Industrial Brakes Market to Grow at 3.3% CAGR by 2030
Wide application in different industries, rising industrial automation activities and growth in urbanization are expected to drive the growth of Industrial Brakes industry during the forecast period.
The Industrial Brakes Market is expected to grow at a CAGR of 3.3% from 2020-2030, according to a new research report by Next Move Strategy Consulting
Industrial brakes are friction devices used to control the movements of machines during operations. It helps in controlling the speed and thereby assists in delivering the desired result. These brakes are widely used in different industries such as packaging, processing, manufacturing, mining & others to enhance the productivity with minimum human supervision.
According to the report, continuous growth in industrial automation activities all around the globe and wide applications in different industries are major factors driving the market growth. Also, constant advancement in technology followed by rapid industrialization in the developing economies has tremendously increased the demand for industrial breaks. Further, rising inclination towards higher efficiency & safety along with high performance is expected to boost the industrial brakes market. Moreover, large population base has increased the demand for consumer products, which has led to the surge in industrial activity and thereby creating more demand for industrial breaks. On the other hand, growth in R&D activities for the development of new brakes to satisfy the fast changing needs can change the market trends.
However, volatile prices of raw materials and its availability are expected to hamper the market growth in near future. Moreover, high adoption rate of sensor breaks followed by the rapid integration of IoT, AI at industrial level is anticipated to provide numerous opportunities to the market players in the coming few years.
On the basis of type, the industrial brakes market is segmented into Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, Drum & Disc Brakes, and Spring Brakes. Electrically Applied Brakes dominates the global industrial brakes market in terms of market share and will be the dominant segment during the forecast period.
On the basis of application, the industrial brakes market is categorised into Holding Brakes, Dynamic & Emergency Brakes, and Tension Brakes. Dynamic & Emergency Brakes are gaining popularity with significant growth rate and likely to dominate the market over the forecast period.
On the basis of end user, the industrial brake market is divided into Metals & Mining, Constructing, Manufacturing, Entertainment, Marine & Shipping, and Others. Manufacturing segment accounts for the major market share & likely to dominate the market growth in near future.
North America accounts for the highest market size & share in the industrial brakes market in the forecast period, owing to the surge in automation activities. In addition, rapid development of infrastructure and consistent advancement in technology is expected to promote the market growth. Europe is the second developed region in industrial breaks market in terms of market size. Asia Pacific is expected to be the fastest developing region in the industrial brakes market, majorly driven by the growth in urbanization & industrialization activities in the region. Moreover, growth in construction & manufacturing activities owing to large population base is also expected to propel the market growth over the forecast period.
According to the report, some the key players in the industrial brakes market are Altra Industrial Motion Corp., Akebono Brake Industry Co., Ltd., Carlisle Brake & Friction, ANTEC, S.A., Eaton, Coremo OcmeaS.p.A., intsch Bubenzer GmbH, SIBRE – Siegerl and Bremsen GmbH and Ringspann GmbH.
Browse key industry insights from the report, “https://www.nextmsc.com/report/industrial-brakes-market” in detail along with the table of contents:
Key Insights from the Industrial Brakes Market Report:
- Asia Pacific is the fastest growing region in the Industrial Brakes market owing to the growth in manufacturing & construction activities along with rapid industrialization & urbanization in the region.
- The Dynamic & Emergency Brakes segment dominates the market growth in terms of application and is expected to grow at a significant CAGR to maintain the lead till 2030.
- Some of the major players in the market are Altra Industrial Motion Corp., Akebono Brake Industry Co., Ltd., Carlisle Brake & Friction, ANTEC, S.A., Eaton, Coremo OcmeaS.p.A., intsch Bubenzer GmbH, SIBRE – Siegerl and Bremsen GmbH and Ringspann GmbH.
The report Industrial Brakes market – segmented by type, application, end user and geography
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