Dublin, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The "Industrial Brakes Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The industrial brakes market is experiencing robust growth, with forecasts indicating a rise from $1.24 billion in 2023 to an estimated $1.31 billion in 2024, achieving a compound annual growth rate (CAGR) of 5.5%. This surge is largely attributed to the widespread adoption of industrial automation, stringent safety regulations, and an uptick in manufacturing output. The market is poised for continued expansion, with a projection of reaching $1.64 billion by 2028 at a CAGR of 5.8%.
Trends and Strategies
Several factors are fueling this growth, including a focus on energy efficiency, increased renewable energy projects, predictive maintenance, demand for customized solutions, and heightened safety and performance standards. Concurrently, trends such as the integration of the Internet of Things (IoT) in braking systems, advancements in friction materials, and a move towards sustainable and eco-friendly products are shaping market strategies.
The Impact of Manufacturing Automation
A noteworthy driver of growth in the industrial brakes market is the escalation of manufacturing automation, which includes the utilization of advanced technology for tasks with minimal human intervention. Automation aims to increase efficiency, precision, and productivity, with industrial brakes being critical to ensuring motion control and safety in these automated systems.
Competitive Landscape and Notable Transactions
Leading players in the sector are focusing on the development of revolutionary braking systems that promise enhanced performance and safety. One such development is the introduction of Advanced Brake-by-Wire Solutions by ZF Friedrichshafen AG, catering to the construction industry. Moreover, strategic acquisitions, such as that of TMD Friction Group GmbH by AEQUITA, signify a strengthening of market positions and a boost in innovation and global market expansion endeavors.
Regional Insights
North America has been identified as the largest region in the industrial brakes market as of 2023. However, the Asia-Pacific region is anticipated to be the fastest-growing market during the forecast period. The report covers an array of regions including North America, Asia-Pacific, Western and Eastern Europe, South America, and the Middle East and Africa.
Industry Applications and Types of Industrial Brakes
Industrial brakes, vital for machinery and equipment used in various sectors, are designed for managing motion and safety under rigorous industrial conditions. They cater to diverse applications, from marine and shipping to mining and construction, and are available in mechanical, hydraulic, pneumatic, and electrical variants.
The industrial brakes market report offers an in-depth analysis of the industry, providing a comprehensive overview that addresses current and future market scenarios. This analyses the sales of an assortment of brake types, including spring-applied, regenerative, pneumatic, and hydraulic, accounting for both direct and indirect sales revenues within the specified market and geography.
About the Industrial Brakes Market Report
This market report encompasses a thorough examination of the industrial brakes sector, providing critical insights into market size, growth, segmentation, and regional breakdowns. As the industry advances, this report serves as a valuable resource for understanding market dynamics and positioning for future growth opportunities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $1.31 Billion |
| Forecasted Market Value (USD) by 2028 | $1.64 Billion |
| Compound Annual Growth Rate | 5.8% |
| Regions Covered | Global |
The major companies profiled in this Industrial Brakes market report include:
- Eaton Corporation plc
- Parker Hannifin Corporation
- Shanghai Borui Electric Co. Ltd.
- AMETEK Inc.
- Nabtesco Corporation
- Altra Industrial Motion Corp.
- Akebono Brake Industry Co. Ltd.
- Haldex AB
- ADVICS CO. LTD.
- KTR Systems GmbH
- Hilliard Corporation
- Kor-Pak Corporation
- Dellner Bubenzer
- Tolomatic Inc.
- Antec SA
- Kobelt Manufacturing Co. Ltd.
- SIBRE Siegerland Bremsen GmbH
- Kamco Components Ltd.
- Jiaozuo Changjiang Brake Co. Ltd.
- Carlisle Brake & Friction
- Jiangxi Huawu Brake Co. Ltd.
- Coremo Ocmea S.p.A.
- Emco Precima Engineering Pvt Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/61wvev
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