IMARC Group’s latest research report, titled “Industrial Brakes Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios. The global industrial brakes market reached a value of US$ 1.26 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1.62 Billion by 2027, exhibiting a CAGR of 4.02% during 2022-2027. Industrial brakes are the devices designed for stopping or decelerating the moving parts of machines. They rely on friction for holding the rotating parts in their places and converting the kinetic energy to halt the movement. Industrial brakes are equipped with automatic adjustment tools to aid in adjusting the gap between the brakes. Presently, leading players are focusing on improving the efficiency and wear life of these brakes and reducing their maintenance requirements so as to minimize lost production owing to downtime. This is enabling the product usage in harsh and remote working conditions. Consequently, industrial brakes find extensive applications across the mining and marine sectors.
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Important Attribute and highlights of the Report:
The expanding construction industry is primarily driving the industrial brakes market. Moreover, the emerging Industry 4.0 trends in the manufacturing sector to enable the provision of real-time information about the manufacturing process are further catalyzing the market growth. In line with this, the integration of advanced technologies, such as the internet of things (IoT), cloud computing and analytics, artificial intelligence (AI), machine learning (ML), etc., and the rising automation across various industry verticals are also augmenting the global market. Furthermore, the inflating adoption of industrial robots for assembly, pick-and-place, and packaging operations is acting as another significant growth-inducing factor. In addition to this, the elevating product utilization in mining winches, conveyor belts, overhead cranes, steel rolling systems, wind turbines, etc., is anticipated to bolster the industrial brakes market over the forecasted period.
Key Players Included in Global Industrial Brakes Market Research Report:
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Breakup by End Use Industry:
TOC for the Industrial Brakes Market Research Report:
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