Environment Health & Safety (EHS) Market - Making World A Better Place

Environment, Health & Safety - individually, these three words drive a large lot of attention without any special mention due to is importance. We can rarely fathom what happens if all the three words come together.

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When all the three words come together, it forms a mention to a special discipline which points towards the urgent humanitarian needs that are important to be addressed to satisfy the norms for safety at work. The rising incidences of injuries to workers, personnel deaths, and environmental contamination in the form of oil spills, water pollution, and air pollution have driven governments across the globe to take stringent measures towards ensuring ecological and worker safety in core industries such as manufacturing, construction, oil & gas, power, transportation, and mining, among others. These concerns have given a boost to the demand in the market, locking in unexpected growth such that, the Global Environment Health & Safety Market was valued at USD 51.79 billion in 2019 and is expected to register a CAGR of 6.9% in the upcoming years. Also, it is eyeing to reach USD 88.39 billion by 2027, according to a new report by Grand View Research, Inc.

2 Cents On The Discipline

EHS is the disciplineand specialty that studies and implements practical aspects of environmental protection and safety at work. In simple terms it is what organizations must do to make sure that their activities do not cause harm to anyone. This forms a step toward maintaining the health & safety norms in the work environment.

From a safety standpoint, it involves identification and alleviation of workplace hazards along with the reduction of harmful procedures and training of personnel in handling the emergency situations.

From a health standpoint, better health standards include the development of procedures, systematic high quality, environment friendly working practices which prevent health degradation and support healthy lifestyle.

Environmental standards consists of development of environment-friendly procedures and all best practices to comply environmental regulations such as managing waste or air emissions all the way to helping site's reduce the company's carbon footprint.

Market Factors

Several factors are responsible of boosting the market growth, but some others are also the reason for being inhibitive towards the market growth.

• Growing environmental concern worldwide has given a shot in the arm to the environmental compliance regulations in several countries. These regulations had a positive effect on EHS market.
• Rising incidence of injuries due to industrial accidents in the hazardous industries like chemical, iron & steel, nuclear facilities and Oil and gas plants among others, is going to further the need in the market.
• Increasing demand for the EHS Software in the market due to the presence of numerous IT companies, in addition to the increased investment in the same by foreign investors.
• The presence of EHS service providers such as AECOM Technology Corporation, Tetra Tech, Enablon, and Velocity EHS is likely to aid in creating awareness resulting in market growth.
• Rising incidences of pandemics like COVID-19 drives the need of increased measures to secure health of the working populations. These concerns drive the demand along with the stringent government regulations to ensure good health environment, especially in populous countries like China and India among others.
• Although, the awareness is growing in the market, it is still in the nascent stage and will take time. Therefore, due to less awareness in the mean time is going to be an inhibiting factor for the growth.

These are some of the most important factors affecting the market in its path of growth. Glancing over these factors gives a good insight in the developments of the market. However, to understand the whole picture it is also important to gauge the regional markets and its advancements along with the industrial developments.

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