Environment Health And Safety Market Is Expected To Be Worth US$ 15.8 Billion At A CAGR Of 7.3% By The 2034 End | Future Market Insights, Inc.
Demand for full-service EHS providers is increasing as consumers look for a comprehensive solution to all their safety needs. The US EHS industry is expected to reach $2.8 billion by 2034.
NEWARK, Delaware, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global EHS market is expected to grow from $7.8 billion in 2024 to $15.8 billion in 2024. This forecast growth is expected to reach a moderate CAGR of 7.30% in the environment, health and safety sector during the next decade.
Governments around the world set strict environmental and safety regulations. This increases the demand for EHS solutions as they ensure compliance with regulatory requirements. In addition, companies are now encouraged to invest in improved environmental, health and safety management systems as penalties for violations become increasingly severe.
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Companies use EHS solutions to improve their EHS performance because they lead to consumer confidence and a positive brand image. This leads to competitive advantage. With this in mind, companies are integrating environmental, health and safety issues into their supply chains. Therefore, there is a growing demand for responsible actions throughout the value chain.
“ Leading players are focusing on integrating their EHS solutions with IoT, AI and other technologies to remain competitive in the market, ” said Nikhil Kithwade, Vice President, Future Market Insights, Inc.
Key findings from the Environmental Health and Safety market report
By 2023, the EHS market share will reach $7.2 billion. Historically, the market has grown by 9%.
The United States and China are the largest consumers of environmental, health and safety solutions, with sales expected to reach $2.8 billion and $2.6 billion by 2034, respectively.
In Europe, the UK appears to be a strong market with healthy growth of 8.3%.
In the global market, South Korea is expected to grow at a staggering 9.1% during the forecast period.
By 2034, the EHS software market penetration is expected to reach a CAGR of 7.1%.
The cloud sector is expected to register a CAGR of 6.8% during the forecast period.
Competitive review of the environment, health and safety sector
Major market players are investing in research and development to offer an expanded product range. In addition, players are expanding their presence by acquiring smaller companies, partnering with other organizations and increasing their investments. Industry players offer their own EHS software and services at affordable prices to compete in the market.
An important business strategy for large companies to increase their market share is local production to reduce operating costs. Some of the major players who have intensified their efforts to increase market demand are Cority, Gensuite, etc.
Well-known companies in the field of environment, health and safety
AECOM:
Jacobs
Intellex Technologies
Enableon:
Tetra Tech Company
Sub C:
Golder Associates
SGS SA.
ERM Group
EHS Speed:
John Wood Group PLC
RBS Group
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Curity (midget)
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Latest developments in the environment, health and safety market
In October 2023, EHS International, a group dedicated to solving and meeting the environmental, safety and health needs of businesses, made its debut in Ireland following a $5.40 billion investment.
In January 2024, Origami Risk, a SaaS technology company in the security, risk, and insurance space, launched a new mobile app for security and risk professionals to streamline risk management and EHS capabilities.
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Environmental, Health and Safety Market by Category
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Nikhil Kithwade (Vice President, Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully completed over 1,500 projects with clients primarily in the automotive, chemical, industrial, oil & gas, and services sectors.
His core competencies include developing research methodologies, creating unique analytical frameworks, and statistical data models for price analysis, competitive mapping and market feasibility studies. His experience also extends beyond analytics, advising clients on identifying growth potential in established and local market segments, investment/expansion decisions and policy making. Access to markets.
Nikhil holds an MBA in Marketing and Information Technology and a Diploma in Mechanical Engineering. Nikhil has authored numerous publications and has been quoted in magazines like EMS Now, EPR Magazine, and EE Times.
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