What are the market space and limitations by the industrial brakes key sellers?

The industrial brakes market is predicted to grow significantly due to the expanding construction and manufacturing industries and rising adoption of industrial internet of things (IIoT)-based sensors in manufacturing equipment. In 2016, the market valued at $830.3 million, and it is predicted to advance at a CAGR of 4.5% during the forecast period (2017–2023). Industrial brakes offer braking solutions in cranes, packaging machines, and construction machinery and equipment. These brakes, through consistent quality and automation, can increase a plant’s production capacity with minimum human supervision. 

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Based on type, the industrial brakes market is broadly classified into drum and disc brakes, spring brakes and mechanically, hydraulically, electrically, and pneumatically-applied brakes. Out of these, in 2017, electrically applied brakes led the market with a revenue contribution of more than 30.0%, and these are predicted to maintain their lead during the forecast period. This is ascribed to the fact that these brakes offer better performance and reliability over other types. Besides, these can be used for precision and accurate braking in automated packaging machines and industrial robotics. 

On the basis of application, the industrial brakes market is categorized into tension, holding, and dynamic and emergency brakes. Among these, in 2017, the holding brakes category held the largest share, of more than 55.0%, in the market, and it is expected to continue dominating it during the 2017–2023 period. The equipment and machinery in manufacturing units generally face heavy raw material loads during their processing and movement within the space. Thus, these brakes are important in hoisting and lifting payloads and platforms, as well as in material handling and lifts and escalators. 

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Investments are being continuously made in the manufacturing niche for improving the production efficiency through automation. The increasing rate of industrial automation is boosting the adoption of automated equipment and machines. For instance, as per the National Association of Manufacturers, in 2016, the total contribution made by the manufacturers to the U.S. economy, as a result of automation stood at $2.18 trillion. Talking of investments, according to an India Brand Equity Foundation report, in 2016 during April–November, the manufacturing niche observed a foreign direct investment worth $16.13 billion. 

In recent years, developing economies, such as India, China, and several in Africa, have been experiencing significant growth and are anticipated to do so during the forecast period as well. The surging demand for manufacturing and construction equipment is predicted to accelerate the use of industrial brakes, thereby thriving the industrial brakes market. Furthermore, with rapid industrialization, urbanization, and electrification in developing countries, the construction and manufacturing industries are projected to grow significantly during the forecast period. 

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The penetration of industrial internet of things (IIoT) has fueled sensors’ application scope in industrial machinery. With the use of IIoT-based sensors, machines in industrial applications are able to apply emergency brakes in case of any mishap with the help of artificial intelligence-backed systems. Moreover, the proximity sensors installed near the machinery and assembly stations also improve the operation of automated brakes in different industries by improving the workstation safety. This is predicted to offer profitable opportunities to the manufacturer operating in the market. 

Thus, with the expanding construction and manufacturing industries and technological advancements in industrial equipment, the industrial brakes market is progressing.