Industrial Brakes Market is expected to reach US$ 1,816.70 Million by 2028

Growth of Global Manufacturing Sector to Create Lucrative Opportunities for Industrial Brakes Market during 2021–2028

Since the beginning of the industrial revolution, technological advancements have led to tremendous surge in industrial production capacities; as a result, manufacturing is on the rise across the world. According to PricewaterhouseCoopers (PwC), growing economies, labor quality, tax policies, regulatory environments, and transportation and energy prices are the factors that have catalyzed the comeback of this sector. As a result of the expanding manufacturing sector, the dependent markets, including mechanical equipment providers, are also flourishing. With the emergence of new categories of consumers in developing countries, manufacturers across the world are likely to have significant new prospects; further, innovations generate new demands, thus propelling the use of modern equipment and systems in manufacturing units.

Brakes facilitate desired motion across various industries by offering the necessary velocity, acceleration, and deceleration to the industrial equipment. They also aid in the holding and lifting of big payloads in manufacturing plant operations. The industrial brakes business benefits from increased activity in the construction, metals and mining, and manufacturing industries. Service brakes, emergency brakes, thruster brakes, and electromagnetic brakes, among others, are in high demand in the steel industry. Industrial brake manufacturers are increasing the output capacity of electromagnetic and hydraulic brakes used in nuclear power plants. In the construction industry, disc and drum brakes are preferred. The availability of technology-driven solutions in automated brakes is further expected to propel the industrial brakes market growth.

Based on type, the industrial brakes market is segmented into mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, and others. Based on application, the market is segmented into holding brakes, dynamic and emergency brakes, and tension brakes. Based on industry vertical, the industrial brakes market is segmented into manufacturing, metal and mining, construction, power generation, marine and shipping and others. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, Asia Pacific accounted for the significant share in the global market.

Impact of COVID-19 Pandemic on Industrial Brakes Market

According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, India, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent in the coming years. Oil and gas power-generating facilities reduced activities, such as shutting down construction, operations, and maintenance projects, at several locations, after the issuing of multiple "stay at home" orders by state governors across the world. In the energy industry, the quarantine measures and shutdowns caused furloughs and layoffs of technical, construction, and manufacturing personnel, and project demobilizations in many cases. As a result, many oil wells are struggling to keep up with maintenance and operations. However, the production of the industrial equipment is anticipated to gain pace from the first quarter of 2022, which is expected to propel the industrial equipment manufacturing, including industrial brakes.

A few key players operating in the global industrial brakes market are Akebono Brake Industry Co., Ltd.; Altra Industrial Motion Corporation; Ametek Inc.; Aplicación Nuevas Tecnologías Antec SAU; Dellner Bubenzer Germany GmbH; Hilliard Corporation; Kobelt Manufacturing Co. Ltd.; KOR-PAK Corporation; Ringspann GmbH; and Tolomatic, Inc. Several other market players have been analyzed to understand the market.

Industrial Brakes Market - by Geography, 2021 and 2028 (%)

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Industrial Brakes Market Size and Share with Trends by 2028

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Industrial Brakes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, and Others), Application (Holding Brakes, Dynamic and Emergency Brakes, and Tension Brakes), and Industry Vertical (Manufacturing, Metal and Mining, Construction, Power Generation, Marine and Shipping, and Others)