NEW YORK, Oct. 24, 2019 /PRNewswire/ -- Industrial Brakes Market Research Report: By Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes), Industry (Manufacturing, Metal & Mining, Construction, Marine & Shipping, Power Generation ), Regional Insight (U.S., Canada, Germany, France, U.K., Russia, China, India, Japan, Brazil, Mexico, Saudi Arabia, South Africa) - Global Industry Analysis and Forecast to 2024
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From $930.3 million in 2018, the industrial brakes market is expected to grow to $1,105.7 million by 2024, witnessing a 3.0% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the increasing mining activities in developing economies and expansion of the manufacturing and construction sectors. A device that provides friction to a rotating body or holds a component in place without motion is termed as a brake. Industrial brakes are used in cranes, wind turbines, packaging and construction machines, and marine & shipping and metal & mining activities.
The automation of the manufacturing process is the trend in the industrial brakes market. To achieve quality maximization and cost minimization, the demand for making the manufacturing automated is rising across the globe. Huge investments are flowing in so that by switching to automation, the manufacturing efficiency can be improved. Further, the overall improvement in the industrial sector would lead to a high demand for brakes and automation, particularly in Asia-Pacific and Africa. As per the World Investment Report 2018, the foreign direct investment was valued around $476.0 billion in 2017 in the APAC region.
The increase in mining activities in emerging economies is driving the industrial brakes market forward. The improving economic status of countries such as India and China is leading to the growing focus on developing better infrastructure, which is resulting in an increasing demand for commodities including copper, iron, and coal. Further, this increased demand is also resulting in a greater number of exploration activities in the region, thereby leading to the high demand for mining equipment, including industrial brakes.
The industrial brakes market is segmented by region, type, and industry. The industry segment of the market is classified into power generation, manufacturing, marine & shipping, construction, metal & mining, and others. Due to the use of industrial brakes in different manufacturing equipment, such as industrial robotics, automated packaging machines, conveyors, and assembly stations, the manufacturing industry held the largest market share of over 45.0% in 2018. Owing to the rising investment in automation, the manufacturing industry is expected to continue dominating the market during the forecast period.
Market Segmentation by Type
Mechanically Applied Brakes
Hydraulically Applied Brakes
Pneumatically Applied Brakes
Electrically Applied Brakes
Others
Market Segmentation by Industry
Manufacturing
Mechanically applied brakes
Hydraulically applied brakes
Pneumatically applied brakes
Electrically applied brakes
Others
Metal & Mining
Mechanically applied brakes
Hydraulically applied brakes
Pneumatically applied brakes
Electrically applied brakes
Others
Construction
Mechanically applied brakes
Hydraulically applied brakes
Pneumatically applied brakes
Electrically applied brakes
Others
Marine & Shipping
Mechanically applied brakes
Hydraulically applied brakes
Pneumatically applied brakes
Electrically applied brakes
Others
Power Generation
Mechanically applied brakes
Hydraulically applied brakes
Pneumatically applied brakes
Electrically applied brakes
Others
Others (Military, Aerospace, Printing, Entertainment, Oil & Gas, and Transportation)
Market Segmentation by Region
North America
By type
By industry
By country – U.S. and Canada
Europe
By type
By industry
By country – Germany, France, U.K., Russia, and Rest of Europe
Asia-Pacific (APAC)
By type
By industry
By country – China, India, Japan, and Rest of APAC
Latin America (LATAM)
By type
By industry
By country – Brazil, Mexico, and LATAM
Middle East and Africa (MEA)
By type
By industry
By country – Saudi Arabia, South Africa, and Rest of MEA
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