NEW YORK, Jan. 16, 2017 /PRNewswire/ -- The global environmental health and safety market is expected to reach USD 96.18 billion by 2025, according to a new report by Grand View Research, Inc. The increasing number of regulations imposed by environmental protection and governmental agencies worldwide is expected to be one of the major factors driving demand during the forecast period.
Economic slowdown in several parts of the globe has led to significant corporate restructuring, plant closures, and mothballing. These business decisions are, however, made taking into consideration the various environmental challenges posed by these decisions. There is an increasing need for minimizing environmental liabilities and eliminating long-term risks.
These factors have led several agencies and governmental organizations to impose stringent compliance requirements across industries, with regards to ecological conservation, and safety and health of personnel. This trend is mainly being witnessed in the North American region, followed by Asia Pacific.
There are various safety hazards in core industries such as energy & mining, construction, etc., which pose several challenges in the form of ecological contamination, injuries to personnel, and personnel deaths. For instance, the oil & gas industry globally is faced with hazards such as explosions, fires, vehicle accidents, and caught-in or caught-between accidents caused by moving equipment, high-pressure lines, and falling equipment.
As a result of the aforementioned factors, companies across core industries such as chemicals, petrochemicals, energy & mining, construction, manufacturing, healthcare, and telecommunications are being increasingly pressurized to comply with the various regulations put forth by governmental agencies to ensure environmental and worker health and safety.
Further key findings from the report suggest
The industrial application segment accounted for over 55% of the overall market revenue in 2015, owing to the growing compliance requirements in key industries such as oil & gas, construction, manufacturing, and chemicals
The demand for the service in energy & mining is expected to grow at a CAGR of over 8% from 2016 to 2025, owing to high regulatory compliance pertaining to work place safety in the industry
The U.S. is the largest market for EHS as of 2015, and is expected to continue its dominance through the forecast period, projected to grow at a CAGR of over 8.5% from 2016 to 2025
The growth of the oil & gas industry in the country, along with the rapid recovery of the construction and manufacturing industries, is expected to increase the demand for EHS solutions in the U.S. during the forecast period
Key participants in the industry, such as HS&E Group, AECOM, EHS Data Ltd., and RPS Group are focusing on satisfying stakeholder expectations, preservation on brand value, and efficient EHS compliance, thereby moving towards centralized EHS management models
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