Industrial Brakes Market Dynamics and Analysis by 2031
Industrial brakes market size is projected to reach US$ 2.05 billion by 2031 from US$ 1.30 billion in 2023. The market is expected to register a CAGR of 5.9% in 2023–2031.
An industrial brake is a frictional device used to halt a spinning inertia load or to retain a component in a fixed position. In most cases, the inertia load is caused by many spinning components that must be halted. To slow anything down, they transform the kinetic energy created by friction between two surfaces into heat. Industrial brakes differ from car brakes in that they are used in a variety of industrial machines. Industrial brakes work in all-weather situations, require less maintenance owing to fewer moving components, and are easy to modify for various applications. During the forecast period, all of these reasons are likely to boost the demand for industrial brakes across the world.
Industrial brakes provide numerous benefits, one of which is the low number of parts and spares needed. Other benefits include easy hygiene owing to the one-piece design, a high return on investment due to the extended life of industrial brakes, and the ability to work in harsh situations. Additionally, growing industrialization and increasing government investments in the industrial sectors to promote output are expected to have a substantial influence on the industrial brakes market during the projected period.
Industrial Brakes Market Analysis
The key stakeholders in the global industrial brakes market ecosystem include raw material suppliers, industrial brakes manufacturers, and end-users. The rising demand for advanced brakes in manufacturing units across different industries is one of the prominent factors driving the demand for industrial brakes. The raw material suppliers offer several different units for various types of industrial brakes, such as mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, and electrically applied brakes. In addition to this, the use of industrial brakes by end users for facilitating by offering the necessary velocity, acceleration, and deceleration to the industrial equipment is further influencing the demand for industrial brakes.
Industrial Brakes Market Overview
Industrial brakes are widely used in heavy machinery and industrial vehicles manufacturing such as excavators, bulldozers, backhoes, skid steers, and among others. Industrial brakes are also used in various food processing equipment, medical devices, hydraulic machines in industrial plants, automotive manufacturing and other applications. The industrial brakes market has the largest share in the Asia Pacific region owing to several small and medium-scale manufacturers followed by the leading players. Some of the industrial brake manufacturers across the Asia Pacific region include Altra Industrial Motion Corp., ADVICS CO., LTD.; Akebono Brake Industry Co., Ltd., AMETEK Inc., Eaton Corporation plc; Emco Precima Engineering Pvt Ltd. and among others. These manufacturers supply industrial brakes to various industries across the globe.
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Industrial Brakes Market: Strategic Insights
Market Size Value in US$ 1,234.22 million in 2021 Market Size Value by US$ 1,816.70 million by 2028 Growth rate CAGR of 5.68% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Industrial Brakes Market: Strategic Insights
| Market Size Value in | US$ 1,234.22 million in 2021 |
| Market Size Value by | US$ 1,816.70 million by 2028 |
| Growth rate | CAGR of 5.68% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Industrial Brakes Market Drivers and Opportunities
Growth of the Global Manufacturing Sector
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.
Stringent Rules and Regulations Related to Industrial Machinery
Machines are necessary for the production process, but mishaps during their operations can result in burns, blindness, and amputation. Safeguarding, standardizing operating procedures, and thorough training may assist in keeping the staff safe and secure. Governments and organizations across the world are transforming their operations by implementing emission and safety standards in production facilities. The Occupational Safety and Health Administration (OSHA) fines for the infraction of safety standards totaled more than US$ 50 million in the fiscal year 2018. As a result, the US government is developing a long-term regulatory road plan for the flourishment of the manufacturing sector, escalating its contribution to the GDP.
Developments in Industrial Braking Technology
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 machine’s movement quickly in accidents, performance failures, or power failures, 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 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.
Industrial Brakes Market Report Segmentation Analysis
Key segments that contributed to the derivation of the industrial brakes market analysis are temperature type, warehouse type, and application.
- Based on type, the market is divided into mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, electrically applied brakes, and others. Mechanically applied brakes apply force, most commonly friction, to slow or stop a machine or an object from moving. The force is applied to a body that is in rotational or linear motion, such as an axle, shaft, or wheel. Mechanical brakes are used in material handling, manufacturing, and other power transmission applications and are most commonly associated with automobiles. For engaging and disengaging shafts, mechanical brakes are frequently used in conjunction with a mechanical clutch. To decelerate, friction-based brakes use a coarse and tough substance (a brake lining) that is tightened or forced against a moving body. Friction-based braking creates a lot of heat and considerable noise, which degrades the involved surface areas.
- Based on application, the global industrial brakes market is divided into holding brakes, dynamic and emergency brakes, and tension brakes. Motor-holding brakes are responsible for maintaining the motor's position when the power stage is turned off. The holding brake is neither a safety feature nor a maintenance brake. This brake is used in factory automation, medical equipment, elevators and escalators, construction equipment, robotics, and machine tool equipment. Many companies offer holding brakes for various applications and industrial environments. For example, Vortex Engineering Works provides spring-holding brakes for operations in the textile industry.
- Depending upon the industry vertical, the market is divided into manufacturing, metal and mining, construction, power generation, marine and shipping, and others.
Industrial Brakes Market Share Analysis by Geography
The geographic scope of the Industrial Brakes market report is mainly divided into five regions: North America, APAC, Europe, Middle East & Africa, and SAM.
Persistent developments in the industrial sector in Asia Pacific countries add to their economic prosperity. This change has resulted in rising affluence, urbanization, and population expansion. Furthermore, Asia Pacific makes for a substantial portion of the global energy consumption, with the industrial sector accounting for the majority of the regional energy consumption. The region comprises 58 economies and is home to over 60% of the world's population. As per ADB Annual Report 2018, its share in the global purchasing power parity gross domestic product (GDP PPP) increased from 30.1% in 2000 to 42.6% in 2017, and three nations—China, Japan, and India—accounted for more than 70% of the region's total production in 2017. In 2014, the total energy consumption of Asia Pacific increased at double the pace of the world; it consumes more than 50% of the total energy supply of the world and accounts for ~55% of global fuel emissions.
The expansion of the industrial sector also results in higher energy consumption and greenhouse gas emissions. The use of energy-saving alternatives in enterprises that require optimal working conditions is increasing demand for various types of industrial brakes. Furthermore, increased energy security, improved workplace environmental quality, and new job creation with the introduction of business prospects related to energy efficiency have also led to the growth of industrialization in the region, thereby propelling the industrial brakes market growth.
Industrial Brakes Market Report Scope
Industrial Brakes Market News and Recent Developments
The industrial brakes market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In March 2023, TVS Apache Brakes brand in India launched advanced technology-based ZAP brake pads for electric vehicles. ZAP is a braking fluid that was created and developed to meet the user’s requirement for electric vehicles. It improves corrosion resistance, provides protection, and offers silent braking for electric vehicles. (Source: Eurofins, Press Release)
Industrial Brakes Market Report Coverage and Deliverables
The “Industrial Brakes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Industrial Brakes Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Industrial Brakes Market Trends
- Detailed PEST Analysis and SWOT analysis
- Industrial Brakes Market Analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments.
- Industrial Brakes Market Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed Company Profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, and Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America is expected to dominate the industrial brakes market in 2023.
The growth of the global manufacturing sector drives market growth.
Stringent rules and regulations related to industrial machinery driving the market trend.
Akebono Brake Industry Co., Ltd., Altra Industrial Motion Corporation, Ametek Inc., Aplicación Nuevas Tecnologías Antec SAU, Dellner Bubenzer Germany GmbH, Hilliard Corporation, Kobelt Manufacturing Co. Ltd., KOR-PAK Corporation, Ringspann GmbH and Tolomatic, Inc
Industrial brakes market size is projected to reach US$ 2.05 billion by 2031 from US$ 1.30 billion in 2023.
The market is expected to register a CAGR of 5.9% in 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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