Dear Mounesh
regarding:
With above understanding what I assume is, SAP is trying to move all EHS functionalities to new EHSM module.
This will not happen. The core EHS part will stay in EHS (according to my expectation). But you are right: the trend is quite clear: anything new will be build up in Component Extension. Software which is still out there might be moved as well to Component Extension. (e.g. may be REACh Compliance Suite). But there is no official roadmap available. Only if you participate in Ramp Up you will get a clue about new functionality in Component Extension.
Therefore:
1.Having experience and learning upcoming modules of SAP EHSM are not enough for me to be a competent EHSM consultant? or do I need to focus on classic EHS also.
=> depends on your future job options: My assumption would be that you need 60% - 80% EHS Classic Know How and 20 - 40 Component Extension Know how Then you really have a broad knowledge skill.
Reasons for EHS classic. any legal change has to be reflected in EHS classic as most of the companies do use EHS classic (e.g. GHS, REACH). This is the "core" application. Remember: with EnPack 7 a "retrofit"/"enhancement" of GLM took place. So SAP is investing as well money here.
2. What are modules or functionalities which were part of EHS classic and are available in EHSM (CE)
As you have mentioned by yourself: Risk/INcident/Accident handling (EHS IH) is classic solution. This has been moved to component extension. But Component Extension is getting additional solutions of other SAP solutions; especially wich Component Extension 6.0) which haven't been developped in EHS classic
Take a look here:
Confused about what is current or successor functionality versus "classic"?
Here you will find the current/recent statement of SAP (Mary Kilgo) about EHS classic and Component Extension and the potential future roadmap.
Conclusion: currently I would assume that there are many projects running in many companies to use "Component Extension" (either first try or to do upgrade). But as mentioned by yourself: the job market for EHS classic is still interesting.
For both topics: in most cases the project life time is between 6 - max 18 month. So you need to be very flexible. There might be a project EHS classic, the Ccomponet Extension, then Classic etc. etc.
C.B.
PS: not discussed often here but may be check: Learn about SAP Management of Change with this free webinar