The increasing construction activities in several countries, on account of the rising urbanization, rapid economic growth, and surging disposable income of people, are pushing up the requirement for finished products across the globe. The infrastructure sector has grown massively in developing countries such as India and China and various African countries during the last few years and this upward growth trajectory is predicted to continue in the coming years as well.
This will create huge requirement for manufacturing and construction machinery such as lifts, construction systems, and cranes, which will, in turn, push up the demand for industrial brakes in the coming years. In addition to this, the developing nations have witnessed huge investments in mineral exploration projects during the last several years. Moreover, these investments are predicted to soar in the future years as well. This will fuel the expansion of the mining sector in the coming years.
These countries are using several technologies such as the internet of things (IoT) and automation for reducing the operational times and the labor costs associated with mining projects. Because of these factors, the sales of industrial brakes are rising rapidly around the world. This is, in turn, propelling the growth of the global industrial brakes market. As a result, the value of the market is predicted to rise from $930.3 million in 2018 to $1,105.7 million by 2024.
Globally, the industrial brakes market recorded the highest growth in North America in the past years, as per the observations of the market research firm, P&S Intelligence. This was because of the existence of a huge manufacturing sector in the region that supplies and manufactures goods both internationally and domestically. The ballooning exports of manufacturing items from countries such as Canada and the U.S. are predicted to fuel the boom of the market in the region in the upcoming years.
Hence, it can be said with surety that the sales of industrial brakes will soar all over the world in the years to come, mainly because of the surging construction and infrastructural development activities in various countries.
The Industrial Brakes Market is expected to grow at a CAGR of 3.3% from 2020-2030, according to a new research report by Next Move Strategy ConsultingIndustrial brakes are friction devices used to control the movements of machines during operations.
It helps in controlling the speed and thereby assists in delivering the desired result.
These brakes are widely used in different industries such as packaging, processing, manufacturing, mining & others to enhance the productivity with minimum human supervision.According to the report, continuous growth in industrial automation activities all around the globe and wide applications in different industries are major factors driving the market growth.
Moreover, high adoption rate of sensor breaks followed by the rapid integration of IoT, AI at industrial level is anticipated to provide numerous opportunities to the market players in the coming few years.On the basis of type, the industrial brakes market is segmented into Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, Drum & Disc Brakes, and Spring Brakes.
Electrically Applied Brakes dominates the global industrial brakes market in terms of market share and will be the dominant segment during the forecast period.On the basis of application, the industrial brakes market is categorised into Holding Brakes, Dynamic & Emergency Brakes, and Tension Brakes.
Europe is the second developed region in industrial breaks market in terms of market size.
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