Press release
Hazardous Location Motor Starters Market - Global Industry 2023-2030
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The growing demand for energy-efficient and reliable equipment, coupled with the increased safety concerns, are the major factors driving the growth of the global hazardous location motor starters market. In addition, the increasing demand for technologically advanced safety systems and the rising need for automation in hazardous locations are further driving the growth of the market. Furthermore, the growing demand for motor starters in the oil & gas and mining industries is anticipated to propel the growth of the hazardous location motor starters market during the forecast period.
The hazardous location motor starters market can be segmented based on product type, application, and region. Based on product type, the market can be divided into AC motor starters, DC motor starters, and servo motor starters. The AC motor starters segment is likely to dominate the market due to their wide acceptance in various industrial applications.
Based on application, the hazardous location motor starters market can be categorized into oil & gas, mining, chemical, pharmaceuticals, and others. The oil & gas segment is expected to account for the largest share of the market owing to the increasing safety concerns in hazardous locations.
The hazardous location motor starters market can be segmented into four key regions: North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to account for the largest share of the market during the forecast period. This can be attributed to the large number of hazardous locations in countries such as China, Japan, and India. Furthermore, the increasing demand for energy-efficient and reliable equipment in this region is likely to propel the growth of the market.
The hazardous location motor starters market is highly competitive in nature. Major players in the market include Siemens AG, ABB Ltd., Danfoss A/S, WEG S.A., and Rockwell Automation, Inc. These companies are focusing on developing advanced products in order to gain a competitive edge in the market. Furthermore, these companies are adopting strategies such as mergers & acquisitions and collaborations to expand their product portfolio.
To sum up, the increasing demand for energy-efficient and reliable equipment, coupled with the rising safety concerns in hazardous locations, is expected to drive the growth of the global hazardous location motor starters market during the forecast period.
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