Global Environment Health and Safety Market to Thrive at a CAGR of 8.4% by 2030

Introduction

Environment Health and Safety (EHS) is a broad concept used by companies to define laws, rules, policies, professional courses, and professional workplace attempts to ensure the safety and health of workers, the community, and the atmosphere. EHS's primary goal is to avert and reduce workplace hazards, potential crises, health complications, and any environmental destruction resulting from working conditions. It is in charge of formulating and delivering a company's entire health and safety program. EHS is a regulatory environment that deals with recognizing and adhering to a company's production standards, focusing on safety and environmental protection in the workplace.

Market Dynamics

Rising Importance in Workplace Health and Safety to Drive the Global Environment Health and Safety Market

According to the Bureau of Labor Statistics of the United States Department of Labor, over 2.8 million people in the private sector suffered a work-related injury or illness in 2019, with more than half of the working class requiring days off work, limitations on their ability to work, or job transfers. Air transportation, wood product manufacturing, couriers and messengers, nursing and residential care facilities, and animal production are among the most injury-prone industries, according to injury rates. Many businesses have accepted that accidents are unavoidable and have spent millions of dollars on employee compensation.

Due to the strict implementation and substantial changes in employee safety regulations in industrialized economies, many businesses have begun to use EHS software to stay current and compliant with the changing rules. EHS software and solutions significantly strengthen employee morale, which assists gain more customers due to increased responsiveness, increasing a company's profit. Because safety is an essential factor for awarding contracts, many companies evaluate vendor performance during supplier evaluation. Over the forecast period, changing workplace safety standards, rising investments in occupational hygiene tools, and shifting industry dynamics are expected to fuel EHS market growth.

Rising Government Regulations for Environmental Protection to Provide Lucrative Opportunities for the Global Environment Health and Safety Market

Rising government regulations for environmental protection, particularly in the United States and Europe, is estimated to create new opportunities for market expansion. The growing number of international ecological bilateral and multilateral agreements worldwide reflects an increasing focus on environmental impact. Growing public concern about environmental issues has resulted in significant changes in laws governing organizations' ecological impact over several decades.

The EHS software's features transmit emissions data to the EPA's TRI-web interface. Environmental Canada's CEPA, the Environmental Protection Agency's RCRA, and the European Hazardous Waste Directive are expected to increase demand for EHS software. OSHA also announced the implementation of new, more stringent incident recordkeeping standards. Employers must electronically submit data on illness under the new OSHA provisions. This is expected to improve incident recording accuracy without fear of retaliation, resulting in a surge in demand for EHS software and solutions over the forecast period.

Impact of COVID-19

COVID-19 has favorable and unfavorable market consequences, as carbon emissions have decreased globally due to the lockdown. COVID-19's reduction in emissions is a short-term benefit; nevertheless, as industries and businesses look to recover some of their economic losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 has had a negative impact on global recycling efforts. Countries, including the United States, have halted or reduced recycling programs to focus on collecting additional household waste or because services have been disrupted by the virus.

Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this transition in occupational health and safety is significantly increased due to the legal requirement of social distancing and continued personal care through sanitization to minimize even the tiniest potential of COVID-19 spread. COVID-19 has impacted several companies' profits, and once the lockdown is lifted, companies will turn their attention to operations to make up for their losses.

Regional Insights

North America holds the largest share of the global environment health and safety market. It is estimated to reach an expected value of USD 41 billion by 2030 at a CAGR of 8%. The presence of manufacturing hubs such as Mexico and a significant number of major IT companies in the United States and Canada drives the North American market.

Europe is the second-largest market, with a predicted value of USD 37 billion by 2030, representing a CAGR of 8.5%. The adoption of EHS services and software in Europe is rapidly increasing to phase out the current take-make-dispose model, maximize raw materials, and reduce waste. The laws governing health, safety, consumer protection, and environmental protection were drafted by EU-OSHA and the European Environment Agency (EEA).

Key Highlights

• The global environment health and safety market was valued at USD 61,700 million in 2021. It is estimated to reach USD 127,510 million by 2030, with a CAGR of 8.4% during the forecast period (2022–2030).
• By product, the global environment health and safety market is divided into EHS software and EHS services. The EHS services segment is expected to dominate the market, with a CAGR of 8.3%, accounting for USD 124,540 million by 2030.
• By application, the global environment health and safety market is divided into medical and pharmaceutical waste management, industrial waste management, wastewater management, and others. Industrial waste management dominates the market and is estimated to reach an expected value of USD 67,025 million by 2030 at a CAGR of 8.7%.
• By end-user, the global environment health and safety market is divided into chemicals and petrochemicals, energy and mining, healthcare, telecom and IT, construction, manufacturing, and others. The market is dominated by energy and mining, which is predicted to reach USD 32,335 million by 2030 at a CAGR of 9.3%.

Competitive Players

1. AECOM
2. Jacobs
3. Enablon
4. Intelex Technologies
5. Tetra Tech Inc.
6. ERM Group Inc.
7. SAP SE
8. SGS SA
9. VelocityEHS
10. Golder Associates

Recent Developments

• January 2021- AECOM partnered with Conservation International and co-founded the Green-Gray Infrastructure Community of Practice (GGI COP). The GGI COP includes members from government, non-profit, private, and academic organizations in various sectors, including engineering, conservation, construction, and finance.
• December 2020- AECOM received a contract to upgrade the Joint Water Pollution Control Plant (JWPCP), a wastewater treatment plant in Carson, California. This contract focuses on upgrading to the pure oxygen production process, which, in turn, will result in water, energy, and maintenance cost savings.
• March 2020- ERM acquired M.J. Bradley & Associates, a specialist climate change energy and sustainability consulting company that offers regulatory advice and strategic policy on low carbon energy transition to electricity and natural gas sectors in conjunction with a focus on advanced transportation initiatives in North America. The acquisition provided a critical mass to ERM's low carbon economy transition and climate change offering to clients in North America.
• February 2020- Wolters Kluwer completed the acquisition of CGE Risk Management Solutions B.V. (CGE), a provider of risk management software. The CGE now operates a part of Wolters Kluwer's (EHS/ORM) software group, including Enablon and eVision.

Segmentation

1. By Product
   1. EHS Software
   2. EHS Services
2.  By Application
   1. Medical and Pharmaceutical Waste Management
   2. Industrial Waste Management
   3. Wastewater Management
   4. Others
3. By End-User
   1. Chemicals and Petrochemicals
   2. Energy and Mining
   3. Healthcare
   4. Telecom and IT
   5. Construction
   6. Manufacturing
   7. Others