Industrial Brakes Market is Projected to Reach $1,105.7 Million by 2024

1. Industrial Brakes Market is Projected to Reach $1,105.7 Million by 2024 1 ©P&SIntelligence.Allrightsreserved

2. The industrial brakes market is being driven by the increasing requirement for such devices in a wide range of sectors, which includes construction, manufacturing, oil and gas, and metal and mining. These factors are expected to propel the industry at a 3.0% CAGR during 2019–2024, which will lead to an increase in its size to $1,105.7 million by 2024 from $930.3 million in 2018. These devices are used to control the motion of cranes, packaging machines, wind turbines, construction machinery, metal and mining machines, tube machines, and marine and shipping machines. Hydraulically applied brakes, mechanically applied brakes, electrically applied brakes, pneumatically applied brakes, and others are the different categories when the market is segmented based on type. Among these, the largest share during the historical period (2014–2018) was held by the hydraulically applied category. This is credited to the several advantages offered by brakes applied with the use of fluidic pressure, including cost-effectiveness, reliability, simple construction, uniform pressure transmission, long life, lightness, and ease of use. Get the sample pages of this report at: https://www.psmarketresearch.com/market-analysis/industrial- brakes-market/report-sample On the basis of industry, the industrial brakes market is classified into metal and mining, manufacturing, power generation, marine and shipping, construction, and others, wherein ‘others’ includes aerospace, military, entertainment, printing, transportation, and oil & gas. Among all these, the manufacturing category dominated the market in 2019 owing to the heavy investments being poured for setting up new manufacturing plants and modernizing the existing ones. Additionally, regulations mandating a safe working environment in factories are being implemented around the world, thereby driving the demand for brakes. The key driver for the industrial brakes market is the economic growth in developing countries. As the people of China, India, Brazil, and other emerging economies migrate to cities and experience a rise in their purchasing power, the demand for an array of products, from processed food to automobiles, will increase. This is leading to a strong competition among manufacturing companies, which is why they are installing braking solutions for a smoother and faster production process. Similarly, the growing construction industry is raising the sale of lifts, cranes, and other equipment, all of which need brakes. A lucrative opportunity area for the players in the industrial brakes market is the adoption of the industrial internet of things (IIoT). The Industry 4.0 revolution aims for the creation of smart factories with reduced energy consumption and automated operations. Here, brakes equipped with sensors are being used, with the sensors preventing any unauthorized movement of the machine, by leveraging artificial intelligence. Such brakes could also improve the working conditions, such as by stopping the movement of cranes carrying heavy stuff should anyone come below it.

3. During the historical period, the highest revenue to the industrial brakes market was contributed by North America. This was a result of the productive manufacturing industry of the region, which caters to the domestic and international demand for an array of products. During the forecast period, significant market growth would be seen in Asia-Pacific (APAC), led by China, which is the worldwide manufacturing powerhouse. With government initiatives such as Made in China 2025, Making Indonesia 4.0, and Make in India giving manufacturing a boost, the demand for industrial brakes would definitely rise here. Browse detailed report on Industrial Brakes Market Size, Leading Players and Forecast Report, 2024 Hence, the growing manufacturing industry due to government initiatives and rising purchasing power of the masses will propel the market for industrial brakes. INDUSTRIAL BRAKES MARKET SEGMENTATION Market Segmentation by Type •Mechanically Applied Brakes •Hydraulically Applied Brakes •Pneumatically Applied Brakes •Electrically Applied Brakes •Others Market Segmentation by Industry •Manufacturing oMechanically applied brakes oHydraulically applied brakes oPneumatically applied brakes oElectrically applied brakes oOthers •Metal & Mining oMechanically applied brakes oHydraulically applied brakes oPneumatically applied brakes oElectrically applied brakes oOthers •Construction oMechanically applied brakes oHydraulically applied brakes oPneumatically applied brakes oElectrically applied brakes oOthers •Marine & Shipping oMechanically applied brakes oHydraulically applied brakes

4. oPneumatically applied brakes oElectrically applied brakes oOthers •Power Generation oMechanically applied brakes oHydraulically applied brakes oPneumatically applied brakes oElectrically applied brakes oOthers •Others (Military, Aerospace, Printing, Entertainment, Oil & Gas, and Transportation) Market Segmentation by Region •North America oBy type oBy industry oBy country – U.S. and Canada •Europe oBy type oBy industry oBy country – Germany, France, U.K., Russia, and Rest of Europe •Asia-Pacific (APAC) oBy type oBy industry oBy country – China, India, Japan, and Rest of APAC •Latin America (LATAM) oBy type oBy industry oBy country – Brazil, Mexico, and LATAM •Middle East and Africa (MEA) oBy type oBy industry oBy country – Saudi Arabia, South Africa, and Rest of MEA 3 © P&S Intelligence. All rights reserved

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