Increased adoption of product stewardship solutions and services by enterprises for building their brand image is expected to drive the overall growth of the product stewardship market across the globe.
The product stewardship market is projected to grow from USD 777 million in 2018 to USD 1,143 million by 2023, at a Compound Annual Growth Rate (CAGR) of 8.0% from 2018 to 2023. Growing awareness among organizations to ensure health and safety of their employees and environment protection, increasing requirement of enterprises to publicize their environmental, health, and safety initiatives, and complying with various environmental regulations and government guidelines are projected to drive the growth of the market across the globe. However, the inability of enterprises to keep track of regulatory changes related to product stewardship solutions and services is expected to restrict the growth of the market across the globe.
Based on type, the services segment is expected to lead the product stewardship market in 2018.
The services segment is projected to lead the product stewardship market during the forecast period, owing to the increasing requirements of clients for processing the pre, post, and integration phases involved in the implementation of product stewardship solutions. These services help in driving the productivity and efficiency of business processes, thereby enabling businesses to build a time-efficient system.
The Europe product stewardship market is projected to grow at the highest CAGR during the forecast period.
The Europe product stewardship market is projected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the increasing adoption of product stewardship solutions and services in countries such as Germany and the UK. Moreover, the stringent implementation of various government regulations such as the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) regarding the use of chemicals in the region is also leading to the growth of the Europe product stewardship market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the product stewardship market.
- By Company Type: Tier 1 – 38%, Tier 2 – 41%, and Tier 3 – 21%
- By Designation: C-level – 40%, Directors – 28%, and Others – 32%
- By Region: North America – 33%, Europe – 32%, Asia Pacific – 22%, and RoW – 13%
The major vendors of product stewardship solutions and services include Verisk 3E Company (US), Enviance (US), CGI (Canada), Enablon (US), Gensuite (US), SAP (Germany), thinkstep (UK), UL Wercs (US), Sphera (US), ERM Group (UK), Enhesa (US), ProcessMAP (US), SiteHawk (US), Velocity EHS (US), Intelex (Canada), Cority (Canada), Anthesis (UK), Covestro (Germany), Pace Analytical (US), Wood Group (UK), Phylmar Group (US), Yordas Group (UK), Scout Environmental (US), Arcadis (Netherlands), and Young and Global Partners (Belgium). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.
- The market study covers the product stewardship market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, organization size, and region.
- The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall product stewardship market and its segments.
- This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
- The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.