. The rising incidences of injuries to workers, personnel deaths,
and environmental contamination in the form of oil spills, water pollution, and
air pollution have driven governments across the globe to take stringent
measures towards ensuring ecological and worker safety in core industries such
as manufacturing, construction, oil & gas, power, transportation, and
mining, among others. These concerns have given a boost to the demand in the
market, locking in unexpected growth such that, the Global Environment
Health & Safety Market was valued at USD 51.79 billion in 2019
and is expected to register a CAGR of 6.9% in the upcoming years. Also, it is
eyeing to reach USD 88.39 billion by 2027, according to a new report by Grand
View Research, Inc.
EHS is the disciplineand specialty that
studies and implements practical aspects of environmental protection and safety
at work. In simple terms it is what organizations must do to make sure
that their activities do not cause harm to anyone. This forms a step toward
maintaining the health & safety norms in the work environment.
From a safety standpoint, it involves
identification and alleviation of workplace hazards along with the reduction of
harmful procedures and training of personnel in handling the emergency
situations.
From a health standpoint, better health
standards include the development of procedures, systematic high quality,
environment friendly working practices which prevent health degradation and
support healthy lifestyle.
Environmental standards consists of
development of environment-friendly procedures and all best practices to comply
environmental regulations such as managing waste or air emissions all the way
to helping site's reduce the company's carbon footprint.
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Market Factors
Several factors are responsible of boosting the
market growth, but some others are also the reason for being inhibitive towards
the market growth.
- Growing environmental concern worldwide has given a shot in
the arm to the environmental compliance regulations in several countries.
These regulations had a positive effect on EHS market.
- Rising incidence of injuries due to industrial accidents in
the hazardous industries like chemical, iron & steel, nuclear
facilities and Oil and gas plants among others, is going to further the
need in the market.
- Increasing demand for the EHS Software in the market due to
the presence of numerous IT companies, in addition to the increased
investment in the same by foreign investors.
- The presence of EHS service providers such as AECOM Technology
Corporation, Tetra Tech, Enablon, and Velocity EHS is likely to aid
in creating awareness resulting in market growth.
- Rising incidences of pandemics like COVID-19 drives the need
of increased measures to secure health of the working populations. These
concerns drive the demand along with the stringent government regulations
to ensure good health environment, especially in populous countries like
China and India among others.
- Although, the awareness is growing in the market, it is still in
the nascent stage and will take time. Therefore, due to less
awareness in the mean time is going to be an inhibiting factor for the
growth.
These are some of the most important factors
affecting the market in its path of growth. Glancing over these factors gives a
good insight in the developments of the market. However, to understand the
whole picture it is also important to gauge the regional markets and its
advancements along with the industrial developments.
Read our blog here: https://www.grandviewresearch.com/blog/environmental-health-safety-ehs-market-size-trends
Region Specific Insights
The European Agency for Safety and Health at
Work (EU-OSHA) and the Environment Agency (EA) formulated the laws
concerning health, safety, consumer protection, and the protection of the
environment. Such directives allow the adoption of measures for the improvement
of the free movement of goods. These directives and regulations drive the
growth of EHS in European region. Therefore, Europe is expected to grow at
CAGR of 4.9% from 2020 to 2027 in terms of revenue.
China is facing rising pressures from society to
develop healthy work environment and this in turn has been one of the most
important reason to drive the demand in the EHS market.
Brazil is witnessing criticism in the way it has
handled the environmental concerns. Now, companies in Brazil are focused
on reviewing the adequacy of their Environmental Management Systems (EMSs),
including the strategies, procedures, and organizational structures to meet
their objectives. These reviews are conducted voluntarily to avoid significant
liabilities and reputation problems, ensure environmental compliance, and
secure competitive advantage. The rising adoption of EMSs by various Brazilian
companies is likely to boost EHS market growth in the country.
The global market is dominated by the European
region, followed by North America and Asia Pacific. The North American
region is projected to witness the fastest growth during the forecast period,
owing to the high growth of key end-use industries, such as oil & gas,
construction, and telecom, among others.
Emerging regions such as Asia Pacific and Middle
East & Africa offer huge growth potential for the EHS market over the
coming years. In addition, the shifting of production facilities of major
companies in the U.S. and Europe to Asia Pacific, for capitalizing on low
production costs and high demand, is expected to increase the potential for EHS
solutions in the region.
Competitive Insights
Major
international player along with small and medium regional players are all part
of the EHS Market.Key players such as AECOM Corporation and Enablon have
collaborated on numerous projects to provide both services and software to
their clients. The companies operate in various locations globally and carry
out distribution via several sales locations across the areas of operation,
along with third-party distribution agencies boosting the sales network.
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About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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