According to our latest market study on “Braking Resistor Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Resistor Element Type and End User,” the market was valued at US$ 7,838.1 million in 2019 and is projected to reach US$ 11,141.9 million by 2027; it is expected to grow at a CAGR of 4.8% from 2020 to 2027.
Infrastructure-driven growth in countries, such as China, has resulted in high economic growth and increased the demand for commodities such as iron ore, coal, manganese, cobalt, and copper. The exploration activities for necessary minerals and metals are vital for the overall growth of the mining industry. For instance, gold mines in South Africa, Russia, Indonesia, the US, and other countries are expected to draw attention for more mining activities. Similarly, China and South Africa are the major countries known for a significant number of iron ore production sites. To continue with mining activities, appropriate equipment is necessary for greater productivity while ensuring a low risk of fatalities. The application of cranes, heavy mining machines, conveyors, and mining shaft elevators plays a vital role in handling the overall operation in the mines efficiently. Braking resistors are used to control the speed of these industrial machines for an efficient workflow, which creates a massive opportunity for the braking resistor manufacturers to develop advanced products and meet the emerging requirement by the customers. Therefore, the increasing application of these industrial machineries and growing mining sector are demanding the integration of braking resistors.
Geographically, Europe held the largest share of the global braking resistor market in 2019, followed by North America and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The braking resistor market is segmented on the basis of resistor element type, end user, and geography. Based on resistor element type, the global braking resistor market is segmented into wire-wound, edge-wound, stamped grid, and others. The wire-wound segment represented the largest share of the overall market in 2019. Based on end user, the market is segmented into oil and gas, mining, marine, automobile and railways, energy, and others. In 2019, the automobile and railways segment accounted for the substantial share in the global braking resistor market.
Impact of COVID-19 Pandemic on Braking Resistor Market
The emergence and rapid spread of the novel coronavirus has adversely affected numerous developed and developing countries across the world. The continuous surge in the count of COVID-19 patients is threatening several industries worldwide. As of December 2020, the US, India, Brazil, Russia, and France are among the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, the confirmed COVID-19 positive patient count accounted for 22,071,625 and 1,773,719 total deaths globally. The outbreak is hindering economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Lockdowns and temporary shutdown of manufacturing facilities across majority of the countries are lowering the demand for braking resistors at a prominent rate. Moreover, the key braking resistors purchasing countries are restricting their investments in electrical components, and are utilizing a fair percentage of their budget to combat the COVID-19 outbreak. The continuity of the COVID-19 spread is also restraining the growth of the braking resistors market players.
ABB Ltd.; Bonitron; Captech Pty Ltd.; CRESSALL RESISTORS LTD; REO AG; Sandvik AB (Kanthal); Schneider Electric; Toshiba International Corporation; Vishay Intertechnology, Inc.; and Yaskawa Electric Corporation are among the companies operating in the braking resistor market.
Braking Resistor Market to Grow at a CAGR of 4.8% to reach US$ 11,141.9 Mn from 2019 to 2027
Download Free SampleBraking Resistor Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Resistor Element Type (Wire-Wound, Edge-Wound, Stamped Grid, and Others) and End-User (Oil and Gas, Mining, Marine, Automobile and Railway, Energy, and Others)
The report segments the global braking resistor market as follows:
- Wire-Wound
- Edge-Wound
- Stamped Grid
- Others
By End User
- Oil and Gas
- Mining
- Marine
- Automobile and Railways
- Energy
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of SAM