Growing Construction & Manufacturing Activities Driving Industrial Brakes Market

The global industrial brakes market reached $930.3 million in 2018 and is predicted to generate a revenue of $1,105.7 million by 2024, advancing at a 3.0% CAGR during the forecast period (2019-2024). The market is witnessing growth due to the rise in construction & manufacturing activities and swift growth of mining in emerging economies. A frictional device which is utilized for stopping a rotating inertia or for holding a component in a specific position without motion. The inertia load is generally the result of various rotating components which need to be stopped.

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When industry is taken into consideration, the industrial brakes market is categorized into power generation, manufacturing, marine & shipping, metal & mining, construction, and others (which include transportation, military, oil & gas, aerospace, entertainment, agriculture, and printing).The manufacturing industry dominated the market during the historical period, holding a share of over 45.0% in 2018. This is due to the increasing investments in the manufacturing sector for the upgradation and expansion of the existing equipment. Moreover, the requirement for industrial brakes is also increasing because of the growing regulations regarding safety in manufacturing facilities.

The rise in construction & manufacturing activities is a major driving factor of the industrial brakes market. The growth in economy, rising disposable income of people, and swift urbanization have resulted in an increase in the construction activities. Furthermore, developing countries including India, China, and African countries have registered considerable growth in the infrastructure sector in the past few years. Attributed to this, the demand for manufacturing and construction equipment, including construction machineries and cranes, is also expected to increase, which, in turn, will drive the requirement for industrial brakes utilized in this equipment.

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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.

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.

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This release was published on openPR.