Global industrial brakes market is projected to reach $1,129.9 million by 2023, P&S Intelligence.
Industrial brakes are an important part of the heavy vehicles industry. They are used in heavy vehicles such as earth movers, mining equipment, and construction equipment. The special characteristic of these brakes is that they have the ability to hold the equipment in place. Most of the construction equipment need these brakes as they carry heavy loads and if there is sudden failure of the equipment, the loads will fall. Thus, these brakes play a major role in avoiding any sudden accident in the workplace.
Browse report overview with 78 tables and 78 figures spread through 137 pages and detailed TOC on "Industrial Brakes Market by Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, Drum & Disc Brakes, Spring Brakes), by Application (Holding Brakes, Dynamic & Emergency Brakes, Tension Brakes), by Industry (Manufacturing, Metal & Mining, Construction, Entertainment, Marine & Shipping), by Geography (U.S., Canada, Mexico, Germany, France, U.K., Russia, China, India, Japan) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2016-2023" at:https://www.psmarketresearch.com/market-analysis/industrial-brakes-market
The global industrial brakes market is expected to witness a steady growth, owing to rise in the adoption of automation processes and subsequently increasing demand for industrial robotics. Globally, Asia-Pacific has been the largest market for these brakes.
Insights on market segments
On the basis of type, the market is divided into mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, electrically applied brakes, drum and disc brakes, and spring brakes. Electrically applied brakes is estimated to be the largest category in the industrial brakes market, contributing more than 30.0% in 2017. Electrically applied brakes are precise and provide greater safety, leading to greater adoption of these brakes by automobile companies.
On the basis of application, the market is segmented into holding brakes, dynamic and emergency brakes, and tension brakes. The holding brakes category has been holding the largest share in the industrial brakes market, with a contribution of more than 55.0% in 2017.
On the basis of industry, the market is divided into metals and mining, construction, manufacturing, entertainment, marine and shipping, and other industries. Manufacturing industry was the largest category in the industrial brakes market, contributing more than 35.0% in 2017. This is attributed to the growth in the manufacturing sector, where the equipment are fitted with brake pads.
Asia-Pacific stands as the largest industrial brakes market
Globally, Asia-Pacific has been the largest industrial brakes market. Rise in construction activity; and increasing exploration, production, and mining activities are some of the factors fueling the growth of the market. With the increase in population and rise in disposable income, people are moving to urban areas. This has led to an increased construction activity in the region, which in turn has increased the sales of construction equipment; thus, resulting in growing demand of these brakes.
Also, the region is emerging as a hub of agricultural tractors due to high farming requirements. These tractors are fitted with these brakes which have got high stopping strength, thus helping the vehicles to be stationed at a position for a long time.
The government of India launched ‘Make in India’ campaign in 2014. This campaign provides an opportunity to manufacturers to easily set up their production facilities by providing subsidies and reduced taxes. The government is also welcoming entrepreneurs to start investing in the country. Manufacturers are taking the advantage of this opportunity and setting up industries including industrial equipment manufacturing, such as brakes and others; thus, leading to the growth of the industrial brakes market.
Providing technology driven brakes systems enabled with sensors—A bright opportunity staring at the industrial brakes market
With the evolution of technology, braking systems can be integrated with Internet of Things (IoT). With the help of IoT, brakes can be automatically applied in case of an emergency. Also, industrial brakes can be fitted with proximity sensors and placed in industrial work stations. In order to provide worker safety, manufacturers are increasingly installing these automatic brakes in their equipment, creating growth opportunity for the industrial brakes market.
Some of the major players operating in the industrial brakes industry are Akebono Brake Industry Co., Ltd., Altra Industrial Motion Corp., Antec S.A., Carlisle Brake & Friction, Coremo Ocmea S.p.A., GKN Walterscheid Gmbh, Pintsch Bubenzer Gmbh, Ringspann GmbH, SIBRE - Siegerland Bremsen GmbH, and Eaton Corporation.
Global Industrial Brakes Market Segmentation