Market Trends of Latin America Hazardous Location Motor Starters Industry
This section covers the major market trends shaping the Latin America Hazardous Location Motor Starters Market according to our research experts:
Brazil to hold Significant Share
- In Latin America, Brazil is the preferred destination for oil and gas investments(with China being a significant investor). So, with the rapid evolution of industries in Latin America, there has been a rise in demand for electricity, which ultimately resulted in the growth of the motor starters market.
- Magnetic motor starters drive the short circuit and overload protection of heavy machinery. So, the increase in demand for magnetic motor starters that operate under low voltages for protection is boosting the market growth.
- Schneider Electric has acquired DC Systems B.V. to advance innovations in electrical distribution. This acquisition competences with Schneider Electric's expertise in providing sustainable energy infrastructures.
- Due to many oil & gas projects in Mexico, Latin America, which has a large pool of oil & gas reserves, is expected to show substantial growth during the mentioned forecast period for the hazardous location motor starters market.
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Coal and Oil Refineries production to Drive the Market Growth
- Brazil, Mexico, and Venezuela are mainly responsible for the region's increase in oil production capacity and contributed to the overplus market growth for the motor starters market. They have many vital developments on the production side.
- Low voltage motor soft starter operating under low and medium voltage is witnessing a significant market share in process industries such as power generation, chemical & petrochemicals, cement, water & wastewater, paper & pulp, and oil & gas, among others. So, with rising demand for oil and gas, water, and wastewater projects and also the increasing demand for pumps is expected to drive the motor soft starter market.
- The petrochemical manufacturers are using the IoT technologies to connect the motor starters and smart devices in heavy machinery to identify the inefficiencies in the manufacturing process and provide information on the working condition of the machinery if they are encountered any failure to achieve the optimum production levels.
- The hazardous location motor soft starters are widely used in pumps that have applications in process industries such as power generation, water & wastewater, paper & pulp, chemical & petrochemicals, cement, oil & gas, among others. The increased investments in water & wastewater projects and demand for oil, the two significant end-users for pump applications, are expected to drive the growth of the motor soft starter market.
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