Industrial Brakes Market Global Survey, Market Size, Competitive Trends Forecast to 2023
Global industrial brakes market is projected to reach $1,129.9 million by 2023. Industrial brakes are an important part of the heavy vehicles industry. They are used in heavy vehicles such as earth movers, mining equipment, and construction equipment. The special characteristic of these brakes is that they have the ability to hold the equipment in place.Most of the construction equipment need these brakes as they carry heavy loads and if there is sudden failure of the equipment, the loads will fall.
On the basis of application, the market is segmented into holding brakes, dynamic and emergency brakes, and tension brakes. The holding brakes category has been holding the largest share in the industrial brakes market, with a contribution of more than 55.0% in 2017.
Globally, Asia-Pacific has been the largest industrial brakes market. Rise in construction activity; and increasing exploration, production, and mining activities are some of the factors fueling the growth of the market. With the increase in population and rise in disposable income, people are moving to urban areas.
With the evolution of technology, braking systems can be integrated with Internet of Things (IoT). With the help of IoT, brakes can be automatically applied in case of an emergency. Also, industrial brakes can be fitted with proximity sensors and placed in industrial work stations.
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Some of the major players operating in the industrial brakes industry are Akebono Brake Industry Co., Ltd., Altra Industrial Motion Corp., Antec S.A., Carlisle Brake & Friction, Coremo Ocmea S.p.A., GKN Walterscheid Gmbh, Pintsch Bubenzer Gmbh, Ringspann GmbH, SIBRE – Siegerland Bremsen GmbH, and Eaton Corporation.
Global Industrial Brakes Market Segmentation
- Mechanically Applied Brakes
- Hydraulically Applied Brakes
- Pneumatically Applied Brakes
- Electrically Applied Brakes
- Drum & Disc Brakes
- Spring Brakes
- Holding Brakes
- Dynamic & Emergency Brakes
- Tension Brakes
- Metal & Mining
- Marine & Shipping
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