According to a recent report, the global environmental health and safety system market was initially valued at $4.7 billion in 2019 but is expected to grow at a CAGR of 11.7% to 2027. With this rate of growth, the global market for environmental health and safety systems is expected to reach a valuation worth $11.5 billion by the end of 2027.
- The report says that the global environmental health and safety system market is segmented in terms of component, end-use sector, and region. The components segment is classified on the basis of services provided and software solutions.
- The segment of environmental health and safety system services has been the dominant one in the global market and is expected to continue lead in the coming years of the forecast period.
- The EHS services have witnessed considerable deployment across a broad range of industry verticals across the globe.
- In terms of end use sector, the segment of chemical and petrochemical industries have been dominating the global market in recent past.
- Increasing adoption from developed and leading economies such as China, Japan, Russia, Brazil, and the US have helped in driving the growth of the segment.
Key Driving Factors
- The research notes that one of the key driving factors for the growth of the global environmental health and safety system market has been its growing awareness in the emerging economies.
- In recent years, there have been strict regulations and mandates issued for ensuring the workplace balance and employee safety.
- In addition to this, increasing concerns about the environment sustainability is also helping to drive the adoption of environmental health & safety systems across the globe.
- Several federal agencies have launched cost efficient solutions in order to comply with the EHS standards mainly for cost-sensitive economies and SMBs has also had a great effect on the development of the global market.
- A large number of emerging economies are now setting up regulatory regimes and environmental institutions after being profoundly inspired by their counterparts in the US and Europe.
- North America, Latin America, Middle East and Africa, Europe, and Asia Pacific are the major regional segments of the global environmental health and safety system market
- The market has been traditionally dominated by the regional segment of North America and is expected to continue leading over the forest period.
The report note that some of the key companies in the global environmental health and safety system are IHS Inc., 3E Company, International Finance Corporation, Enablon North America Corporation, SAP SE, UL LLC, and Medgate Inc.