Environmental Health and Safety (EHS) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Environmental Health and Safety (EHS) Market: Snapshot
Concerns regarding the rising levels of pollution and looming threat of global warming have escalated in the recent past and a number of countries, developed or developing, have come together to reduce these concerns. One of the primary reason of environmental damage is the poor compliance of regulatory by various companies, and governments are now bringing in stricter regulations, which in turn is encouraging companies to implement advanced processes of environmental health and safety (EHS) software and services, providing a thrust to the market for the same.
The demand in the global environmental health and safety market is expected to increment at a strong CAGR during the forecast period of 2017 to 2025, owing to a number of factors such as government initiatives to protect the environment, incremented investment by end users, and reduced cost of environmental compliance software, which is leading to its adoption across small and medium businesses. On the other hand, there is still a vast population base that is unaware of the availability of the EHS software and are still depending on traditional methods. This factor is obstructing the market from attaining its true potential.
The competitive landscape of the global environmental health and safety market is highly dependent on product innovation, as there is strong need for products that can work efficiently and can be installed in different business setups of diverse companies. The EHS market is primarily used by industries pertaining to energy and mining, chemical and petrochemical, construction, manufacturing, telecom and IT, and healthcare. While a number of companies are also focused on strategic mergers and acquisitions in order to expand their geographical presence, satisfaction of the stakeholders, preservation of their brands, and development of solutions are also at the forefront for the key companies to maintain their strong hold.
Environmental Health and Safety (EHS) Market: Overview
A variety of chemicals have become unavoidable in our everyday lives. From computers, to medicines, cosmetic creams to paints and coatings. The chemical industry is one of the world’s largest industries, with products manufactured in the range of billions of tonnes every year. The industry and countries with established chemical industries therefore have a huge responsibility to ensure the safe usage and production of chemicals so that the associated activities do not pose harm to the human resources working in close proximity and the environment.
Environment health and safety (EHS) tools allow companies to keep track of and properly manage activities that related to the production or usage of chemicals, especially the ones that are known to pose harm to health of living organisms and the environment, such as mercury or CFCs. Companies operating in sectors such as power production, mining, and construction also frequently use EHS tools to ensure that production and operation sites to adhere to environmental norms and regulations concerning occupational and environmental health and safety.
Environmental Health and Safety (EHS) Market: Trends and Opportunities
The increasingly stringent health, safety, and environment laws, regulations, guidelines, and processes instigated in the past few years across leading chemical producing countries is the key factor driving the increased implementation of EHS tools across the industrial sector. Companies diligently adhering to environment- and resource-friendly manufacturing practices are increasingly investing in the deployment of effective EHS tools.
In developing economies such as India, China, South Africa, and the UAE, the thriving industrial sector is encouraging the increased adoption of EHS tools. However, certain factors, such as the high costs involved in auditing complex production sites and the highly expensive services and solutions required to comply with EHS regulations are expected to hinder the overall rate of adoption of EHS tools to a certain extent.
Environmental Health and Safety (EHS) Market: Market Potential
China is one of the largest producers of a number of chemicals and has immense scope for the implementation of EHS tools across companies involved in the production of a number of high-risk chemicals. Recent incidences of leakage of hazardous chemicals (the series of explosions on the Port of Tianjin in August 2015), leading to the death of hundreds of people and serious injuries to many more, have highlighted the pressing need for effective management of chemical production and storage sites. Post this incidence, the government has been paying 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 of growth in Asia Pacific owing to the established chemical industry and burgeoning construction and energy and mining sectors. The rate of implementation, however, is presently low in the region owing to high costs and is expected to increase in the future years owing to initiation of stringent EHS regulations in countries such as India, China, and Japan.
The high costs of EHS tools largely restrict their overall adoption to developed economies across regions such as North America and Europe. North America presently accounts for the dominant share in the global implementation EHS software and services. The region is also expected to retain dominance owing to the stringent EHS regulations and policies and steady pace of development of the chemical and energy industries.
Environmental Health and Safety (EHS) Market: Competitive Landscape
The market for EHS tools and services features a large number of companies, pointing towards a largely fragmented vendor landscape. The market features some of the world’s leading software development companies and several non-profit consulting organizations. Some of the leading vendors in the market are 3E Company, International Finance Corporation, IHS Inc., UL LLC, SAP SE, Medgate Inc., and Enablon North America Corporation.
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Latest Trends and Cardinal Growth Prospects
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Existing and Future Insights in Growth
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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