Press release
Industrial Brakes Market Reach $1,957.31 million by 2030 at 4.1% CAGR dominated by Asia Pacific during 2020-2030
Industrial Brakes Market
Drivers, restraints, and opportunities:
Increase in government spending on infrastructure projects, rise in demand for commercial and residential segments, and implementation of robotics for improving productivity in different industries drive the growth of the global industrial brakes market. However, usage of servo motors as alternatives to industrial brakes restrains the market growth. On the other hand, surge in the manufacturing of electric and autonomous vehicles presents new opportunities in the coming years.
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Covid-19 Scenario:
Manufacturing activities of industrial brakes were halted due to lockdown measures implemented in many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in carrying out manufacturing at full capacity.
The demand from end-use industries such as manufacturing, metal & mining, construction, marine & shipping, and others reduced significantly due to halt in daily operations during the lockdown. However, the demand would grow steadily post-lockdown.
The electrical segment to continue its lead position during the forecast period
Based on type, the electrical segment accounted for the highest share in 2020, contributing to more than one-fourth of the global industrial brakes market, and is expected to continue its lead position during the forecast period. This is attributed to wide application of electrical brakes. However, the pneumatic segment is estimated to manifest the highest CAGR of 5.0% from 2021 to 2030. This is due to its simple operating system of braking.
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The manufacturing segment to continue its lead position during the forecast period
Based on application, the manufacturing segment held the largest share in 2020, accounting for more than one-third of the global industrial brakes market, and is projected to continue its lead position during the forecast period. This is due to usage of brakes in machines that are used for production purposes. However, the marine & shipping segment is projected to witness the largest CAGR of 4.5% from 2021 to 2030.
Asia-Pacific, followed by Europe and North America, to continue its lead in terms of revenue by 2030
Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest market share in 2020, holding more than two-fifths of the global industrial brakes market, and is projected to continue its lead in terms of revenue by 2030. This is attributed to presence of large-scale production facilities in China and India. However, LAMEA is expected to manifest the fastest CAGR of 5.0% during the forecast period. This is due to rapid industrialization in developing countries of the region.
Leading Market Players, Akebono Brake Industry Co., Ltd., Altra Motion, Antec Group, Carlisle Brake & Friction, Comer Industries Spa (Walterscheid Powertrain Group), Coremo Ocmea S.p.A., Dellner Bubenzer, Eaton, Ringspann GmbH, SIBRE
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