The industrial brakes market is being driven by the increasing requirement for such devices in a wide range of sectors, which includes construction, manufacturing, oil and gas, and metal and mining. These factors are expected to propel the industry at a 3.0% CAGR during 2019–2024, which will lead to an increase in its size to $1,105.7 million by 2024 from $930.3 million in 2018. These devices are used to control the motion of cranes, packaging machines, wind turbines, construction machinery, metal and mining machines, tube machines, and marine and shipping machines.
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On the basis of industry, the industrial brakes market is classified into metal and mining, manufacturing, power generation, marine and shipping, construction, and others, wherein ‘others’ includes aerospace, military, entertainment, printing, transportation, and oil & gas. Among all these, the manufacturing category dominated the market in 2019 owing to the heavy investments being poured for setting up new manufacturing plants and modernizing the existing ones. Additionally, regulations mandating a safe working environment in factories are being implemented around the world, thereby driving the demand for brakes.
A lucrative opportunity area for the players in the industrial brakes market is the adoption of the industrial internet of things (IIoT). The Industry 4.0 revolution aims for the creation of smart factories with reduced energy consumption and automated operations. Here, brakes equipped with sensors are being used, with the sensors preventing any unauthorized movement of the machine, by leveraging artificial intelligence. Such brakes could also improve the working conditions, such as by stopping the movement of cranes carrying heavy stuff should anyone come below it.
Hence, the growing manufacturing industry due to government initiatives and rising purchasing power of the masses will propel the market for industrial brakes.
Read more: https://www.psmarketresearch.com/market-analysis/industrial-brakes-market
