NEWARK, Del, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global environment health and safety market value is expected to rise from US$ 7.8 billion in 2024 to US$ 15.8 billion by 2034. This estimated growth is expected to be driven by a moderate CAGR of 7.30% in the environment health and safety industry over the next decade.
Governments across the globe are enacting stringent environmental and safety regulations. Thus driving demand for EHS solutions as they ensure compliance. Additionally, companies are now incentivized to invest in optimized EHS management systems as non-compliance penalties are becoming stricter.
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Companies are employing environment health and safety solutions to enhance their EHS records, as it leads to consumer trust and a positive brand image. Thus leading to a competitive advantage. In line with this, businesses are integrating EHS considerations into their supply chains. Thereby, there is an increasing demand for responsible practices throughout the value chain.
“Key players are focusing on integrating their EHS solutions with IoT, AI, and other technologies to remain competitive in the market,” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the Environment Health and Safety Market Report
- The environment health and safety market attained a value share of US$ 7.2 billion in 2023. In the historical period, the market attained a growth rate of 9%.
- The United States and China are the top consumers of environmental health and safety solutions, contributing to sales worth US$ 2.8 billion and US$ 2.6 billion, respectively, by 2034.
- In Europe, the United Kingdom appears to be a robust market, growing at a healthy pace of 8.3%.
- In the global market, South Korea is anticipated to experience a notable growth of 9.1% over the forecast period.
- Penetration of environment health and safety software is projected to record a CAGR of 7.1% through 2034.
- The cloud segment is anticipated to register a CAGR of 6.8% over the forecast period.
Competitive Insights into the Environment Health and Safety Industry
Key players in the market are investing in research and development activities to come up with an extended product portfolio. Additionally, players are extending their footprint by acquiring smaller companies, collaborating with other organizations, and raising their investments. Industry participants are introducing their EHS software and services in an affordable price range to survive market competition.
A key business strategy adopted by leading players to increase their market share is local manufacturing to lower operating costs. Prominent players that have been increasing their efforts to raise market demand include Cority, Gensuite, and others.
Notable Environment Health and Safety Companies
- AECOM
- Jacobs
- Intelex Technologies
- Enablon
- Tetra Tech, Inc.
- SAP SE
- Golder Associates
- SGS SA.
- ERM Group, Inc.
- VelocityEHS
- John Wood Group PLC
- RPS Group
- ETQ
- Cority (Medgate)
- Sphera
- Others
Recent Development in the Environment Health and Safety Market
- In October 2023, EHS International, a group whose area of focus is resolving and addressing companies' environmental, safety, and health requirements, made its debut in Ireland after a US$ 5.40 billion investment.
- In January 2024, Origami Risk, the industry safety, risk, and insurance SaaS technology firm, introduced a new mobile app for safety and risk professionals to facilitate risk management as well as EHS functions.
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Environment Health and Safety Market by Category
By Product:
- Software
- Services
- Analytics
- Project Deployment and Implementation
- Business Consulting and Advisory
- Audit, Assessment, and Regulatory Compliance
- Certification
- Others
By Deployment Mode:
- Cloud
- On-Premises
By End Use:
- Chemical and Petrochemical
- Energy and Mining
- Healthcare
- Telecom and IT
- Construction
- General Manufacturing
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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