Environmental Health and Safety Market is forecast to reach $11.08 billion by 2025, after growing at a CAGR of 12.40% during 2020-2025.The increasing number of regulations imposed by environmental protection and government agencies around the world is expected to be one of the major drivers of demand for the environmental health and safety market over the forecast period. It helps different businesses in reducing the risks associated with their operations and lower some of the top pressures of complying with environmental, health, and safety regulations
- Government bodies are introducing affordable solutions, which may be easier for small- and medium-sized enterprises (SMEs) to adopt. This could also help the environmental health and safety market to increase its demand in the coming years.
- The growth of the oil & gas industry in the country, along with the rapid recovery of the construction and manufacturing industries, is expected to increase the demand for environmental health and safety market in the U.S. during the forecast period.
- There is a need to fulfill several legal requirements and statutes to comply with EHS standards in different parts of the world. Corporates have been lavishly investing in a range of software platforms, thus expecting to contribute to the high growth of EHS tools.
By Product- Segment Analysis
EHS Software segment held the largest share in the butane market in 2019. EHS software encourages efficiency, improves employee productivity, and ensures regulatory compliance. Maintaining a safe workplace and fully compliant operations is essential to any business. This is the main reason for governments to focus on enforcing various environmental, health, and safety standards that companies must follow to reassure the wellbeing of their workers and customers
By End-User – Segment Analysis
Energy & Mining segment held the largest share in the butane market in 2019. According to World Bank, the world economy needs ever-increasing amounts of energy to sustain economic growth, reduce poverty and raise living standards. But today’s trends in energy use are not sustainable. As the world’s population grows and economies become more industrialized, nonrenewable energy sources will become scarcer and more costly. Hence, dominance of energy and mining sector is expected due to stringent regulations imposed on the industry players to ensure the safety of the environment as well as workers.
By Application – Segment Analysis
Industrial waste management held the largest share in the butane market in 2019.Due to the high level of water pollution and the lack of safe water sources in several parts of the world, the waste water management segment has gained prominence over the past few years and is expected to continue during the forecast period. The growing adoption of EHS solutions in wastewater management applications is expected to have a major impact on the overall increase in demand
Geography- Segment Analysis
Europe dominated the hydrofluoric acid market with a share of more than 45% during the forecast period. Germany is projected to be the fastest-growing market for environmental health and safety market in Europe, followed by U.K. and Italy due to numerous number of manufacturers. Due to massive demand from petrochemicals and telecom IT industries and actively growing manufacturing base in Europe, it will propel the environmental health and safety market during the forecast period.
Drivers –Environmental Health and Safety Market
- Increasing number of regulations by environmental protection and government agencies
Economic slowdown in several parts of the globe has led to significant corporate restructuring, mothballing and plant closures. These business decisions are, however, made taking into consideration the various environmental challenges posed by these decisions. There is an increasing need for eliminating long-term risks and minimizing environmental liabilities. These factors have led several agencies and governmental organizations to impose stringent compliance requirements across industries, with regards to safety and health of personnel and ecological conversation.
Challenges – Environmental Health and Safety Market
- High Installing cost of EHS software
Limited adoption of EHS tools by low-income business and expensive cost of installation of environmental compliance software are expected to hinder the growth of market during the forecast period. Moreover, auditing services could be largely extortionate and complex, which acts as a threat to the environmental health and safety market. Additionally, competitive pressure from safety IIoT platform providers and the ongoing shift from on-premise to the cheaper upfront cost of cloud-based subscriptions are factors hindering the growth of market.
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the insulated wall panels market. In 2019, the market of environmental health and safety has been consolidated by the top five players accounting for xx% of the share. Major players in the environmental health and safetymarket are Enablon, Intelex technologies, VelocityEHS, Cority Software Inc., SAI Global Ltd, Dakota Software Inc., Gensuite LLC, ProcessMAP, Quintec GmbH and Isometrix among others.
- In April 2019, US-based VelocityEHS acquired ChemTel Inc., a hazardous chemical transportation safety and compliance service provider. The acquisition helped the company in strengthening its chemical and Safety Data Sheet (SDS) management platform by incorporating ChemTel’s emergency response operations center and hazardous materials transportation consulting services.
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