Industrial Brakes Market by Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, Drum & Disc Brakes, and Spring Brakes), by Application (Holding Brakes, Dynamic & Emergency Brakes, and Tension Brakes), and by End-User Industry (Metals & Mining, Construction, Power Generation, Entertainment, Marine & Shipping, and Others)
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The global industrial brakes market is expected to $1,074 million by 2023 from $828 million in 2016, growing at a CAGR of 3.70% from 2017-2023. The global industrial brakes market constitutes motion involved in equipment & machineries and the ability to control them results in wide scope of application in various end-user industries.
Further, the industrial brakes deliver accurate performance for machineries and equipment used in various end-user industries. The industrial brakes also provide the desired motion necessary for the machine equipment for processing of the raw materials in metals & mining, construction and food industry.
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Thus, the industrial brake plays a vital role in heavy equipment and various end-user industries.
The global industrial brakes market is expected to witness a steady growth owing to rise in adoption of automation processes and subsequent demand of industrial robotics. Further, the advantages of automation in manufacturing processes such as automated distribution, conveyor belt systems, and assembly stations robots can yield low cost solution and reduce the cost of labor for the manufacturers.
Apart from these, the rise in construction and mining activities is also anticipated to drive the growth of industrial brakes market. Moreover, the increase in concerns toward safety and efficiency of machineries is also anticipated to fuel the growth of industrial brakes market.
However, the fluctuating prices of the materials required for manufacturing these brakes continue to impact the profit margin among the market players. Further, stringent regulations associated with the industrial machineries are also expected to hinder the growth of industrial brakes market.
Opportunities such as providing technology driven braking systems enabled with sensors due to rise in popularity of electric brakes provide lucrative profitable opportunities to the market players in the coming years.
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The global industrial brakes market is segmented on the basis of by type, application, end-user industry, and geography. By type, the market is divided into mechanically applied brakes, hydraulically applied brakes, pneumatic applied brakes, electrically applied brakes, drum & disc brakes, and spring brakes.
Based on application, the market is classified into holding brakes, dynamic & emergency brakes, and tension brakes. By end-user industry the market is divided into metals & mining, construction, manufacturing, entertainment, marine & shipping, and others.
By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the report include Akebono Brake Industry Co., Ltd., Altra Industrial Motion Corp., Antec, S.A., Carlisle Brake & Friction, Coremo Ocmea S.P.A., Eaton, GKN Walterscheid GmbH, Pintsch Bubenzer GmbH, Ringspann GmbH, and SIBRE - Siegerland Bremsen GmbH.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global industrial brakes market and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities is provided.
- Porter’s Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global market from 2016 to 2023 is provided to determine the market potential.
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