Industrial Brakes Market is Expected to Reach $1,074 Million, By Top Leading Companies 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 Bube

Industrial Brakes by Type, Application and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023, the industrial brakes market was valued at $828 million in 2016, and is projected to reach at $1,074 million by 2023, growing at a CAGR of 3.70% from 2017 to 2023. Europe is expected to be the leading contributor to the industrial brakes market, followed by Asia-Pacific and North America.

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Rise in automation processes and adoption of industrial robotics is expected to drive the industrial brakes market. In addition, the increase in consciousness toward safety and efficiency of industrial machineries also boost the market growth. However, due to fluctuating prices of materials used for brakes impacting the profit margins and stringent regulations associated with industrial machineries are expected to hinder the growth of the market. Technological driven advancement such as sensors-enabled brake systems and automatic braking systems are anticipated to provide lucrative profitable opportunities to the market players during the forecast period.

In 2016, the hydraulic brakes, accounted for the maximum market share of 28% in the global industrial brakes market as they ensure reliability and are easy to maintain. Moreover, due to less maintenance cost they are widely preferred by various end-user industries. The electronically applied brakes segment is expected to grow at a fastest CAGR of 5.1% owing to superior level of precision and accuracy of these brakes. Moreover, the electrically applied and pneumatically applied brakes segment in the global industrial brakes market is expected to generate maximum revenue during the forecast period (2017-2023).

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Europe accounted for more than one fourth of the industrial brakes market in 2016 owing to the high construction and manufacturing activities in Germany and Russia. Asia-Pacific is estimated to grow at the highest rate followed by Europe due to rise in construction and manufacturing activities in these regions.

Analyst Review:

The industrial brakes play a vital role in manufacturing and processing activities in various industrial verticals. They assist in delivering the desired motion to the machineries and equipment and have applications in holding platforms, applying dynamic brakes, and maintaining tensions in the pulley and other machineries. Currently, out of the available industrial brake types, the hydraulic brakes hold the largest share of 28% of the global market. However, the electrically applied brakes segment is expected to dominate the market with highest CAGR during the forecast period owing to their larger scope of application and efficient performance. In addition, the increase in mining and construction activities are anticipated to drive the growth of industrial brakes market during the forecast period.

Industrial brakes in manufacturing industry accounts for a major market share in the global industrial brakes market in 2016, owing to the widespread adoption and cost-effectiveness of these brakes. By geography, Asia-Pacific is expected to exhibit the highest growth rate of 3.9% during the forecast period owing to the rise in demand for construction and manufacturing activities driven by the increase in need for consumer goods.

Applications of industrial brakes in the industrial robotics and materials handling are expected to witness the highest growth during the forecast period whereas, manufacturing industry is expected to continue holding a dominant share in the global industrial brakes market.

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