New Delhi, April 04, 2023 (GLOBE NEWSWIRE) -- Global Environment Health and Safety Market was valued at US$ 6,770.03 million in 2022 and is projected to reach US$ 14,700.0 million by 2031 at a CAGR of 9% over the forecast period, 2023–2031.
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The current state of the environment, health, and safety (EHS) market is experiencing a remarkable surge in demand due to various factors that underscore the growing significance of sustainability and safety in today's world. This market growth is being fueled by several drivers, one of which is the rising awareness of environmental issues such as climate change, pollution, and resource depletion. Consumers are increasingly conscious of their impact on the planet, and this has placed greater pressure on companies to reduce their carbon footprint, conserve resources, and operate in a more sustainable manner. As a result, there is an increasing demand for EHS solutions that can help companies measure and manage their environmental impact and sustainability initiatives.
Another critical driver of the environment health and safety market is the growing emphasis on workplace safety. With more and more companies facing significant fines and legal liabilities for workplace accidents and injuries, there is a heightened need for EHS solutions that can help them identify and mitigate potential safety hazards. This has led to a surge in demand for safety management software, safety training programs, and other EHS solutions that can help companies maintain a safe and healthy workplace.
Government regulations and industry standards are also driving the demand for EHS solutions. As environmental and safety regulations become increasingly stringent, companies must ensure that they are in compliance with these regulations or face significant penalties. This has led to a need for EHS solutions that can help companies track and report on their compliance efforts and ensure that they are meeting all relevant requirements.
Astute Analytica’s Future Prospective of Global Environment Health and Safety Market
Looking ahead, the global environment health and safety market is expected to continue to grow due to several factors, including increasing awareness of environmental issues, growing emphasis on workplace safety, and the need to comply with regulations and industry standards. The market is also being driven by the adoption of new technologies, such as artificial intelligence, Internet of Things (IoT), and cloud computing, which are being used to develop more advanced EHS solutions.
Moreover, the COVID-19 pandemic has further highlighted the importance of EHS solutions, with companies implementing new safety protocols and procedures to protect their employees and customers. As a result, there is a growing demand for EHS solutions that can help companies manage their response to the pandemic and ensure a safe and healthy workplace.
In terms of market outlook, the Asia Pacific region is expected to witness significant growth in the EHS market, due to the increasing adoption of EHS solutions in emerging economies such as India and China. The region's rapid industrialization and urbanization have also contributed to the growing demand for EHS solutions to manage environmental impact and workplace safety.
Chemical and Pharmaceutical Companies Contribute More than 20% Revenue to Global Environment Health and Safety Market
The environmental health and safety (EHS) market is an important sector that provides services and solutions to ensure the safety of people and the environment. Chemical and pharmaceutical companies are the largest contributors and the segment, which accounted for 20.5% of the global EHS market revenue in 2022. According to the US Bureau of Labor Statistics, the chemical manufacturing industry had a total recordable case (TRC) incidence rate of 1.7 cases per 100 full-time workers in 2021. This is significantly higher than the average TRC incidence rate of 2.8 cases per 100 full-time workers for all private industries. These statistics highlight the need for EHS services and solutions in the chemical industry.
The chemical industry in the global environment health and safety market is subject to strict regulations related to environmental safety and worker health. However, violations of these regulations still occur, resulting in penalties and citations issued by regulatory agencies such as OSHA and the EPA. In fiscal year 2021, OSHA issued 1,393 citations for violations of the Hazard Communication Standard (HCS), which requires chemical manufacturers and importers to evaluate the hazards of their products and provide information on these hazards through labels and safety data sheets.
The EPA, on the other hand, collected over USD 71 million in civil penalties for violations of environmental regulations, including illegal discharges of pollutants, hazardous waste violations, and permit non-compliance. The consequences of non-compliance with these regulations can be severe, as demonstrated by a report from the US Chemical Safety and Hazard Investigation Board, which found that there were 281 chemical incidents in the US between 2007 and 2021 that resulted in 164 fatalities and 3,318 injuries. The report emphasizes the importance of implementing effective process safety management programs and utilizing safer technologies to prevent these incidents and promote the safety of workers and the environment.
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Occupational Health and Safety to Account for Over 24% of the Global Environment Health and Safety Market Revenue
Occupational health and safety (OHS) is an essential component for organizations, as it promotes employee well-being and ensures compliance with legal requirements. Global environment health and safety market generated revenue of US$ 6,770.03 million in 2022 and is anticipated to reach the valuation of over US$ 14,700 million by 2031. The OHS segment represents an estimated 24% of the EHS market.
Governments across the globe acknowledge the significance of OHS and have introduced regulations to establish safe working conditions for employees. For example, the United States' Occupational Safety and Health Administration (OSHA) defines workplace safety and health standards, offering training, outreach, education, and assistance to employers and workers.
A report by the International Labour Organization (ILO) indicated that there were approximately 2.78 million work-related deaths worldwide in 2021, with 2.5 million attributed to work-related diseases. Furthermore, the ILO estimated 378 million non-fatal work-related injuries and illnesses in 2021, leading to an average of 4.9 days of absenteeism per worker. These statistics underscore the necessity for robust OHS programs in organizations to prevent work-related injuries, illnesses, and fatalities. The environmental OHS market encompasses various products and services, such as personal protective equipment (PPE), training and consulting services, and software solutions for OHS management.
The PPE segment is a vital contributor to the environment health and safety market, with respiratory protection equipment holding the largest market share. Demand for respiratory protection equipment is expected to surge due to the COVID-19 pandemic, as healthcare and other essential workers need sufficient protection against infection.
The software solutions sector of the OHS market provides various tools to assist organizations in managing environment OHS programs, including incident management, compliance management, and risk assessment software. These software solutions enable organizations to monitor and analyze OHS data, track incidents, and detect trends to avert future incidents.
Top 7 Heavyweights of the Booming Environment Health and Safety Market to Capture More than 35% Revenue Share
The global Environment Health Safety (EHS) market is highly competitive, with numerous companies operating in the industry. To gain a foothold in the market, leading players have implemented various competitive strategies, such as merger and acquisition, to strengthen their position in the market. These strategies have enabled them to expand their geographical boundaries by acquiring small brands and domestic companies.
Data triangulation of the environment health and safety market indicates that the bottom end of the pyramid is made up of local manufacturers and small-scale manufacturers, while the top of the pyramid consists of key players such as SAP, Jacobs (CH2M HILL, Inc), AECOM, SGS SA, Wolters Kluwer (Enablon), IHS Markit, Tetra Tech, Inc, and others. These key players dominate the market and account for a cumulative market share of approximately 35.0%.
However, the presence of small-scale manufacturers and local manufacturers at the bottom end of the pyramid shows that there is still room for new entrants to enter the market. With the rising demand for EHS solutions, new players can capitalize on the market's growth potential and gain a foothold by offering innovative and cost-effective solutions.
To stay competitive in the environment health and safety market, companies need to focus on offering solutions that meet the needs of the industry and comply with regulations and industry standards. They must also prioritize customer satisfaction and offer excellent after-sales support to maintain customer loyalty.
Some of the Top Market Players Are:
- AECOM Corp
- CH2M HILL, Inc.
- Cority Software Inc.
- Dakota Software Inc.
- DNV GL
- Enablon Corp.
- ENVIANCE
- ETQ, LLC
- Gensuite LLC
- Golder Associates
- IHS Markit
- Intelex Technologies Inc.
- Isometrix
- ProcessMAP
- Quentic GmbH
- SAI Global Pty Limited
- SAP SE
- SGS SA
- Sphera
- Tetra Tech, Inc.
- UL LLC
- Velocity EHS Holdings Inc.
- Other Prominent Players
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