Canada Safety Services Market Size By Component (Software and Service), By End User Industry (Chemicals, Utilities, Oil and Gas, Petrochemicals), And Forecast

Canada Safety Services Market Size And Forecast

Canada Safety Services Market size was valued at USD 83.60 million in 2023 and is projected to reach USD 173.20 million by 2030, growing at a CAGR of 9.57% during the forecast period 2024-2030.

The rising workplace incidents are expected to drive the safety services market. Furthermore, the growing investments in safety services across the nation are expected to drive market growth in forthcoming years. The Canada report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Canada Safety Services Market Definition

Safety Services are referred to as on-site services to enhance the performance of the companies engaged in the processing, manufacture, and marketing of industrial products across the globe. Safety Services provides process safety testing to define the characteristics of chemicals and their safe processing parameters. The safety service providers possess both practical and technical experience and work with the organizations to determine the root cause of the incident and help develop preventative measures for the future. Such services identify and mitigate unsafe activities and their associated risk by analyzing the root cause of events and claims. Improper handling of hazardous Components in a manufacturing unit can eventually result in adverse effects on human and animal health, and to the environment. An unintended incident can turn a small incident into a larger one if it is not responded effectively.

Furthermore, the safety services also include safety training of the organization employers. The safety service experts a wide range of safety training for chemists, engineers, and operations personnel. Both onsite and online training solutions are expected to enhance the safety, compliance, and productivity of the workplace. The software solutions are designed and developed to help companies manage safety and environmental performance, ensure compliance and minimize the associated risks.

Canada Safety Services Market Overview

The rising workplace incidents are expected to drive the safety services market. As per the OHS Canada, more than 900 workers in Canada died due to work-related causes in 2019. The 2021 Report on Workplace Fatalities and Injuries released in October from the University of Regina states that 590 workers in Canada died as a result of occupation-related diseases in 2019, while 335 also died that year as a result of workplace injuries, for a total of 925. According to the report, four jurisdictions with more than 100,000 workers in Ontario, Alberta, New Brunswick, Newfoundland, and Labrador witnessed an increase in injury rates.

However, in spite of making progress in the regional market, the organizations experience potential budget constraints for adopting safety services which can cause a hindrance in its overall growth rate. Eliminating threats is impossible, therefore, setting up a protective shield against them without disrupting production, supply chain, and business growth is a top management issue. However, to maintain such a service the cost of investment can be high initially. Furthermore, the growing investments in safety services across the nation are expected to drive market growth in forthcoming years.

Canada Safety Services MarketSegmentation Analysis

The Canada Safety Services Market is segmented on the basis of Component, And End User Industry.

Canada Safety Services Market, By Component

• Software• Service

Based on Component, the market is bifurcated into Software and Service. Service accounted for the largest market share in 2020, and is projected to grow at the highest CAGR of 10.67% during the forecast period. Consulting in safety services is an important aspect to ensure that business owners are making the right choices that are aiding in the growth of their organizations. Safety is imperative to the growth of a organization and the adoption of safety services ensure that the organization has a risk-free working environment, Consulting for safety services can help to curate customized plans to ensure safety and security. Safety services provide a systematic approach that help organizations improve their business and operational performance, reduce accidents and enhance reputation.

Canada Safety Services Market, By End User Industry

• Chemicals• Utilities• Oil and Gas• Petrochemicals• Food & Beverages• Transportation & Hazardous Materials• Pharmaceuticals• Wastewater• Others

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On the basis of End User Industry, the Canada Safety Services Market has been segmented into Chemicals, Utilities, Oil and Gas, Petrochemicals, Food & Beverages, Transportation & Hazardous Materials, Pharmaceuticals, Wastewater, and Others. Chemicals accounted for the largest market share in 2020, and is projected to grow at a CAGR of 9.28% during the forecast period. Oil & Gas was the second-largest market in 2020, and it is projected to grow at the highest CAGR.

Key Players

The “Canada Safety Services Market” study report will provide valuable insight with an emphasis on the Canadian market. The major players in the market are ETQ Inc, Enablon Corporation, Intelex Technologies, Trinity Consultants, HSE Integrated, Gensuite, and others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Key Developments

• In June, 2019, Intelex technologies got acquired by Industrial Scientific, a one of the leading providers of the SaaS and sensing technology.The acquisition led to accelerates the EHSQ technologies to reduce the death incidences on the work place.

• In June, 2019, Enablon Corporation announced the new solutions for Health and Safety Management, Environmental & Sustainability.The introduction of the development in mobility, artificial intelligence (AI) and IOT integrations, led to accelerate the business growth.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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