Environmental health and safety (EHS) tools are used by various companies to operate in compliance with regulations pertaining to occupational and environmental health and safety. In the past few years, the implementation of strict environmental health and safety regulations across Europe and North America has propelled the overall environmental health and safety market.
Global Environmental Health and Safety Market to Rise at a 12.0% CAGR 2016-2024
According to a research report published by Transparency Market Research, the global environmental health and safety market is likely to reach US$8.3 bn by 2024, rising at a remarkable CAGR of 12.0% from 2016 to 2024. This positive direction of the market will be the result of the multiple statutory and legal requirements to keep up with EHS standards. This growth will be especially prominent in the developing economies of the world, as industrial development picks up pace.
The global environmental health and safety market is segmented on the basis of component, end user, and geography. The components in this market are segmented into software and services. Software is further segmented into quality and risk assessment, cost management, data analytics, energy and carbon management, environmental compliance, and others. The services segment is divided into project management, consulting, analytics, training, auditing, implementation, and certification. The end users in this market are energy and mining, chemical and petrochemical, agriculture, transportation, manufacturing, government and the public sector, healthcare, and retail. Geographically, this market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.
Software Segment to Grow at an Accelerated Pace
Amongst all the components, the environmental compliance software segment will lead the overall environmental health and safety market as the fastest-selling solution. This growth will be driven by a slew of norms and regulations being implemented by federal agencies to protect the environment. Data analytics software, an integral part of the overall software segment of the global environmental health and safety market, is expected to continue its dominance in the market as the demand for analytical tools to monitor health and safety issues is likely to remain high.
Chemical and Petrochemical Industry to Show High Adoption of EHS Software and Services
Out of all the types of services available in the overall market, the auditing services segment held the largest share in the market in terms of revenue. Auditing services are applicable for heavy capital investments, which has been the prime revenue generator for this sub-segment of the global environmental health and safety market. Analysts predict that this segment will grow at a rapid pace in the coming years. In the end user segments, the chemical and petrochemical industry will show a great interest in adopting EHS systems across the majority of its verticals in the near future.
Some of the important players in the global environmental health and safety market are Medgate Inc, IHS Inc., 3E Company, Enablon North America Corporation, International Finance Corporation, UL LLC, and SAP SE.
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