The industrial brakes market size is projected to cross $1.1 billion by 2023, growing at a CAGR of 4.5% between 2017-2023. The market is expected to witness a steady growth, owing to rise in the adoption of automation processes and subsequently increasing demand for industrial robotics. Globally, Asia-Pacific has been the largest market for these brakes.
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On the basis of industry, the global industrial brakes market is segmented into manufacturing, metal & mining, construction, entertainment, marine & shipping and others. Of these, manufacturing has been the largest category till now, owing to wide application of industrial brakes in different products used in manufacturing facilities such as assembly stations, conveyors, industrial robotics, automated distribution systems, automated packaging machines, and others.
On the basis of application, the global industrial brakes market is segmented into holding brakes, dynamic & emergency brakes and tension brakes. Of these, holding brakes has been the largest category till now and it is expected to remain the most dominant application throughout the forecast period. Rise in safety concerns of the machineries and equipment is projected to drive growth of this segment.
The manufacturing industry continues to witness significant investment for improving the efficiency of the manufacturing plant through implementation of automation. Growth in industrial automation has fueled the adoption of automated machines and equipment for various industrial application. For instance, the manufacturers contributed $2.18 trillion to the U.S. economy in 2016 according to National Associations of Manufacturers. Similarly, the Indian manufacturing sector witnessed FDI inflow worth $16.13 billion during April–November in 2016 as reported by IBEF. The manufacturing industry is expected to provide significant opportunity for the industrial brakes market over the next few years.
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North America is estimated to account for the third highest revenue share in the global market for industrial breaks, with 17.4% contribution in 2017. North America is expected to witness a moderate demand for industrial brakes, owing to low number of construction and metals & mining activities. The key factor that drives the growth of industrial brakes in North America in increase in demand for industrial robotics and automation. Subsequently, the application of industrial brakes in conveyor belts, automated distribution systems, and automated packaging solution is expected to drive the demand of the industrial brakes market during the forecast period.
Some of the major players operating in the industrial brakes market are Akebono Brake Industry Co., Ltd., Altra Industrial Motion Corp., Antec S.A., Carlisle Brake & Friction, Coremo Ocmea S.p.A., GKN Walterscheid Gmbh, Pintsch Bubenzer Gmbh, Ringspann GmbH, SIBRE – Siegerland Bremsen GmbH, and Eaton Corporation.
Global Industrial Brakes Market Segmentation
- Mechanically Applied Brakes
- Hydraulically Applied Brakes
- Pneumatically Applied Brakes
- Electrically Applied Brakes
- Drum & Disc Brakes
- Spring Brakes
- Holding Brakes
- Dynamic & Emergency Brakes
- Tension Brakes
- Metal & Mining
- Marine & Shipping
- North America
- Asia-Pacific (APAC)
- Rest of APAC
- Rest of Europe
- Latin America, Middle East, and Africa (LAMEA)
- Latin America
- Middle East
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