7 Location Factors for the Industry
- The business's critical materials must be close to the source
- The copper mining facility must be close to the ore wherever it is.
- For instance, a potato farm and processing facility need to be close to one another (P.E.I)
- A business that is close to its clientele.
- Reduces costs and guarantees prompt delivery
- In two situations, a company won't set up shop close to its markets
- Lactation is more significant when the market is widespread.
Availability Of Fresh Water And Power -
- For the manufacturing process, large factories need a good source of water.
- For the cooling process, steel factories require large amounts of water.
- Large amounts of electricity are required to fabricate aluminum, so the facility must be close to an electrical source.
- It is crucial to have highly skilled people (near universities and colleges)
- Cost and accessibility are crucial
- Affordable labor
- Developing countries have eliminated access to inexpensive labor.
- An effective transportation service (such as rail, water, or road) is essential for the product to reach the customer.
- Difficult to assess compared to the other elements
- Relies on the businessperson or person who implements the idea.
- For bulk industries, ships are more affordable and effective.
- Direct - The government promotes investment by providing benefits
- Low taxes, affordable land
- Indirect: enhancing infrastructure to draw in business
- For instance, a new, rapid highway where a business will be located
What are the 7 location factors for the industry?
The seven factors that determine whether or not an industry is formed are land availability, access to markets, a plentiful supply of power, and the availability of modes of transportation like railroads and roads for the movement of completed goods and raw materials.