The global industrial brakes market is projected to reach $1,105.7 million by 2024, registering a CAGR of 3.0% during the forecast period. The demand for industrial brakes is primarily driven by growing construction and manufacturing operations, and rapid growth in the mining sector, according to P&S Intelligence.
Recent advancement in the manufacturing industry, such as automation, is the major trending factor for the growth of industrial brakes market across the globe. The manufacturing industry continues to witness significant investments for improving the efficiency of equipment by implementing automation. According to the Manufacturer Alliance for Productivity and Innovation (MAPI) Foundation report on automation investment in the U.S., 83.0% of manufacturing companies are engaged in automation. While among the remaining 17.0%, 76.0% companies will engage in automation in the coming years. This upgradation trend of industrial equipment is expected to boost the demand for industrial brakes in the forthcoming years.
Insights into market segments
Based on type of braking system, the industrial brakes market is classified into mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, electrically applied brakes, and others. Among these, in 2018, hydraulically applied brakes accounted for the largest share, of over 45%, in the market. These brakes are the customers preferred choice due to their properties such as simple in construction, lightweight, transmit uniform pressure, reliability, and easy to maintain. Moreover, recent increase in adoption of automation to improve plant safety and working capital minimization is expected to fuel the demand for these brakes in the manufacturing and construction sectors during the forecast period.
On the basis of industry, the industrial brakes market is categorized into manufacturing, metal and mining, construction, marine and shipping, power generation, and others. Among these, the manufacturing industry held the largest market share, of above 46%, in 2018. This significant market share is ascribed to the wide applications of these brakes in different manufacturing machinery, such as assembly stations, conveyors, industrial robotics, automated distribution systems, automated packaging machines, and others. The prospective growth of the manufacturing sector across the globe is further expected to boost the sales of industrial brakes in the forthcoming years.
North America was the largest industrial brakes market in 2018
On the basis of region, the industrial brakes market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). Among these regions, North America generated the largest demand for these brakes, and had a market share of more than 30% in 2018. This demand is generating from its large-scale manufacturing sector, which manufactures and supplies various products domestically and internationally. The rising exports of these manufacturing goods from countries, including the U.S. and Canada, are expected to further encourage the sales of industrial brakes in the North American market during the forecast period.
Browse report overview with 109 tables and 37 figures spread through 158 pages and detailed TOC on "Industrial Brakes Market Research Report: By Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes), Industry (Manufacturing, Metal & Mining, Construction, Marine & Shipping, Power Generation ), Regional Insight (U.S., Canada, Germany, France, U.K., Russia, China, India, Japan, Brazil, Mexico, Saudi Arabia, South Africa) – Global Industry Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/industrial-brakes-market
Industrial Brakes Market Competitive landscape
Some of the major players operating in the global industrial brakes market are Akebono Brake Industry Co. Ltd., Altra Industrial Motion Corp., Eaton Corporation plc, Aplicacion Nuevas Technologias Antec S.A., Carlisle Brake & Friction, Coremo Ocmea S.p.A, PINTSCH BUBENZER GmbH, RINGSPANN GmbH, SIBRE Siegerland Bremsen GmbH, Magnetek Inc., HUAWU SOLUTIONS, and Dellner Brakes AB.
INDUSTRIAL BRAKES MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Industry
Market Segmentation by Region