PORTLAND, Oregon, October 12, 2018 /PRNewswire/ --
Increase in production activities in construction and manufacturing industries and rise in inclination toward safety and efficiency of industrial machinery are expected to boost the growth of the global industrial brakes market.
Allied Market Research recently published a report, titled, "Industrial Brakes Market by Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, Drum & Disc Brakes, and Spring Brakes), Application (Holding Brakes, Dynamic & Emergency Brakes, and Tension Brakes), and End User Industry (Metals & Mining, Construction, Power Generation, Entertainment, Marine & Shipping, and Others): Global Opportunity Analysis and Industry Forecast, 2017-2023". The report offers an extensive analysis of the key winning strategies, market size & estimations, competitive landscape, top investment pockets, and driving factors & opportunities. As per the report, the global industrial brakes market accounted for $842.2 million in 2017 and is expected to garner $1,074.1 million by 2023, registering a CAGR of 4.1% through 2023.
Increase in production activities in the construction and manufacturing industries due to surge in global population and high adoption of industrial robotics and automation processes drives the growth of the global industrial brakes market. However, fluctuating prices of materials used for manufacturing industrial brakes and stringent government regulations hamper the market growth. On the contrary, growing inclination toward safety & efficiency of industrial machinery and technological developments in sensors market would offer lucrative opportunities for the market players in the coming years.
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Electric industrial brakes segment to garner highest revenue by 2025
In 2017, the electric brakes segment accounted for about one-third of the total market share, owing to the versatile benefits such as low reaction time, less maintenance, and superior grip. Moreover, this segment is expected to register the fastest CAGR of 4.6% through 2023, due to the growing popularity of electric brakes. The report analyzes other industrial brakes types such as mechanical applied, hydraulically applied, pneumatically applied, drum & disc brakes, and spring brakes.
Dynamic & emergency brakes segment to grow the fastest by 2025
The demand for dynamic & emergency brakes has increased owing to increased awareness toward workplace safety. This segment is expected to witness the fastest CAGR of 4.3% from 2017 to 2023. However, the holding brakes segment held the largest share, contributing about 57% of the total market in 2017, owing to the growing applications of brakes in lifting, holding, hoisting, and picking & placing. The tension brakes segment would witness gradual growth in the coming years.
Major end users in the industries
The global industrial brakes market report is segmented based on end user into manufacturing, metal & mining, construction, entertainment, marine & shipping, and others. In 2017, the manufacturing segment dominated the global market in terms of revenue, contributing more than one-third share. However, construction segment is expected to manifest the fastest CAGR of 6.0% during the forecast period, owing to rise in adoption of various compact construction equipment and increase in infrastructure development in the last couple of years.
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Asia-Pacific region to lead the market
In 2017, the Asia-Pacific region held the largest share in the market, contributing more than 42% share. It is expected to continue its dominance throughout the study period. In addition, the region is projected to portray the fastest CAGR of 5.2% through 2024, owing to the presence of the global manufacturing and automotive hubs such as India and China, which offer lucrative opportunities for the market players. The other regions explored in the study include North America, Europe, and Latin America, Middle East and Africa (LAMEA).
Major market player
The leading companies analyzed in the report include Akebono Brake Industry Co., Ltd., Antec, Carlisle Brake & Friction, Eaton, Pintsch Bubenzer GmbH, SIBRE - Siegerland Bremsen GmbH, Altra Industrial Motion Corp., S.A., Coremo Ocmea S.p.A., GKN Walterscheid GmbH, and Ringspann GmbH. These companies have adopted several strategies such as partnerships, collaboration, mergers & acquisitions, new product launch to maintain their lead in the market.
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