In the past couple of decades, extensive environmental health and safety (EHS) regulations have been put in place in prominent industrial economies of the world namely Europe and North America. Those aim to lessen emergencies, accidents, and health issues at work. They do so by framing laws pertaining to safety at work, environmental protection, and occupational health and safety. The overall market for EHS, despite having taken a beating during the financial crisis in 2008, is surging ahead once again with right tailwinds.
A report by Transparency Market Research predicts the market for environmental health and safety (EHS) to rise at a healthy 12.0% CAGR between 2016 and 2024. It predicts the market to reach a valuation of US$8.315 bn by 2024.
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Here are a few trends that are helping the market to achieve rapid progress:
At the forefront of driving the market is the rising investments in EHS software platforms by large corporates.
Rising mandates relating to EHS safety standards have also provided a major fillip to the uptake of environmental, health and safety tools. This is particularly palpable in industry verticals of construction, chemicals and petrochemical, and energy and mining. Currently, the market is broadly consists of the services and software segments.
Widespread industrial growth in developing nations of India, China, UAE, and South Africa is offering impetus to the market too.
Despite such tailwinds boosting the market for environmental, health, and safety (EHS) solutions, it is unable to achieve its full potential because of the steep cost of deploying environmental compliance software. This has resulted in their limited uptake by smaller businesses with lesser annual turnovers. In addition, the auditing process is involved and expensive.
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Nevertheless, the market will remain on a steady growth trajectory because of the strategies employed by savvy players. Some of those include mergers and acquisitions to tap into synergies and carefully-considered partnerships. Large corporates have been pouring money on an array of software platforms and in this manner are expected to come up with more evolved products. This is expected to contribute to the higher sales of EHS tools.
The market would also grow on the back of the agriculture, healthcare, chemical and petrochemical, and energy and mining sectors where working conditions can get tough.
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Having discussed the major trends, we now provide you with a quick roundup of the regions that are generating maximum opportunity for the savvy players in the market for environmental, health, and safety (EHS)
North America is a leading region because of the maximum deployment of EHS services and software. This is because of the presence of numerous end-use industries in the region, particularly in the U.S. Going forward, the region is expected to maintain its leading position because of the increasing awareness about the need to comply with environmental regulations.