Rapid Industrialization to Support Industrial Brakes Market Growth

From $930.3 million in 2018, the industrial brakes market is expected to grow to $1,105.7 million by 2024, witnessing a 3.0% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the increasing mining activities in developing economies and expansion of the manufacturing and construction sectors. A device that provides friction to a rotating body or holds a component in place without motion is termed as a brake. Industrial brakes are used in cranes, wind turbines, packaging and construction machines, and marine & shipping and metal & mining activities.

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The automation of the manufacturing process is the trend in the industrial brakes market. To achieve quality maximization and cost minimization, the demand for making the manufacturing automated is rising across the globe. Huge investments are flowing in so that by switching to automation, the manufacturing efficiency can be improved. Further, the overall improvement in the industrial sector would lead to a high demand for brakes and automation, particularly in Asia-Pacific and Africa. As per the World Investment Report 2018, the foreign direct investment was valued around $476.0 billion in 2017 in the APAC region.

The increase in mining activities in emerging economies is driving the industrial brakes market forward. The improving economic status of countries such as India and China is leading to the growing focus on developing better infrastructure, which is resulting in an increasing demand for commodities including copper, iron, and coal. Further, this increased demand is also resulting in a greater number of exploration activities in the region, thereby leading to the high demand for mining equipment, including industrial brakes.

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The industrial brakes market is segmented by region, type, and industry. The industry segment of the market is classified into power generation, manufacturing, marine & shipping, construction, metal & mining, and others. Due to the use of industrial brakes in different manufacturing equipment, such as industrial robotics, automated packaging machines, conveyors, and assembly stations, the manufacturing industry held the largest market share of over 45.0% in 2018. Owing to the rising investment in automation, the manufacturing industry is expected to continue dominating the market during the forecast period.

Based on type, the categories of the industrial brakes market are mechanically applied brakes, electrically applied brakes, hydraulically applied brakes, and pneumatically applied brakes. The highest revenue of more than $400.0 million in the market in 2018 was accounted for by hydraulically applied brakes. This can be ascribed to their advantages such as less weight, simple design, easy maintenance, reliability, and uniform transmission of pressure, making them a popular choice among consumers. During the forecast period, these brakes are expected to grow at an about 3.0% CAGR because of the advantages cited above.

The industrial brakes market can explore the opportunities offered by the emerging industrial internet of things technology. The working of industrial machinery is being revolutionizing by equipping them with sensors. This can be extremely helpful in industrial settings, where in emergency situations, sensor-backed brakes can be controlled via artificial intelligence. Further, the area around the machinery and assembly stations can be fitted with proximity sensors, which would add a component of safety, thereby providing growth prospects to the market.

Therefore, the market for industrial brakes is headed toward prosperity due to economic growth in numerous countries and increasing demand for commodities provided by various sectors.

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This release was published on openPR.