Environment, Health, and Safety (EHS) Market Research-2027
EHS Market is a discipline of the safety and health of a working environment. Implementation of environmental protection and rollout of laws and policies by enterprises for lowering the accident rate and protecting employees are a part of EHS. The global environment, health, and safety market report by Market Research Future (MRFR) provides a clear outlook of the industry complete with drivers, challenges, opportunities, and trends for the period of 2020 to 2027 (forecast period). The impact of the COVID-19 pandemic has been noted and explored in the report.
The global EHS market size can touch USD 8.09 billion by 2023, as per the analysis by MRFR. It can display a CAGR of 11.50% over the forecast period. Awareness of EHS policies among corporations and employees and a growing number of accidents are major drivers of the market. Increasing investments for attaining efficiency in operations and adherence to the laws of OSHA can bode well for the market. The development of EHS software for maintaining a balance between sustainability and rapid production is a prime factor in the market. Digitization of processes and robust competition among players can lead to negligence of workers and the workplace. EHS policies can assure adherence to health and safety laws in large enterprises and lower the incident rate.
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The environment, health, and safety market are segmented by component and vertical.
By component, the EHS market is bifurcated into solutions and services. By service, this market is further segmented into business consulting & advisory services, project deployment & implementation services, regulatory compliance services, audit assessment, data analytics services, training & support services, and certification services.
By vertical, the EHS market is segmented into government & defense, energy & utilities, healthcare, chemicals & materials, food & beverage, construction & engineering, and others (telecom and IT, automotive, and retail). Energy & utilities accounted for the largest share in the market owing to the increasing rollout of environment-friendly laws and regulations. For instance, the U.S. government has enforced EHS policies in the nanotechnology sector for managing risk in the workplace.
The regional analysis of the EHS market is considered for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is dominating the market as the U.S. and Canada are well-established economies that heavily invest in research and development activities. These investments are contributing to the development of new and advanced technologies. Compliance with industrial wastage norms and wastewater treatment can fare well for the market. Extensive research on software and solutions for EHS that apply to various industries is lucrative for the market in the region.
APAC is expected to be the fastest-growing region owing to China, Japan, Australia, and India have witnessed the adoption of new technologies and investment in research and development of the EHS solutions in various organizations by governments in these countries. The rapid popularity of these solutions on mobile phones and tablets can spur market growth in the region. The pressure from international watchdogs for ensuring a healthy working environment in China and reviews on environmental management systems for meeting their objectives can facilitate the market.
Cority, Verisk 3E, VelocityEHS, Gensuite, EtQ, SAP, Sphera Solutions, Enablon, Intelex, and Enviance are key players in the global environmental health and safety market. Strategic development by players for providing customized solutions to customers is the primary strategy of players.
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