LA Safety Instrumented Systems Market Size

Latin America Safety Instrumented Systems Market Analysis

The Latin American safety instrumented system market is expected to register a CAGR of 3.2% during the forecast period. The region is still in its early phases, and technological improvements are still in their infancy.

• The expanding economy, population numbers, and foreign investments are signs of market expansion. Imports of products and services have been steadily increasing, indicating a stronger consumption rate in the Latin American region. Safety-instrumented systems are becoming more than just a government regulatory need. They are now a requirement in practically all developing and rising industries.
• Many dangers are present in industrial processes, particularly in the chemicals and gas sectors. These safety-instrumented systems are used to safeguard the safety of employees, equipment, and the environment. A safety-instrumented system protects all industrial processes in hazardous zones.
• Brazil and Mexico emerged as two significant nations in the region due to the growing automobile sector. The industry is expected to grow in both countries next year.
• Mexico's automotive manufacturing sector is witnessing significant growth due to the players in the industry rolling out expansion plans. As per INEGI, the production of light vehicles in Mexico exceeded 2.5 million units.
• The COVID-19 pandemic significantly impacted the growth of various industries as most companies had to put a complete stop or limit their production owing to several restrictions set by the government to curb the spread of the virus. As a result, the pandemic notably impacted the growth of safety instrumented systems (SIS).