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. The rising efforts made by companies of these industries to ensure effective compliance is expected to drive demand growth in the environmental health & safety market.
The overall market growth is expected to be driven primarily by the software component during the forecast period. This growth can be attributed to the increasing investments made by industry participants for the development of advanced EHS software solutions, which helps in effective testing, monitoring, and analysis of operational parameters in end-use industries to ensure the safety of the surrounding environments as well as the personnel involved in the various operations.
Global environmental health and safety market, by product, 2015 (%)
The energy & mining industry dominated the overall EHS market in 2015, owing to the growing regulatory and compliance scope in the oil & gas and mining sectors. These sectors account for maximum contamination of the environment and high risks to worker safety due to improper administration. As a result, there is a growing requirement for advanced EHS software solutions as well as services in these industries.
The chemical, manufacturing, and construction industries are also expected to significantly impact demand growth in the global market during the forecast period. The rapid surge in the telecom industry and demand for connectivity has resulted in the enforcement of strict regulations on operations such as the installation of towers, power lines, etc., which may have adverse impacts on the ecological balance as well as the safety of the population inhabiting the area. The lack of awareness amongst industrial participants may restrain the overall market growth over the coming years.
The global market is dominated by the European region, followed by North America and Asia Pacific. The North American region is projected to witness the fastest growth during the forecast period, owing to the high growth of key end-use industries, such as oil & gas, construction, and telecom, among others.
Emerging regions such as Asia Pacific and Middle East & Africa offer huge growth potential for the EHS market over the coming years. In addition, the shifting of production facilities of major companies in the U.S. and Europe to Asia Pacific, for capitalizing on low production costs and high demand, is expected to increase the potential for EHS solutions in the region.
In-depth report on global environmental health and safety market by Grand View Research:
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