What's driving the Industrial Brakes Market Growth? Some of the major players are Akebono Brake Industry Co., Ltd., Antec S.A., Carlisle Brake & Friction, RINGSPANN GmbH, SIBRE Siegerland Bremsen GmbH

Global industrial brakes market is projected to reach $1,129.9 million by 2023. Industrial brakes are an important part of the heavy vehicles industry. They are used in heavy vehicles such as earth movers, mining equipment, and construction equipment. The special characteristic of these brakes is that they have the ability to hold the equipment in place. Most of the construction equipment need these brakes as they carry heavy loads and if there is sudden failure of the equipment, the loads will fall. Thus, these brakes play a major role in avoiding any sudden accident in the workplace.

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the market is divided into mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, electrically applied brakes, drum and disc brakes, and spring brakes. Electrically applied brakes is estimated to be the largest category in the industrial brakes market, contributing more than 30.0% in 2017. Electrically applied brakes are precise and provide greater safety, leading to greater adoption of these brakes by automobile companies.

the market is divided into metals and mining, construction, manufacturing, entertainment, marine and shipping, and other industries. Manufacturing industry was the largest category in the industrial brakes market, contributing more than 35.0% in 2017. This is attributed to the growth in the manufacturing sector, where the equipment are fitted with brake pads.

Globally, Asia-Pacific has been the largest industrial brakes market. Rise in construction activity; and increasing exploration, production, and mining activities are some of the factors fueling the growth of the market. With the increase in population and rise in disposable income, people are moving to urban areas. This has led to an increased construction activity in the region, which in turn has increased the sales of construction equipment; thus, resulting in growing demand of these brakes.

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The government of India launched ‘Make in India’ campaign in 2014. This campaign provides an opportunity to manufacturers to easily set up their production facilities by providing subsidies and reduced taxes. The government is also welcoming entrepreneurs to start investing in the country.

Some of the major players operating in the industrial brakes industry are Akebono Brake Industry Co., Ltd., Altra Industrial Motion Corp., Antec S.A., Carlisle Brake & Friction, Coremo Ocmea S.p.A., GKN Walterscheid Gmbh, Pintsch Bubenzer Gmbh, Ringspann GmbH, SIBRE - Siegerland Bremsen GmbH, and Eaton Corporation.

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This release was published on openPR.