Market Size of Latin America Hazardous Location Motor Starters Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.25 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Hazardous Location Motor Starters Market Analysis
The Latin America hazardous location motor starters market is expected to register a CAGR of 1.25% over the forecast period (2022-2027).
- The motor starters control the heavy starting currents, and also, this equipment protects the machines from voltages fluctuations. The requirement to reduce power consumption and increased motor efficiency is expected to propel the growth of the hazardous location motor starters market.
- Major offshore oil and gas developments, new oil discoveries, coupled with an increasing focus on deepwater drilling activities and rising expenditures in the water and wastewater industry, are the major opportunities for the market to grow in the future.
- Explosion-proof motors, which use automation and robotic technologies, are dominating the motors starters market. The demand for hazardous location motor starters is increasing due to their rising usage across different industries such as Oil & Gas, Chemicals, Mining, Marine, and Waste Water.
- The COVID-19 pandemic impacted Latin America's supply and demand of hazardous location motor starters market. With the improper supply/collection of the raw materials in the region, manufacturers halted the production of these motors starters due to restrictions in lockdown. As a result of these consequences, the market experienced a downfall in growth.
