Environmental health & safety Market was worth US$ 3,009.0 Mn in 2015, will reach to US$ 8,315.1 Mn by 2024, expanding at a CAGR of 12.0% from 2016 to 2024
Albany, NY -- (SBWIRE) -- 01/23/2018 -- Some of the prominent companies in the global environmental health safety market are IHS Inc., Enablon North America Corporation, UL LLC, SAP SE, 3E Company, Medgate Inc., and International Finance Corporation among others. The companies in the market are constantly trying to get an upper hand over each other. Following that, the companies are trying to engage themselves into strategic business activities such as mergers, acquisitions, and associations to enhance their overall presence in the global market and thus, generate more revenue.
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The global market for environmental health safety was valued at US$3.009 bn in the year 2015. With the growth of the market projected over the course of the given forecast period of 2016 to 2024, the market valuation is estimated to be about US$8.135 bn. This growth of the global market is expected to be achieved with the help of an impressive CAGR of 12.0% during the same period of forecast.
From a geographical standpoint, the global environmental health safety market was dominated by North America in 2015. The growth of the regional market can be attributed to the large scale implementation of environmental health safety across a wide range of prominent industrial sectors including oil and gas, mining, construction, and chemical.
Industrial Development in Emerging Economies to Drive Market Growth
There are several factors that helping to augment the overall growth of the global market for environmental health safety. Of the key geographical regions of the global market, the most promising growth is projected to be shown by the emerging economies. This, in order to comply with the regulations and norms of environmental health safety, numerous Federal agencies have been functioning across the emerging economies to enforce these implementations. In addition to this, these agencies have been offering price-effective solution to adhere with the standards of environmental health safety, primarily for the SMBs and price sensitive economies. Another important driving factor for the development of the global environmental health safety market is the multiple legal and statuary requirements to sustain the environmental health safety standards all across. This has significantly helped in upping the overall development of the global market over the course of the given forecast period.
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The implementation of environmental health safety tools have also been witnessing a significant growth due to growth in corporate investment across the software platforms related to environmental health safety. In addition to this, the norms and mandates required to sustain proper standards across major industrial verticals. In addition to this, consistent growth of industrial sector in the emerging economies such as India, China, the UAE, and South Africa has led to an increase in the adoption of environmental health safety tools and thus helping in the overall development of the market.
High Costs of Implementation and Servicing to Impede Market Growth
However, there are certain factors that are expected to impede the growth of the global markt for environmental health safety in the coming years of the forecast period. Because of the high prices associated with the deployment of environmental compliance software, the uptake of environmental health safety across the SMBs was very low in the earlier stages. This has considerably affected the uptake of the market. Moreover, costlier services and expenses incurred in auditing complex sites can also have a negative impact on the growth of the global market.