North America Industrial Brakes Market is Expected to Reach $189.48 Million, By Top Leading Companies Akebono Brake Corporation, Altra Industrial Motion Corp. Carlisle Brake & Friction, Chassis Brakes International, Drive-Line Inc., Eaton Corporation, Ind
The growth of the North America industrial brakes market is driven by factors such as rise in construction and manufacturing activities due to rise in population and growth in industries such as metals & mining, power generation, construction, and others, increased use of industrial automation in industries, and the benefits offered by industrial robotics such as movement within the workspace, lifting payloads, and performing application specific tasks. Nonetheless, volatile prices of materials used to produce industrial brakes and stringent regulations associated with industrial machineries restrict the growth of the industry. Conversely, technology-driven motion control solutions involving sensors enabled in brakes are expected to offer lucrative opportunities for the industry growth.
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Industrial brakes assist manufacturers by absorbing the kinetic energy of the equipment & machineries, subsequently resulting in the desired motion for industrial application. Further, they are also capable of holding heavy platforms & payloads in the manufacturing plant as well as applying emergency brakes for ensuring the safety of the workstations. In addition, they also provide the required tension in several equipment and machineries in various end-user industries.
The industrial brakes have applications in various end-user industries such as construction, metals & mining, entertainment, marine & shipping, and military & aerospace. The industrial brakes function in cranes, lifts & escalators, packaging machines, amusement rides, wind turbines, fans & ventilators, construction equipment textile machines, and assembly stations to name a few. Thus, the increase in activities in these industries and subsequent demand for automation of processes are expected to drive the growth of the North America industrial brakes market in the coming years.
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The key players profiled in this report include Akebono Brake Corporation, Altra Industrial Motion Corp., Carlisle Brake & Friction, Chassis Brakes International, Drive-Line Inc., Eaton Corporation, Industrial Brakes Company, Mach III Clutch, Inc., Ogura Industrial Corp. and The Carlyle Johnson Machine Company, LLC.
Key Findings of the North America Industrial Brakes Market:
• Based on application, the holding brake segment dominated the market in terms of revenue in 2017 and is projected to grow at a CAGR of 3.7% during the forecast period.
• U.S. generated the highest revenue in 2017, and Mexico is anticipated to grow at the highest CAGR of 4.9%.
• Based on type, the electrically-applied brake segment generated the highest revenue in 2017 and is estimated to grow at the rate of 4.0%.
• Based on end-user industry, the manufacturing segment accounted for the largest market share in 2017.
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. In 2017, the electrically-applied brake segment held 34.9% market share of the North America industrial brakes market and is expected to dominate the market with highest CAGR during the forecast period owing to its large scope of application and efficient performance. In addition, the increase in mining and construction activities are anticipated to drive the growth of the industrial brakes market during the forecast period.
Industrial brakes in the manufacturing industry accounted for a major share in the North America industrial brakes market in 2017, owing to the widespread adoption and cost-effectiveness of these brakes. By country, Mexico is expected to exhibit the highest growth rate of 4.9% during the forecast period, owing to rise in demand for construction and manufacturing activities driven by the increase in need for consumer goods.
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