Global Environmental Health and Safety (EHS) Market: Overview
The environment, health and safety (EHS) market is expected to reach the valuation of US$8.9 billion and expand at a CAGR of 7.4% in the foreseeable years from 2020 to 2030. EHS regulations are an evolving system and maintaining them is a vital issue for individuals. Nevertheless, the use of EHS management software is likely to help organizations keep track of changes and make decisions after a thorough understanding.
There has been a growing requirement to innovate products in order to remain relevant to customers. In addition, the company’s goals for improving EHS performance and a set of mandatory compliance requirements are expected to enhance revenue generation opportunities in the environment, health and safety market ( EHS). Along with this, increased stakeholder demands for improved performance are also expected to enhance opportunities for expansion in the environment, health and safety (EHS) market.
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Environmental, Health, and Safety (EHS) market software solutions are useful for organizations to keep their workers and environment safe and healthy. In addition, government authorities, for example, state agencies, DOJ (Department of Justice), EPA (Environmental Protection Agency) and OSHA (Occupational Health and Safety Administration) must follow certain standards and regulations to labor and the environment. security. These factors are likely to boost growth impulses in the environment, health, and safety (EHS) market.
The demand in the global environmental health and safety market is expected to grow at a high CAGR during the forecast period, 2021 to 2031, driven by a number of factors such as government initiatives to safeguard the environment, increasing end-user investment and reducing the cost of environmental compliance software, leading to its adoption in small and medium-sized businesses. On the other hand, there is still a large population base that is unaware of the availability of EHS software and still depends on traditional methods. This factor prevents the market from reaching its true potential.
Concerns about rising levels of pollution and the impending threat of global warming have intensified in recent years and a number of countries, both developed and developing, have come together to reduce these concerns. One of the major reasons for environmental damage is the lack of regulatory compliance by various companies, and governments are now introducing stricter regulations, which encourages companies to implement advanced processes of healthcare software and services and environmental safety (EHS), providing a push in the market for the same.
The competitive landscape of the global environmental health and safety market is highly dependent on product innovation, as there is a strong need for products that can perform efficiently and can be installed in different business configurations of various companies. The EHS market is primarily used by the energy and mining, chemical and petrochemical, construction, manufacturing, telecommunications and IT, and healthcare industries. While a number of companies are also focusing on strategic mergers and acquisitions in order to expand their geographical presence, satisfying stakeholders, preserving their brands and developing solutions are also at the forefront for the key companies maintain their hold.
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Environmental Health and Safety (EHS) Market: Overview
A variety of chemicals have become essential in our daily lives. From computers to medicines, from cosmetic creams to paints and coatings. The chemical industry is one of the largest industries in the world, with billions of tons of products produced each year. Industry and countries with established chemical industries therefore have a huge responsibility to ensure the safe use and production of chemicals so that associated activities do not harm human resources working nearby and the environment.
Environment, health and safety (EHS) tools allow companies to properly track and manage activities related to the production or use of chemicals, especially those known to harm the health of living organisms and the environment, such as mercury or CFCs. Companies operating in sectors such as power generation, mining and construction also frequently use EHS tools to ensure that production and operating sites comply with environmental standards and regulations regarding health and safety. occupational and environmental safety.
Environmental Health and Safety (EHS) Market: Trends and Opportunities
The increasingly stringent health, safety and environmental laws, regulations, guidelines and processes introduced in recent years in major chemical producing countries are the key factor driving the increased implementation of EHS tools in the industrial sector. Companies that diligently adhere to environmentally and resource-conscious manufacturing practices are increasingly investing in the deployment of effective EHS tools.
In developing economies such as India, China, South Africa and the United Arab Emirates, the thriving industrial sector is driving increased adoption of EHS tools. However, certain factors, such as the high costs associated with auditing complex production sites and the very expensive services and solutions required to comply with EHS regulations, are expected to hinder the overall adoption rate of EHS tools to some extent. .
Environmental Health and Safety (EHS) Market: Market Potential
China is one of the largest producers of a number of chemicals and has immense potential for the implementation of EHS tools in companies involved in the production of a number of chemicals at high risk. The recent incidences of hazardous chemical leaks (the series of explosions at Tianjin Port in August 2015), resulting in the deaths of hundreds of people and serious injuries to many more, have highlighted the urgent need for effective management of chemical production and storage. sites. After this incident, the government paid more attention to the strict implementation of EHS rules and regulations.
Environmental Health and Safety (EHS) Market: Regional Overview
The EHS market holds immense promise for growth in Asia-Pacific due to the established chemical industry and booming construction, energy and mining sectors. However, the implementation rate is currently low in the region due to high costs and is expected to increase in the coming years due to the establishment of strict EHS regulations in countries such as India, China and Japan.
The high costs of EHS tools largely limit their overall adoption in developed economies in regions such as North America and Europe. North America currently represents the dominant share in the global implementation of EHS software and services. The region is also expected to maintain its dominant position due to stringent EHS regulations and policies and the rapid pace of development of the chemical and energy industries.
Environmental Health and Safety (EHS) Market: Competitive Landscape
The market for EHS tools and services comprises a large number of companies, indicating a largely fragmented vendor landscape. The market includes some of the world’s leading software development companies and several non-profit consulting organizations. Some of the major vendors in the market are 3E Company, International Finance Corporation, IHS Inc., UL LLC, SAP SE, Medgate Inc., and Enablon North America Corporation.
Frequently Asked Questions:
What are the various growth parameters influencing the Environmental Health and Safety (EHS) market?
The environment, health and safety (EHS) market is likely to grow with the increasing use of industry software to help organizations maintain the safety and health of their workers and their environment.
Which regions will largely contribute to the growth of the Environment, Health and Safety (EHS) market?
North America, Asia-Pacific, Europe, Latin America, Middle East and Africa
What are the recent innovations and technological advancements in the Environmental Health and Safety (EHS) market?
Growing investment by market players in R&D activities for new product launches and innovations is likely to boost growth impulses in the environment, health and safety (EHS) market .
What are the emerging trends in the Environmental Health and Safety (EHS) market?
The growing number of connected devices is likely to increase the opportunities for effective use of these devices for managing EHS solutions and is expected to attract environmental, health and safety (EHS) market trends.
How Has COVID-19 Affected the Environmental Health and Safety (EHS) Market?
The COVID-19 pandemic has had both positive and negative impacts on the growth of the Environment, Health and Safety (EHS) market due to the imposition of lockdown which has reduced carbon emissions , but for a temporary period. Corporations and businesses are now trying to recoup the losses which will again increase carbon emissions.
What will be the post-pandemic scenario of the Environmental Health and Safety (EHS) Market?
The removal of foreclosure restrictions on various commercial and non-commercial activities is likely to allow companies operating in the environment, health and safety (EHS) market to focus on operations to recoup their losses.
What are the major threats that will hinder the growth prospects of the Environmental Health and Safety (EHS) market?
The high cost of installing and implementing software is likely to limit growth opportunities in the environment, health and safety (EHS) market.
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