Industrial Brakes Market 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. Thus, these brakes play a major role in avoiding any sudden accident in the workplace.

The global industrial brakes market is expected to witness a steady growth, owing to rise in the adoption of automation processes and subsequently increasing demand for industrial robotics. Globally, Asia-Pacific has been the largest market for these brakes.

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On the basis of type, the market is divided into mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, electrically applied brakes, drum and disc brakes, and spring brakes. Electrically applied brakes is estimated to be the largest category in the industrial brakes market, contributing more than 30.0% in 2017. Electrically applied brakes are precise and provide greater safety, leading to greater adoption of these brakes by automobile companies.

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. This has led to an increased construction activity in the region, which in turn has increased the sales of construction equipment; thus, resulting in growing demand of these brakes.

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Also, the region is emerging as a hub of agricultural tractors due to high farming requirements. These tractors are fitted with these brakes which have got high stopping strength, thus helping the vehicles to be stationed at a position for a long time.

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.

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