New York, US, April 25, 2023 (GLOBE NEWSWIRE) -- EHS Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “EHS Market Component, Vertical — Forecast till 2030”. The global environment, health, and safety market was valued USD 6.45 billion in 2021 and will touch USD 12.72 billion at an 8.90% CAGR by 2030, as per the current Market Research Future report.
Increasing Government Regulation for Environmental Protection to Boost Market Growth
During the course of the forecast period, the EHS market is anticipated to benefit from increasing government laws for environmental protection, particularly in the US and Europe. The rise of international environmental bilateral & multilateral agreements around the world indicates a growing attention on environmental impact. Over the past few decades, increasing public concern about environmental issues has resulted in significant changes to the laws governing how corporations affect the environment.
EHS Market Key Players
Eminent market players profiled in the global EHS market report include:
- SAP (Germany)
- EtQ (US)
- Gensuite (US)
- Enablon (US)
- Intelex (Canada)
- Enviance (US)
- Verisk 3E (US)
- Sphera Solutions (US
- Cority (Canada)
- VelocityEHS (US)
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EHS Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 12.72 Billion |
| Growth Rate | CAGR of 8.90% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Stringent regulations pertaining to environmental protection |
Opportunities
Increase in Connected Devices to offer Robust Opportunities
The opportunity for these efficient gadgets to facilitate managing EHS and increase its market demand is being created by the increase in connected devices. By embracing IIOT for EHS and enhancing EHS management procedures, linked technology can reduce the harmful effects on the environment and the danger of workplace injuries.
Restraints and Challenges
High Cost of EHS Software to act as Market Restraint
The high cost of EHS software, dearth of skilled professionals, and inadequate regulatory system in underdeveloped nations may act as market restraints over the forecast period.
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Market Segmentation
The global EHS market is bifurcated based on vertical and component.
By component, service will lead the market over the forecast period.
By vertical, energy and utilities will domineer the market over the forecast period.
COVID-19 Analysis
As a result of the lockdown, carbon emissions have reduced internationally, which has both positive & negative market effects. The decrease in emissions caused by COVID-19 is just temporary. Yet, carbon emissions will increase significantly as businesses and industries try to make up some of their monetary losses in the initial quarter of the year. COVID-19 had a detrimental effect on international recycling initiatives.
Governments, most notably the US, have stopped or scaled back recycling initiatives in order to concentrate on gathering more household waste or because the virus has disrupted services. Also, when businesses gradually return to normal after the COVID-19 epidemic, this shift in the workplace health & safety is anticipated to grow as a result of legalized social segregation and ongoing personal hygiene through sanitization to stop even the tiniest chance of transmission. Revenues from numerous enterprises have been impacted by COVID-19, and if the lockdown is removed, businesses will concentrate on operations to cover up their losses.
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Regional Analysis
North America to Command EHS Market
The market in North America, which had sales of USD 2.83 billion in 2021, is anticipated to increase at a substantial CAGR during the research period. The North American market is driven by the presence of manufacturing hubs like Mexico and a sizeable number of significant large IT firms in the US and Canada. The need for EHS services in this region is expected to rise as developed countries become more aware of sustainable development & the importance of reducing environmental effects.
Environmental, health, and safety norms and regulations are made by government organizations including the United States Environmental Protection Agency (EPA), the OSHA, & the US Department of Labor. These companies offer a variety of EHS software and services, including EHS management consulting & compliance, risk assessment, wastewater management, ergonomics, construction & engineering services, and ergonomics. The market here is supported by large IT corporations in the US and Canada as well as manufacturing centers like Mexico. The demand for EHS services is anticipated to increase due to increased awareness of sustainable growth & the significance of minimizing environmental effect in developed countries.
The region's developing economies, including those of China, India, Indonesia, Singapore, and Australia, are largely responsible for the expansion of manufacturing sector & environmental security within this area. In the Asia Pacific region, there is strong growth in the mining, manufacturing, and construction. Due to their early acceptance of cutting-edge technology solutions and solid economies, which permit investments in new technologies, the USA and Canada have emerged as the leading contributors from this region. Also, the supremacy is for the presence of significant key players dispersed across the region's nations. Another key factor influencing market expansion is the companies' increased focus on R&D-derived innovations and technological advancements. The presence of strict but helpful laws and regulations is another element supporting the market growth in this region.
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APAC to Have Admirable Growth in EHS Market
From 2022 to 2030, the CAGR for the environment, health, and safety market in Asia-Pacific is anticipated to be the highest. Throughout Asia Pacific, businesses in the pharmaceutical, manufacturing, mining, and construction sectors are thriving and extensively adopting EHS services and software. The market in India grew at the fastest rate in the Asia-Pacific region, while the Environment Health and Safety market in China had the greatest market share.
The main concerns for governments are environmental issues such deforestation and air, water, & soil pollution. Services in environment health and safety (EHS) provide effective ways to deal with these problems. The market in developing countries has been driven by a number of government initiatives to increase environmental sustainability within the area. Also, throughout the course of the projection period, it is predicted that growing pressure brought on by public & economic development within the region would accelerate the expansion of the environment, health, and safety (EHS) market in this area.
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