Global Environmental Health & Safety System Market: Overview
Environmental health & safety (EHS) system is mainly used by companies to ensure employee safety and well-being at the workplace and to monitor environmental balance. Governing bodies and regional federal agencies are proactively implementing EHS across various industry verticals in order to adhere with environmental and occupational safety standards. The software solutions incorporated under EHS include quality & risk assessment, data analytics, cost management, environmental compliance, and energy & carbon management. Furthermore, the different EHS services include consulting, project management, analytics, training, implementation, auditing, and certification. Rising awareness about workplace and employee safety coupled with increasing environmental safety efforts have led the EHS market to grow at a substantial pace. The EHS market is expected to advance at a CAGR of 11.7% from 2019 to 2027 reaching a market size of US$ 11,500.5 Mn in 2027, up from US$ 4,729.3 Mn in 2019.
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Multiple statutory and legal requirements to maintain EHS safety standards
Some internationally acclaimed regulatory agencies ensure health & safety of employees and their work environment. These agencies include Occupational Safety and Health Administration (OSHA), Environmental Protection Agency (EPA) of the U.S, National Institutes of Health (NIH), The National Institute for Occupational Safety & Health (NIOSH), Nuclear Regulatory Commission, Department of Labor, New York City Department of Environmental Protection, Council on Certification of Health, Environmental and Safety Technologists (CCHEST), European Agency for Safety and Health at Work (EU-OSHA), and Mine Safety and Health Administration (MSHA).
A large number of developing economies have set up environmental institutions and regulatory regimes after being positively influenced by regulatory agencies in developed regions such as the U.S. and Europe
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For instance, China launched a law under the name Administration on the Control of Pollution Caused by Electronic Information Products (ACPEIP) which is similar to the European Union’s Restriction of Hazardous Substances (RoHS) directive.
The Work Health and Safety Act 2011 laid down by the Government of Australia proposes strict laws and amendments pertaining to occupational health and safety issues by imposing severe fines over its violations in Australia
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Environmental Health & Safety System Market Taxonomy
The EHS market is segmented on the basis of components, end-use industry, and geography. The components segment is classified on the basis of software solutions and services offered. EHS services dominated the global EHS component market and is further expected to maintain its position throughout the forecast period. EHS services have seen extensive deployment across large number of industry verticals globally and have proven to be beneficial.
