Environment Health & Safety Market Incredible Possibilities and Growth Analysis and Forecast To 2030

Posted on 2024-08-16 by researchinsights in Healthcare // 0 Comments

Environment Health & Safety Market Trends

The global environment health & safety (EHS) market size was estimated at USD 49.3 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030. Increasing public concerns in terms of environmental issues in recent years have led to the development of environmental protection laws, which are anticipated to drive market expansion. Companies in the U.S., Canada, the UK, and Australia need to follow strict wastewater treatment and industrial waste disposal norms and regulations, such as the National Pollutant Release Inventory (NPRI) in Canada, the Toxics Release Inventory (TRI) in the U.S., and the National Pollutant Inventory (NPI) in Australia. The establishment of these stringent norms is anticipated to propel industry growth during the projection period. Chemical, automotive, mechanical engineering, and electrical are key industries in Germany.

The extensive presence of key manufacturing and chemical industry competitors in the country, along with the presence of strict environmental, health & safety norms, is expected to positively impact the growth of the German market. Moreover, factors such as the availability of advanced research & development centers, growing investments to drive operational efficiency, and favorable market growth policies are poised to advance the demand for environmental health & safety (EHS) services in the coming years. Many companies strive to conduct their operations with “Zero Incidents” or “Zero Harm” to people and the environment. Depending on how the organization defines it, this could mean zero incidents of harm to people or property or even zero environmental effects. It may even imply that there have been no close calls or risky actions. The new standard for excellence in health and safety management is “Zero Incidents.”

Gather more insights about the market drivers, restrains and growth of the Environment Health & Safety market

It enables companies to demonstrate their dedication to the welfare of their staff. These aforementioned factors are expected to drive the demand for EHS services over the forecast period. For instance, Trane Technologies strives for a safety-focused culture and works to achieve zero accidents and injuries across the whole organization. Government agencies, including the U.S. Environmental Protection Agency (EPA), Occupational Safety and Health Administration (OSHA), and the U.S. Department of Labor, lay down the EHS norms and regulations. In the U.S., among major market participants are Jacobs; AECOM; Enablon; Tetra Tech, Inc.; and VelocityEHS. These companies provide a wide range of EHS software and services, including ergonomics, engineering and construction, risk assessment, EHS software, and management consulting and compliance.

The strong demand for EHS services in the North American region can further be explained by the presence of several oil & gas extraction industries, which utilize these services to comply with regulations & ensure employee safety & health. Oil & gas spills negatively impact the environment and aquatic habitats extensively, which has led to governments in the region having implemented stringent disposal and risk assessment norms for oil & gas industries. The expansion of these industries in this region, particularly in the United States, is expected to drive the demand for these services in the region. Companies can comply with the criteria set by environmental organizations such as CERCLA and RCRA with the help of EHS software and services. Demand is going to be complemented by growing social and political pressure on companies to operate sustainably as awareness of the harmful effects of pollution grows.

For instance, CGE Risk Management Solutions B.V., a supplier of risk management software that offers the industry-recognized BowTieXP solution, was acquired by Wolters Kluwer Legal & Regulatory in January 2020. The Environmental, Health & Safety, and Operational Risk Management (EHS/ORM) software business of Wolters Kluwer, which already comprises Enablon and eVision, will now incorporate CGE. Customers will be able to conduct more accountable, successful, and safe operations owing to the combined services’ improved EHS, ORM, and risk performance. The EHS market is characterized by extensive research for the development of solutions and software for more complex applications related to several end-use industries. However, a lack of awareness among companies, primarily in developing economies, is expected to hamper market growth.

Rising government regulations for environmental protection, especially in the U.S. and Europe, are expected to augment the growth of the environmental health and safety market over the forecast period. Increasing focus on environmental impact can be seen from the rising international environmental bilateral and multilateral agreements across the globe.

Countries including China, India, and Mexico have implemented stringent regulations for environmental protection and energy consumption. In developing countries such as India, stringent regulations concerning emissions are being enforced and old regulations are being revised to meet the global environmental standards, which has created opportunities for EHS service provided in recent years.

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