Industrial Brakes Market Key Insights, Profiling Companies and Growth Strategies

Industrial Brakes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, and Others), Application (Holding Brakes, Dynamic and Emergency Brakes, and Tension Brakes), and Industry Vertical (Manufacturing, Metal and Mining, Construction, Power Generation, Marine and Shipping, and Others)

Growth of Global Manufacturing Sector to Create Lucrative Opportunities for Industrial Brakes Market during 2021-2028

According to our latest market study on "Industrial Brakes Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and Industry Vertical," the market was valued at US$ 1,234.22 million in 2021 and is projected to reach US$ 1,816.70 million by 2028; it is expected to grow at a CAGR of 5.6% from 2021 to 2028.

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Based on type, the industrial brakes market is segmented into mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, and others. Based on application, the market is segmented into holding brakes, dynamic and emergency brakes, and tension brakes. Based on industry vertical, the industrial brakes market is segmented into manufacturing, metal and mining, construction, power generation, marine and shipping and others. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, Asia Pacific accounted for the significant share in the global market.

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A few key players operating in the global industrial brakes market are Akebono Brake Industry Co., Ltd.; Altra Industrial Motion Corporation; Ametek Inc.; Aplicación Nuevas Tecnologías Antec SAU; Dellner Bubenzer Germany GmbH; Hilliard Corporation; Kobelt Manufacturing Co. Ltd.; KOR-PAK Corporation; Ringspann GmbH; and Tolomatic, Inc. Several other market players have been analyzed to understand the market.

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According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, India, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent in the coming years. Oil and gas power-generating facilities reduced activities, such as shutting down construction, operations, and maintenance projects, at several locations, after the issuing of multiple "stay at home" orders by state governors across the world. In the energy industry, the quarantine measures and shutdowns caused furloughs and layoffs of technical, construction, and manufacturing personnel, and project demobilizations in many cases. As a result, many oil wells are struggling to keep up with maintenance and operations. However, the production of the industrial equipment is anticipated to gain pace from the first quarter of 2022, which is expected to propel the industrial equipment manufacturing, including industrial brakes.

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