The implementation of EHS tools has been witnessing prominent growth owing to a rise in corporate investment across EHS software platforms. Furthermore, multiple statutory and legal requirements to maintain EHS safety standards have surged the deployment of EHS across major industry verticals such as chemicals and petrochemicals, construction, and energy and mining. Moreover, continued industrial growth in developing economies such as China, India, South Africa, and the UAE is encouraging EHS adoption. This has significantly affected the market for EHS to exhibit growth across developing nations. However, there are certain restraints harnessing the EHS market’s growth, such as potentially costly solutions and services to comply with EHS regulations and the expenditures incurred in auditing for complex sites.
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According to a new market report published by Transparency Market Research entitled “Environmental Health & Safety (EHS) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” the environmental health & safety (EHS) market was worth US$ 3,009.0 Mn in 2015 and is expected to reach US$ 8,315.1 Mn by 2024, expanding at a CAGR of 12.0% from 2016 to 2024. North America was the largest EHS market in 2015. The growth in this region is being driven by the implementation of EHS across a large number of major industry verticals, including chemical, oil & gas, construction, and mining.
The EHS market is expected to witness prominent growth in the near future, especially in developing economies. Due to the high cost of environmental compliance software, the adoption of EHS across SMBs was too low in the early stage. Thus, in order to adhere with EHS norms and regulations, several Federal agencies have been operational across developing economies to mandate the implementation of EHS. Furthermore, these agencies have brought cost-effective solutions to comply with EHS standards primarily for SMBs and cost-sensitive economies. One of the most prominent driving factors for the EHS market is multiple statutory and legal requirements to maintain EHS safety standards. This has led the market to exhibit significant growth potential across all the regions over the forecast period.
The report provides cross-segment analysis of the EHS market components, comprising software and services. The segmentation on the basis of software includes quality & risk assessment, data analytics, cost management, environmental compliance, energy & carbon management, and others. Environmental compliance software is expected to emerge as the fastest-growing software solution. The high growth in this segment is characterized by several norms and regulations implemented by federal agencies associated with environmental protection legislation around the globe. However, data analytics software held the dominant position in terms of EHS software type in 2015 due to rising demand for analytical tools to monitor health & safety issues.
EHS services covered in the report are consulting, project management, analytics, training, implementation, auditing, and certification. Auditing services held the largest market share in terms of revenue for EHS services across all the regions. Auditing of EHS compliance includes heavy capital investments, thereby resulting in the largest market share across EHS services types. Furthermore, auditing service is also anticipated to be the fastest-growing segment across all the EHS service types.