PUBLISHER: Grand View Research | PRODUCT CODE: 1376002
PUBLISHER: Grand View Research | PRODUCT CODE: 1376002
The global environment health & safety market size is anticipated to reach USD 77.0 billion by 2030, registering a CAGR of 6.5% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Increasing stringent government regulations across various economies acts as a major driver for market growth. Moreover, the energy and chemical sectors, where workers handle hazardous products, use environment health & safety (EHS) software & services to prevent workplace mishaps. These aforementioned factors will propel the market demand in the coming years. The implementation of EHS technology is expected to improve the overall safety of workers and assist the organizations to reduce their environmental impact. The EHS service providers assist the governments as well as industrial clients to improve their overall business management.
Companies that have implemented a formal risk management system can identify the risks across all the operations. For instance, in November 2020, Intelex Technologies acquired ehsAI, a compliance automation technology provider that uses machine learning and artificial intelligence to help organizations reduce the risks and costs of permitting and compliance management. This acquisition has increased Intelex's compliance offerings and has further strengthened its EHSQ position. The development of Big Data and the Internet of Things (IoT) is anticipated to augment the use of EHS technology. In addition, digital transformations, such as inexpensive computing power, the development of cost-effective sensors that can collect large volumes of information, and the overall connectedness of systems and devices are anticipated to augment the growth of EHS technology over the forecast period.
Manufacturers are looking for partnerships, mergers, and acquisitions to create cutting-edge and original solutions. Also, manufacturers are implementing several methods, such as geographic growth and the development of new products, to increase their market penetration and serve end-use industries. For instance, AECOM and Conservation International collaborated to co-found the Green-Gray Infrastructure Community of Practice in January 2021. Members of the GGI COP come from academic, government, non-profit, and corporate organizations in a range of fields, including engineering, conservation, building, and finance.