Industrial Brakes Market by Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, Drum & Disc Brakes, and Spring Brakes), Application (Holding Brakes, Dynamic & Emergency Brakes, and Te
The Global Industrial Brakes Market is expected to $1,074 million from $828 million and register a CAGR of 3.70%, during the forecast period, 2017-2023. The industry plays a crucial function in mechanical power transmission to deliver mechanical energy to shafts. This aids in facilitating motion in industrial equipment. The speed of the motion can be controlled and subsequently used to deliver the desired action or processing required in respective application. The brakes provide assistance in holding machinery, deploy emergency or dynamic brakes, and maintain tension in pulleys of the equipment. Furthermore, the smooth motion and halt improves the efficiency, accuracy, and safety of the workplace. Thus, the industrial brakes are crucial to industrial requirement and boost the market growth during the forecast period. Moreover, rise in adoption of industrial automation to improve the production capabilities of the manufacturing plant fuel the market.
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Increase in activities in construction and manufacturing activities due to rise in population and growth in industries, such as metals & mining, power generation, construction, entertainment, marine & shipping, and others boost the industry. Furthermore, the brakes deliver robust performance which is also expected to fuel the market growth during the forecast period. Moreover, rise in inclination toward enhanced efficiency and safety of the industrial machineries among the market players is also anticipated to drive the industrial brakes industry in the coming years. Technology driven motion control solutions involving sensors enabled in brakes can provide lucrative opportunities to the manufacturers.
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).
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.
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The key players profiled in the industrial brakes market 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. Market players have adopted various strategies such as product launch, collaboration & partnership, and acquisition to expand their foothold in the market.
Key Benefits of the Industrial Brakes Market Report:
• It provides an in-depth analysis of the market and current & future trends to elucidate the imminent investment pockets.
• It offers information about key drivers, restrains, and opportunities.
• It gives illustrations through the Porters Five Forces analysis to highlight the potency of buyers & suppliers operating in the industry.
• It provides quantitative analysis of the industry to determine the market potential, during the forecast period.
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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