Access TOC
Get a SampleJuly 2024
The global environment health and safety market size was USD 7.67 billion in 2023, calculated at USD 8.36 billion in 2024 and is expected to reach around USD 19.80 billion by 2034, expanding at a CAGR of 9% from 2024 to 2034.
The global environment health and safety market size accounted for USD 8.36 billion in 2024 and is expected to reach around USD 19.80 billion by 2034, expanding at a CAGR of 9% from 2024 to 2034. The North America environment health and safety market size reached USD 2.53 billion in 2023.
The U.S. environment health and safety market size was estimated at USD 1.78 billion in 2023 and is predicted to be worth around USD 4.68 billion by 2034, at a CAGR of 9.2% from 2024 to 2034.
North America holds a significant market share for the market and is estimated to dominate the market during the forecast period. The earliest adoption of advanced technologies and safety solutionin the U.S. and Canada is the major factor that boosts the market growth in this region. Moreover, the presence of the major market players in this region is yet another attribute that is expected to drive the growth of the Environment Health and Safety market.
Asia Pacific region is expected to witness the highest growth during the forecast period owing to the presence of flourishing economies such as India, China, Japan, Singapore and South Korea. China is expected to contribute the largest market in this region owing to its rapid industrial development and the Government regulations to follow the stringent safety regulations.
The presence of strict rules and regulation for maintaining Environment Health and Safety standards in the European region will drive the market growth in this region. For instance, Ideagen a UK based global technology company is planning an acquisition strategy to expand its business in UK and all over the world. The expansion of the company will be funded by Santander UK and NatWest. At present, Ideagen has a presence in 150 countries and on receiving the additional financial support it is planning to capture the markets all over the world.Also, the presence of various agencies such as The European Agency for Safety and Health at Work (EU-OSHA) and the Environment Agency (EA) constantly monitoring the health and safety standards will influence the growth of the environmental health and Safety market.
The ability of the environment health and safety services and software to help the companies in efficiently managing the wastes produced will fuel the market growth. Additionally, the popularity and the environment health and safety mobile application are rapidly increasing and this is expected to drive the growth of the environment health and safety market.
The presence of strict rule and regulations related to the protection of environment and occupational health and safety has led to the surge in the demand for the environment health and safety services that help in monitoring various services such as water conservation, waste management, employee safety, monitoring, emission control and many others.
In the past decade, there has been a massive increase in demand for the environment health and safety software by diverse end user industry verticals such as chemicals and materials, healthcare, construction, energy and utilities and engineering. For instance, On 30th September 2021, Quentic announced that it has strengthened the application for hazardous chemical management. The online solution for integrated HSEQ management has expanded inspection rules for hazardous good groupings to include independently configurable storage classes. Moreover, the rise in number of accidents in the mining, oil and gas, and chemical plants is the factor that is driving the demand for the use of environment health and safety systems.
Also, the increasing awareness about the environment health and safety are motivating the organization to deploy these systems. Additionally, the cost effective pay-as-you-go pricing model is significantly impacting the enterprises to implement the environment health and safety systems at their workplaces. All these attributes are anticipated to fuel the growth of the environment health and safety market.
| Report Highlights | Details |
| Market Size in 2023 | USD 7.67 Billion |
| Market Size in 2024 | USD 8.36 Billion |
| Market Size by 2034 | USD 19.80 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 9% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product, End Use, Region |
| Regions Covered | Asia Pacific, North America, Europe, Latin America, Middle East and Africa |
Based on the products, the services segment is expected to lead the market with the highest market share owing to the increasing penetration of the safety systems in the mining and energy industry. Some of the services provided by the Environment Health and Safety systems include waste management, water quality, compliance program development and implementation, process safety evaluations and management and EHS consulting services. The services furnished help the mining industry by providing the regulatory and technical advice during the process of drilling and exploration. Additionally, they also provide information that will help in improving the exploration process and produce better results with low environmental effect. Furthermore, the Environment Health and Safety systems help the companies in the discharge of their industrial and radioactive wastes.
The service segment offers a wide range of services such as compliance management, chemical management, training management, incident management, audit and inspection, management change, water quality, waste compliance, safety meetings, performance metrics, risk analysis, air emission measurement, ergonomics, and corrective actions. Also, to meet the specific requirements of the clients the services providers offer customized software solutions to their clients as per requirement.
Based on the end-use Industry, the manufacturing industry is anticipated to witness the highest market share growing at a CAGR of 6.2% during the forecast period owing to the increasing demand for the utility systems, data centers, cybersecurity systems, industrial water, and wastewater treatment plants, and solid waste landfills. Also, in the developing economies the manufacturingindustry grows at a significant rate and this factor is expected to drive the growth of the market.
In the construction sector, the environment health and safety system guides the construction companies in designing energy-efficient building models, maximizing and integrating local microclimates effectively, upgrading outdated building systems and reducing the waste generated.
In the healthcare sector, in order to supervise facilities and laboratories, to ensure the safety of the workers from biohazards the Environment Health and Safety systems are deployed. They provide services such as hospital risk assessment, regulatory training, medical waste management, compliance and safety assessment.This attributesare expected to fuel the market growth.
Segments Covered in the Report
By Product
By End Use
By Geography
For questions or customization requests, please reach out to us at sales@precedenceresearch.com
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client
July 2024
October 2024
March 2023
August 2024