Industrial Brakes Market is Boosting by Rise in Automation Processes | Allied Market Research

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.

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.

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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.

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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Key Findings of the Industrial Brakes Market:
o In 2016, the hydraulically applied segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 2.7% during the forecast period.
o The manufacturing segment accounted for around 38% in the global industrial brakes market.

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.

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Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada): +1-800-792-5285, +1-503-446-1141
International: +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research/

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