Global Industrial Brakes Market to 2028 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

The "Industrial Brakes Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.

The global industrial brakes market is expected to grow from US$ 1,234.22 million in 2021 to US$ 1,816.70 million by 2028; it is estimated to grow at a CAGR of 5.68% from 2021 to 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.

When designing equipment systems, it's crucial to think about how the braking system will affect the operation of subsequent machines. Fail-safe brakes assist in shutting off the machines movement quickly in accidents, performance failure, or power failure, among others. Companies are also working on hydraulic release brakes that are spring-loaded braking systems using hydraulic energy to produce adjustable torque. The need for industrial brakes is high in mining winches, overhead cranes, steel rolling systems, and other similar devices.

Furthermore, warehousing, medical, steel mills, and food processing industries hold significant potential for the industrial brakes market. Companies are actively working on the spring-applied brakes with high permitted braking energies, high torques, and wear resistance. For instance, Kor-Pak, an OEM and distributor of industrial brakes and clutches, is developing end-to-end braking systems for the mining and manufacturing industries.

The COVID-19 outbreak has adversely affected the overall growth rate of global industrial brakes market in 2020 due to decline in the revenue and growth of companies operating in the market, owing to supply and demand disruptions across the value chain. Thus, there was a decline in y-o-y growth rate during 2020. However, the sudden growth in vaccinations and COIVD-19 safety protocols, the restrictions are getting lifted, which would positively impact the production capabilities of different industries, such as the industrial brakes industry. This growth is expected to normalize the industrial brakes market growth during the forecast period.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Industrial Brakes market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global Industrial Brakes market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Growth of Global Manufacturing Sector
• Stringent Rules and Regulations Related to Industrial Machinery

Restraints

• Concern Regarding Raw Materials Used in Brake Manufacturing

Opportunities

• Developments in Industrial Braking Technology

Future Trends

• Smart Industrial Brakes

Companies Mentioned

• Akebono Brake Industry Co., Ltd.
• Altra Industrial Motion Corp.
• AMETEK Inc.
• Carlisle Companies Incorporated
• Coremo Ocmea S.p.A.
• DELLNER BUBENZER
• Eaton Corporation plc
• ADVICS CO.,LTD.
• RINGSPANN GmbH
• SIBRE Siegerland Bremsen GmbH
• Jiangxi Huawu Brake Co., Ltd.
• Emco Precima Engineering Pvt Ltd.
• KTR Systems GmbH

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220114005265/en/