Industrial Brakes Market Growth Steady at 5.6% CAGR to Reach $1,816.70 Million by 2028

The industrial brakes market is expected to grow from US$ 1,234.22 million in 2021 to US$ 1,816.70 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.

Industrial brake is a frictional device used to halt a spinning inertia load or to retain a component in a fixed position. In most cases, the inertia load is caused by many spinning components that must be halted. To slow anything down, they transform the kinetic energy created by friction between two surfaces into heat. Industrial brakes differ from car brakes in that they are used in a variety of industrial machines. Industrial brakes work in all-weather situations, require less maintenance owing to fewer moving components, and are easy to modify for various applications. During the forecast period, all of these reasons are likely to boost the demand for industrial brakes across the world.

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Companies Profiled in this report includes: Akebono Brake Industry Co., Ltd.,Altra Industrial Motion Corp.,AMETEK Inc,Carlisle Companies Incorporated,Coremo Ocmea S.p.A,DELLNER BUBENZER,Eaton Corporation plc,ADVICS CO.,LTD,RINGSPANN GmbH,SIBRE Siegerland Bremsen GmbH,Jiangxi Huawu Brake Co., Ltd.,Emco Precima Engineering Pvt Ltd.,KTR Systems GmbH

Industrial brakes provide numerous benefits, one of which is the low number of parts and spares needed. Other benefits include easy hygiene owing to the one-piece design, a high return on investment due to the extended life of industrial brakes, and the ability to work in harsh situations. Additionally, growing industrialization and increasing government investments in the industrial sectors to promote output are expected to have a substantial influence on the industrial brakes market during the projected period.

Impact of COVID-19 Pandemic on Industrial Brakes Market

North America has the highest rate of adoption and advancement of new technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any effects on industries are expected to have a negative impact on the region's economic growth. Due to the COVID-19 pandemic-driven shutdowns, segment recoveries have been nonuniform across various manufacturing industries. Some manufacturers have experienced forced work stoppages or supply disruption, pulling down capacity utilization rates and impairing productivity. However, the implementation of digital twin, i.e., a digital representation of a physical thing, like production process or physical production environment, has enabled manufacturing units across North America to virtually simulate the product, and its production and performance in the real world. Thus, the adoption of mechanical equipment in manufacturing processes across different industries in North America has the potential to mitigate the historic losses in productivity and output of manufacturers, thereby neutrally affecting the industrial brakes market in the region.

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Market Insight

Stringent Rules and Regulations Related to Industrial Machinery

Machines are necessary for the production process, but mishaps during their operations can result in burns, blindness, and amputation. Safeguarding, standardizing operating procedures, and thorough training may assist in keeping the staff safe and secure. Governments and organizations across the world are transforming their operations by implementing emission and safety standards in production facilities. The Occupational Safety and Health Administration (OSHA) fines for the infraction of safety standards totaled more than US$ 50 million in the fiscal year 2018. As a result, the US government is developing a long-term regulatory road plan for the flourishment of manufacturing sector, escalating its contribution to the GDP.

Application Segment Insights

Based on application, the industrial brakes market is segmented into holding brakes, dynamic and emergency brakes, and tension brakes. Motor holding brakes are responsible for maintaining the motor's position when the power stage is turned off. The holding brake is neither a safety feature nor a maintenance brake. This brake is used in factory automation, medical equipment, elevators and escalators, construction equipment, robotics, and machine tool equipment. Many companies offer holding brakes for various applications and industrial environments. For example, Vortex Engineering Works provides spring holding brakes for operations in the textile industry. The brakes offered by the company are rigorously tested for different parameters. To comply with market standards, Vortex Engineering Works provides these brakes in a variety of configurations, as per the specific needs of applications.

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