The global market for industrial brakes is projected to expand from US$ 1,234.22 million in 2021 to US$ 1,816.70 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.68% during the period from 2021 to 2028.
Since the onset of the Industrial Revolution, advancements in technology have significantly increased industrial production capabilities, leading to a worldwide rise in manufacturing activities. According to PricewaterhouseCoopers (PwC), several factors such as the growth of economies, quality of labor, tax regulations, regulatory frameworks, and fluctuations in transportation and energy costs have contributed to the resurgence of this sector. Consequently, the manufacturing industry?s expansion has positively influenced related markets, including those supplying mechanical equipment. The emergence of new consumer segments in developing nations presents substantial opportunities for manufacturers globally. Additionally, ongoing innovations are creating new demands, thereby enhancing the adoption of advanced equipment and systems within manufacturing facilities.
When developing equipment systems, it is essential to consider the impact of the braking system on the operation of subsequent machinery. Fail-safe brakes play a critical role in swiftly halting machine movement during accidents, performance failures, or power outages. Companies are innovating hydraulic release brakes, which are spring-loaded systems utilizing hydraulic energy to generate adjustable torque. The demand for industrial brakes is particularly high in applications such as mining winches, overhead cranes, and steel rolling systems. Moreover, sectors like warehousing, healthcare, steel production, and food processing present significant growth potential for the industrial brakes market. Manufacturers are focusing on spring-applied brakes that offer high permissible braking energies, substantial torque, and resistance to wear. For example, Kor-Pak, a manufacturer and distributor of industrial brakes and clutches, is working on comprehensive braking systems tailored for the mining and manufacturing sectors.
The COVID-19 pandemic had a detrimental effect on the global industrial brakes market in 2020, leading to a decline in revenue and growth for companies within the sector due to disruptions in supply and demand throughout the value chain. This resulted in a year-over-year decrease in growth during that year. However, with the rapid rollout of vaccinations and the implementation of COVID-19 safety measures, restrictions are being lifted, which is expected to positively influence the production capabilities of various industries, including the industrial brakes sector. This recovery is anticipated to stabilize the growth of the industrial brakes market throughout the forecast period.
Several prominent companies are active in the industrial brakes market, including 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., and KTR Systems GmbH. The report also includes secondary research on other companies that hold a significant share of the market.
The overall size of the industrial brakes market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide an overview and forecast for the industrial brakes market across all segments and regions. Additionally, numerous primary interviews have been conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants in this process include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the industrial brakes market.