Rigid government regulations on environmental protection, increased awareness about EHS & rise in investment in this sector resulted in boosting EHS market

NEW YORK, NY, UNITED STATES, October 13, 2021 /EINPresswire.com/ -- The Global Environment, Health, and Safety (EHS) market is forecast to reach USD 17.73 Billion by 2028, according to a new report by Reports and Data. The expansion of Environment, Health, and Safety (EHS) market is attributed to the combination of diverse factors. One of the mentionable driving factor in this context is the expansion in various industries like mining, and energy, among others, and the associated rise in the occurrence rate of occupational hazards and accidents in these industries. Such an increase in the occurrence rate of occupational hazards, results in a significant growth of Environment, Health, and Safety (EHS) like never before which have a positive impact on the growth of the market.

Apart from the factors specified above, increased environmental hazard and the associated rise in awareness about environmental protection has resulted in the formulation of stringent environmental protection regulations. The development of these regulations results in increasing the demand for Environment, Health, and Safety (EHS) services and solutions, which positively impacts the growth of the market. The rise in investments made by key players of the market results in enhancements of Environment, Health, and Safety (EHS) consulting services and advancements in  Environment, Health, and Safety (EHS) software. The mentioned developments are propelling the growth of the market. Advancements in the market made by its key players like the development of audit management software, Gensuite Environmental Management Software (EMS) is also helping in boosting the expansion of the market.     

In regards to region, Asia Pacific is forecast to witness the highest growth rate in the Environment, Health, and Safety (EHS) market during the forecast period. The growth rate of the Asia Pacific region is the result of expansion in chemical industry and booming energy and mining sectors that has resulted in increasing the relevance and use of Environment, Health, and Safety (EHS) services and solutions in this region. 

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Key participants include Enablon, Intelex, SAP, ETQ, Enviance, Gensuite, Velocityehs, Cority, Verisk 3E and Sphera Solutions.

Further key findings from the report suggest

• The Environment, Health, and Safety (EHS) market held a market share of USD 7.29 Billion in the year 2020, with a growth rate of 11.8% during the forecast period.
• In regards to Component, the Services segment generated the highest revenue of USD 3.67 Billion in 2020 with a CAGR of 11.3% during the forecast period. The revenue generated by the segment is the result of increased demand for analytical services which are helpful for enterprises in collecting data from various resources and elevate their Environment, Health, and Safety (EHS) standards.
• In context to Professionals, the Hygienists/Inspectors segment is forecast to yield the highest revenue of USD 37 Billion by 2028 with a growth rate of 12.2% during the forecast period. Factors contributing to the revenue generated by Hygienists/Inspectors segment are high relevance of Environment, Health, and Safety (EHS) solutions in regards to the duties of these professionals and the resultant incorporation in their functioning.
• In regards to Application, Industrial Waste Management segment yielded the highest revenue of USD 3.06 Billion in 2020 with the highest growth rate of 12.3% during the forecast period. The revenue generates by the Industrial Waste Management segment is attributed to the expansion of different industries like chemicals and materials sectors and the associated rise in the number of compliance regulations in these industries that require to emphasize on industrial waste management.
• In regards to end-user, the Energy & Mining segment is forecast to occupy the largest market share of 24.0% by 2028, with a CAGR of 12.4% during the forecast period. The market share held by Energy & Mining segment is the result of advancements in oil and gas manufacturing sector and the associated rise in rigid rules formulated by manufacturing companies to ascertain safety and security of the environment and their employees. The formulation of these manufacturing regulations increases the relevance of EHS solutions to Energy & Mining sector, which in turn contributes to the market share of this segment.
• In regards to the region, Asia Pacific is forecast to experience the highest growth rate of 13.2% during the forecast period. The growth rate of the Asia Pacific region is the result of expansion in chemical industry and booming energy and mining sectors that has resulted in increasing the relevance and use of Environment, Health, and Safety (EHS) services and solutions in this region.

Market Overview:

Power and energy industry comprises of key companies operating in fuel, petroleum, natural gas, and nuclear power markets. Constant production of energy and power is imperative for country’s economic growth. It also covers exploration and production of oil and gas reserves, oil and gas drilling, and refining industries. Power and energy sector is one of the most diversified sector across the globe. Rapid industrialization and urbanization has increased the dependency on power and energy and industries today consume large amounts of fuel making energy industry a crucial element of today’s industrial infrastructure.

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For the purpose of this report, Reports and Data have segmented the global Computer Vision System market according to Component, Professionals, Application, End-user, and Region:

Component Type Outlook (Revenue, USD Billion; 2020-2028)

• Solutions
o Environment Compliance
o Energy and carbon management
o Cost management
o Quality and risk assessment
o Data analytics
• Services
o Auditing
o Testing and monitoring
o Certification
o Training
o Implementation
o Analytics
o Consulting
o Project Management
o Others

Professionals type Outlook (Revenue, USD Billion; 2020-2028)

• Managers
• Hygienists/Inspectors
• Business/Financial advisers
• HR Professionals
• Specialty occupation representatives
• Others

Application Type Outlook (Revenue, USD Billion; 2020-2028)

• Industrial Waste Management
• Medical & Pharmaceutical Waste Management
• Waste Water Management

End-user Type Outlook (Revenue, USD Billion; 2020-2028)

• Energy & Mining
• Chemical & Petrochemical
• Telecom & IT
• Healthcare
• Manufacturing
• Construction
• Others

Regional Analysis Covers:

North America (U.S.A., Canada, Mexico)

Europe (U.K., Italy, Germany, France, Rest of Europe)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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