How will Global Industrial Brakes Market Reach over $1,000.0Million Revenue by 2024

by Manish Kumar Digital Analyst

With the extensive construction and manufacturing projects and a rapid increase in the productivity of the mining domain in emerging economies, the demand for brakes will increase massively in various industries, such as construction, metal, mining, manufacturing, and oil and gas. This rising demand will increase the valuation of the global industrial brakes market, from $930.3 million in 2018 to $1,105.7 million by 2024, with a CAGR of 3.0% during 2019–2024 (forecast period).

 

Industrial brakes are used for controlling the motion of moving objects and devices in various equipment, such as wind turbines, construction machinery,tube machines, packaging machines, marine and shipping machines, cranes, and metal processing and mining machines. The utilization of these brakes improves the efficiency of the plant as well as helps the industry maintain high quality standards, with minimum human supervision. This also leads to shorter operating times, which would continue leading the market toward a bright future.

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The rapid urbanization, growth in the economy, and increase in the disposable income have resulted in a surging demand for finished products and construction projects. Furthermore, significant growth in the infrastructure sector in emerging economies, such as India, China and various African countries, in the coming years, will result in a rising demand for construction and manufacturing equipment, such as lifts and cranes, thereby driving the industrial brakes market during the forecast period.

 

The growing economies have made massive investments in the exploration of minerals, in the last few years, and adopted various automation technologies such as internet of things (IoT), in order to reduce labor cost and operational time. These factors are expected to significantly increase the demand for industrially used brakes in future. For instance China’s ‘One Belt, One Way’ initiative, aimed at expanding its economic and geographical influence in Eurasia, will lead to a surge in various construction and mining activities.

 

Depending on type, the industrial brakes market is divided into pneumatically applied brakes, electrically applied brakes, hydraulically applied brakes, mechanically applied brakes, and others. Out of these, the hydraulically applied brakes had the largest market share in 2018, of more than 45.0%, amount to a revenue contribution of more than $400.0 million. With the rapidly increasing usage of these brakes in the coming years, owing to their easier handling, reliability, long life, and competitive pricing, the category is expected to witness a CAGR of almost 3.0% during the forecast period.

 

Owing to their lower weight, simpler construction, uniform pressure, and easier maintenance procedures than those of the other brakes available in the market, hydraulically applied brakes are preferred by customers. In addition to this, the increasing adoption of automation, for the improvement of plant safety and decrease in the requirement for manual labor, would continue raising the popularity of these brakes in the construction and manufacturing sectors, during the forecast period.

 

On the basis of industry, the industrial brakes market is divided into construction, metal and mining, manufacturing, power generation, marine and shipping, and others. Amongst these, the manufacturing sector held an over 45.0% market share in 2018. The rising investments in the sector, for the upgradation of the existing equipment, are the biggest factor that contributed in the sector’s leading market share. In addition, the growing standards and increasing safety regulations in manufacturing facilities will result ina high demand for industrial brakes during the forecast period.

 

Hence, as the trend of automation picks up, with companies vying for a reduction in their operational costs, their usage of industrial brakes would continue being high.

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Created on Apr 6th 2020 05:21. Viewed 264 times.

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