Environment Health and Safety (EHS) Market size is set to grow by USD 3.93 billion from 2024-2028, Increase in government initiatives to strengthen EHS compliance to boost the market growth, Technavio

NEW YORK, June 25, 2024 /PRNewswire/ -- The global environment health and safety (EHS) market  size is estimated to grow by USD 3.93 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.68%  during the forecast period.  Increase in government initiatives to strengthen ehs compliance is driving market growth, with a trend towards shifting focus from detection to prevention of hazards. However, need for high initial capital investments for ehs software  poses a challenge. Key market players include AECOM, AMEC Europe LTD., Benchmark Digital Partners LLC, Cority Software Inc., Enhesa NV, Fortive Corp., Hexagon AB, International Business Machines Corp., Johnson Controls International Plc., ProcessMAP Corp., SAP SE, SGS SA, Sphera Solutions Inc., Tetra Tech Inc., Vector Solutions, VelocityEHS Holdings Inc., Verisk Analytics Inc., W. R. Grace and Co., WSP Global Inc., and Wolters Kluwer NV.

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Key Market Trends Fueling Growth

The EHS market is experiencing growth due to the heightened focus on risk mitigation in workplaces worldwide. With an increase in work-related injuries and fatalities, such as the 5.7% rise in the US in 2023, companies are investing more in accident prevention. A proactive approach to safety management leads to fewer incidents, lower long-term costs, and measurable returns, particularly for industries with numerous daily hazards. This trend necessitates EHS software vendors to adapt, creating new market opportunities. 

The Environment, Health and Safety (EHS) market is experiencing significant growth due to increasing awareness and regulations. Operational excellence and provision of a safe work environment are key priorities for businesses. Providers of EHS solutions offer services like risk assessment, training, and software solutions. These solutions help companies manage and mitigate risks, ensure regulatory compliance, and improve overall safety. The use of technology, such as IoT sensors and AI, is a trend in the EHS market, enabling real-time monitoring and predictive analysis. Additionally, the market is seeing an increase in demand for contract services, particularly in industries with high risk profiles. Employing EHS best practices not only benefits workers but also enhances corporate reputation and reduces potential legal liabilities. 

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Market Challenges

• Small and medium-sized enterprises (SMEs) and large industries encounter significant barriers in implementing EHS software due to high initial costs and ERP system integration issues. The capital required for EHS infrastructure investments restricts market expansion. Integrating EHS software with ERP systems is beneficial, as EHS standards impact most enterprise operations. However, the challenge lies in aligning IT infrastructure with EHS software, which may hinder EHS software adoption and market growth.
• The Environment, Health and Safety (EHS) market faces several challenges in implementing and enforcing effective protocols. Consuls and projects require consistent compliance with regulations such as Harmonic, Incidentals, and Environmental regulations. The complexity of these regulations can make it difficult for companies to keep up. Additionally, the need for continuous improvement and updating of EHS practices adds to the challenge. The use of technology, such as sensors and automation, can help streamline processes and ensure compliance. However, the cost of implementing and maintaining these technologies can be a barrier for some organizations. Furthermore, the need for employee training and engagement in EHS practices is crucial but can be a challenge due to varying levels of awareness and commitment. Overall, the EHS market requires a proactive and adaptive approach to address these challenges and ensure a safe and healthy working environment.

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Segment Overview 

This environment health and safety (ehs) market report extensively covers market segmentation by

1. Deployment 
• 1.1 On-premises
• 1.2 Cloud based
2. End-user 
• 2.1 Energy and utilities
• 2.2 Chemicals and materials
• 2.3 Healthcare
• 2.4 Construction and engineering
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 On-premises-  The energy and utilities sector is a significant consumer of Environmental Health and Safety (EHS) software and services, driven by increasing investments and stricter compliance standards. Major players include Cority Software and Intelex Technologies. Countries like China, US, India, France, Spain, and Germany are investing heavily in this industry. China aims to reduce energy intensity and carbon emissions by 13.5% and 18%, respectively, under its 14th Five-Year Plan. Europe also focuses on reducing the industry's environmental impact, with a target of reducing greenhouse gas emissions by 55% by 2030. Hazardous energy, a potential danger to workers, is a significant challenge. Regulatory bodies like OSHA have implemented standards like Lockout/Tagout practices to safeguard workers, contributing to the growth of the EHS market.

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Research Analysis

The Environment, Health, and Safety (EHS) market encompasses a range of services and solutions designed to ensure compliance with environmental protection laws and address public concerns related to health and safety issues. Key areas of focus include water quality management, audit and inspection services, air emission measurement, ergonomics, and corrective actions. EHS service providers offer consulting services, software solutions such as EHS software providers Enablon and eVision, and deployment of systems for various industries like oil & gas, chemical, exploration & drilling, and mechanical engineering. Energy consumption and emergency care training are also essential components of EHS solutions. Companies in this sector help organizations mitigate environmental issues, prevent pollution incidents like oil & gas spills, and maintain a safe and healthy work environment.

Market Research Overview

The Environment, Health and Safety (EHS) market encompasses solutions and services aimed at ensuring workplace safety, protecting the environment, and promoting employee health. This market is driven by stringent regulations and growing awareness of the importance of EHS in various industries. Key areas of focus include air and water quality monitoring, hazardous material management, safety training, and incident management. Technological advancements, such as IoT sensors and AI-powered analytics, are revolutionizing EHS by enabling real-time monitoring and predictive maintenance. Additionally, the market is witnessing a shift towards cloud-based solutions and outsourced services for cost savings and improved efficiency. Overall, the EHS market is a critical component of sustainable business practices and is expected to grow significantly in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• On-premises
• Cloud Based
• End-user
• Energy And Utilities
• Chemicals And Materials
• Healthcare
• Construction And Engineering
• Others
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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