The global industrial brakes market was valued at US$ 1.2 billion in 2021 and it is anticipated to grow up to US$ 2.0 billion by 2031, at a CAGR of 5.1% during the forecast period.
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. 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.
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Market Drivers and Trends
Rise in government expenditure in industrial sectors and increase in industrialization across major parts of the globe are expected to fuel the demand opportunities in the global industrial brakes market in the upcoming years. Industrial brakes require minimal parts and spares that can be easily cleaned, and offer promising return on investment (ROI), owing to their durability. Moreover, they can be operated in challenging environments. On the back of these advantages, companies operating in the global industrial brakes market are experiencing demand from varied end-use industries, including construction, manufacturing, marine & shipping, power & energy, and mining.
Market Restraints and Challenges
Increasing overall maintenance and repair cost of industrial brakes and likely restraining market revenue growth in the forecast period. Further, increasing volatility in raw material prices and the high maintenance cost of industrial brakes are anticipated to hinder market growth during the forecast period. Growing volatility in raw material prices negatively influences the ability of manufacturers to produce industrial brakes based on specific requirements.
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Global Industrial Brakes Market Segmentation
- Mechanically Applied Brakes
- Hydraulically Applied Brakes
- Pneumatically Applied Brakes
- Electrically Applied Brakes
Major Players in the Global Industrial Brakes Market
The key players studied in the global industrial brakes market are Akebono Brake Industry Co., Ltd. (Japan), Altra Industrial Motion Corp. (U.S.), AMETEK.Inc. (U.S.), Carlisle Brake & Friction (U.S.), Coremo Ocmea S.p.A. (Italy), DELLNER BUBENZER Germany GmbH (Germany), Eaton Corporation plc (U.S.), Jiangxi Huawu Brake Co., Ltd. (China), RINGSPANN GmbH (Germany), and SIBRE (Germany).
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Reasons to buy Industrial Brakes Market Report:
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