Industrial Brakes Market is expanding at a 3.5% CAGR

The Global Industrial Brakes Market size is estimated to be USD 0.89 billion in 2019 and is predicted to reach USD 1.29 billion by 2030 with a CAGR of 3.5% from 2020-2030. Industrial Brakes are friction based devices which are uses to control the movement of machines in operations. These brakes are used in various industries for various different processes such as cranes, packaging machines, metals and mining machines and others. The industrial brakes can increase the production capacity of the factory with standard quality of product in minimum human supervision.

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Over the period of time there has been increased demand of developed infrastructure with rapid industrialization and technological advancement. Moreover, increase in automation in industrial operations and wide applications are expected to fuel the growth of industrial brakes market.

The other factors include increase in population which led to the increased in demand of various products and also increases the construction and manufacturing owing to increasing urbanization. However, the availability of raw materials and its volatile prices are expected to impede the market growth. Moreover, increased use of IoT and increased use of sensors are also expected to create lucrative opportunities in the industrials brakes market over the forecast period.

Market Segmentations and Scope of the Study:

The global industrial brakes market share is analyzed on the basis of type, application, end user and geography. On the basis of type, the market is segmented into Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, Drum & Disc Brakes, and Spring Brakes. On the basis of application, the market is divided into Holding Brakes, Dynamic & Emergency Brakes, and Tension Brakes. Based on end user, the market is fragmented into Metals & Mining, Constructing, Manufacturing, Entertainment, Marine & Shipping, and Others Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to account for the major market share over the forecast period owing to the increase demand of developed infrastructure with presence of advance technology. Furthermore, increase in automation and increase demand of safety and efficiency in the production are also expected to accelerate the growth of industrial braes market.

Asia Pacific is expected to show rapid growth with substantial increase in market share owing to the increase in population and urbanization led to the increase in manufacturing and construction industry which contributes the growth of industrial brakes market..

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The industrial brakes market, which is highly competitive, consists of various market players. Some of the major market players include Altra Industrial Motion Corp., Akebono Brake Industry Co., Ltd., Carlisle Brake & Friction, ANTEC, S.A., Eaton, Coremo Ocmea S.p.A., intsch Bubenzer GmbH, SIBRE - Siegerland Bremsen GmbH and Ringspann GmbH among others.

Over the period of time there have been various developments taken place in the past and will further takes place in near future which contributes the overall market growth. For instance, in June 2018, Coremo Ocmea and EATON Airflex established a new strategic and exclusive alliance in USA and CANADA. The aim is to support the Customers through a high level of synergy based on technical competence, proven experience, engineering solutions and a capillary sales network. A collaborative approach with Customers will be the key to satisfy their needs in breaking solutions.