Industrial Brakes Market

Industrial Brakes Market Size:

The global industrial brakes market size reached US$ 1.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032. The market is experiencing significant growth driven by demand for automating manufacturing processes, changing trends of safety and effectiveness in a line of industries, use of renewable energy sources that demand improved braking systems, and ongoing technological advancements in brake technologies to improve their performance and durability.

Industrial Brakes Market Analysis:

• Major Market Drivers: The industrial brakes market share is primarily driven by the ongoing advancements in technological developments for manufacturing plants and these brakes are vital for optimizing the function and safety of the plants. The increasing focus on the deployment of innovations in renewable energy plant systems such as wind generators requires dependable braking systems. Also, safety standards implemented around diverse working sectors require effective industrial brakes of high performance. Algorithms with diverse technologies such as smart braking systems connected with IoT depending on real-time monitoring and maintenance of the automobile as well as others are helping generate demand for the market.
• Key Market Trends: Some of the emerging trends propelling the industrial brakes market growth include the adoption of electro-hydraulic braking systems due to their efficiency and reliability. There is also a shift toward greater emphasis on the use of regenerative braking systems as it provides a way to improve energy utilization during deceleration. The application of modern technologies when constructing brakes, including the utilization of composite materials in the process, enhances the overall assets of brakes but decreases their maintenance expenses. Additionally, a recent shift toward the use of predictive maintenance enabled through IoT and AI systems is reshaping the market.
• Geographical Trends: Asia Pacific dominates the industrial brakes industry owing to high industrialization, urbanization, and growth in the manufacturing industry in emerging economies such as China and India. The factors that also support the region’s economy are well-developed infrastructure and escalating investments in renewable energy. Automotive manufacturing industries are incorporating government policies and implementing safe and secure Industrial automation also the implementation of strict safety measures has been another driver for the market. Asia Pacific is an ideal location to manufacture industrial brakes, the presence of many chief industrial brake manufacturers, and the availability of cheap raw materials.
• Competitive Landscape: Some of the major market players in the industrial brakes industry include Akebono Brake Industry Co. Ltd, Altra Industrial Motion Corporation, AMETEK Inc., Antec SA, Coremo Ocmea S.p.A., Eaton Corporation PLC, Hilliard Corporation, Kobelt Manufacturing Co. Ltd., Kor-Pak Corporation, RINGSPANN GmbH, SIBRE - Siegerland Bremsen GmbH, Tolomatic Inc., among many others.
• Challenges and Opportunities: The market faces challenges such as high initial costs and frequent maintenance, which make them unaffordable for many businesses, particularly companies with limited resources. Moreover, there are challenges in integrating modern braking systems with systems and machinery that are already in the market. However, these are the challenges that can be viewed as opportunities to develop new braking systems that are cheap and require little maintenance. Some opportunities exist in the development of environmentally friendly systems mainly with increased focus on sustainable automotive solutions.

Industrial Brakes Market Trends:

Increasing Automation in Manufacturing

Increasing the adoption of automation in manufacturing industries is one of the foremost factors that impact the industrial brakes market. Automation implies better means of operation and standardization, measurement, and safety in operations; thus, the call for effective braking of automated machines. According to the International Federation of Robotics (IFR), global industrial robot installations reached approximately 450,000 units in 2022, marking a 6% year-over-year increase. This increase is most evident in vehicle manufacturing, the electronics market, and metallurgical industries where accuracy and safety are paramount. Automated systems make use of industrial brakes to enable movement control and speed regulation and in case of an occurrence, it allows for an instant halting of the system. The rising trend of industries incorporating automation in manufacturing to compete and meet production requirements has escalated the industrial brakes market demand, thus stimulating market growth.

Rapid growth in Renewable Energy Projects

The increasing renewable power generation, especially the wind generates power that increases the market of industrial brakes. Wind turbines, being an important element in the generation of renewable energy, face high stresses, and hence good braking is necessary for the safety of the entire operation. For instance, the Global Wind Energy Council (GWEC) reports that the new wind power capacity that has been deployed across the global markets amounted to 93 GW in 2022, which demonstrates positive sector development. This trend is due to enhanced capital spending and encouragement from governments to cut the emission of carbon and grasp renewable energy. The brakes of wind turbines are very important for rotor speed, handling of emergencies, and the maintenance of the wind turbines for long-term use. An increasing focus on cleaner energy options is thus propelling market growth.

Implementation of Stringent Safety Regulations

Government-driven safety regulations are fueling market growth. Governments across the world have tightened safety standards which propels the industrial brakes market. Trade associations and national standards that include the Occupational Safety and Health Administration (OSHA) in the United States and the Machinery Directive 2006/42/EC of the European Union require compliance with safety precautions in industrial applications. These regulations put pressure on industries to incorporate the installation of and or the use of efficient and effective brakes to enhance the safety and productivity of the workers. For instance, OSHA demands proper safeguarding of the machines and sound operations of the emergency stop functions that require high-performance brakes. All these regulations must be adhered to as it will help to avoid penalties and create a safe working environment. As industries worldwide prioritize compliance and invest in safer operational practices, the demand for innovative and reliable industrial braking solutions continues to rise, bolstering the industrial brakes market forecast.

Industrial Brakes Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, application, and end-use industry.

Breakup by Type:

• Mechanical
• Hydraulic
• Pneumatic
• Electrical
• Others
   

Electrical accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes mechanical, hydraulic, pneumatic, electrical, and others. According to the report, electrical represented the largest segment.

Electrical industrial brakes are widely utilized in the market because of their high performance, accuracy, and compatibility with automated systems. These brakes allow for a very short cycle time and high-duty cycle, suitable for use in manufacturing, robotics and renewable energy industries among others. For instance, as reported by the International Energy Agency (IEA) the global cumulative investment in renewable energy touched $359 billion in 2022, and there have been massive chunks of investment in the wind and solar-based power projects that are dependent majorly on sophisticated electrical braking assemblies. Further, high pressure to implement Industry 4. 0 and smart manufacturing and the fact that electrical brakes can be easily connected with IoT and AI technologies for constant monitoring and prognostication of when it would need repair increases the demand for it as well. Thus, their effectiveness in regulating speed and improving safety in automated processes makes the electrical brakes dominant and a preferred option as they consolidate their market supremacy.

Breakup by Application:

• Holding Brakes
• Dynamic and Emergency Brakes
• Tension Brakes
   

Holding brakes holds the largest share of the industry

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes holding brakes, dynamic and emergency brakes, and tension brakes. According to the report, holding brakes accounted for the largest market share.

Holding brakes account for the largest share of the industrial brakes market due to their importance for safety and prevention of movement in robotic systems, wind power generation equipment, and massive equipment. These brakes help to hold the load after power has been disconnected or when there is no movement in machines which makes it to be a backup brake. As per the data from the U.S. Department of Energy, the addition of wind energy capacity was above 135 GW in the year 2022, while holding brakes is essential for the control of the wind turbines by avoiding any rotation of the wind turbine rotor during service or blackouts. Also, the higher use of automated designs in manufacturing and robotics that use accurate load control and safety is favorable to holding brakes. They are very reliable when it comes to avoiding any unnecessary movement, as such precautions are mandatory in certain industries due to safety standards, thus creating a positive industrial brakes market outlook.

Breakup by End Use Industry:

• Manufacturing
• Metal and Mining
• Construction
• Marine and Shipping
• Others
   

Manufacturing represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end use industry. This includes manufacturing, metal and mining, construction, marine and shipping, and others. According to the report, manufacturing represented the largest segment.

The industrial brakes market research report states that the manufacturing sector dominates the market due to the huge demand it has for automating its operation and ensuring safe operating conditions. Disc-brake systems remain essential for controlling the speed, accuracy, and safety of automated tools and equipment. The U. S Census Bureau has reported that manufacturing shipments in the United States only were valued at around $ 6 trillion. It reported that global social media and spending will reach $1 trillion in 2022, which underlines the magnitude of the phenomenon. The constant trend toward automated systems due to the effort to increase production and lower costs is the reason why the use of efficient and reliable braking systems is imperative in the industry. Also, the strict standards presented by various authorities such as the OSHA that require the integration of enhanced braking systems for employee protection contribute to the growth of the market. The application of smart technologies to manufacturing also drives innovation and the demand for advanced industrial brakes.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest industrial brakes market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest regional market for industrial brakes.

Asia Pacific dominates the industrial brakes market revenue increased industrialization and urbanization levels, and strong growth in the manufacturing industries primarily in China, India, and Japan. This dominance can be attributed to the region’s sound infrastructure institutions and a growing interest in renewable energy projects. For instance, the International Energy Agency (IEA) estimated that China was responsible for 37% of the global renewable capacities in 2022 due to the increasing installation of wind and solar energy systems. Also, the government factors include ‘Make in India’ by India and ‘Made in China 2025’ by China, which also seeks better control of manufacturing equipment, therefore acting as drivers to the industrial brakes. The low cost of raw materials and an experienced talent pool are some of the factors that make the Asia Pacific the preferred location for manufacturing and exporting industrial braking systems, which strengthens its position to the leading market position.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the industrial brakes industry include Akebono Brake Industry Co. Ltd, Altra Industrial Motion Corporation, AMETEK Inc., Antec SA, Coremo Ocmea S.p.A., Eaton Corporation PLC, Hilliard Corporation, Kobelt Manufacturing Co. Ltd., Kor-Pak Corporation, RINGSPANN GmbH, SIBRE - Siegerland Bremsen GmbH and Tolomatic Inc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The industrial brakes companies are using technology and acquisition strategies to improve their standing in the market. These companies make a substantial amount of expenditure on research and development projects to launch better braking technologies and systems with enhanced performance. For instance, Eaton has developed effective Electro-hydraulic braking systems for improved performance in the automation and renewable energy industries. The U. S. Department of Energy has noted that the ERE investments continue to rise, and especially wind energy capacity has exceeded 135GW in 2022. Moreover, the market leader is also entering into new growth opportunities by acquisitions as Asia-Pacific and Latin America are newly industrialized economies that have significant infrastructure development projects so that they are emerging as a growth region for this market.

Industrial Brakes Market News:

• In January 2023, Brakes India announced plans to expand its market share by focusing on innovation and introducing new products. The company aims to enhance its product offerings to meet evolving industry demands and improve safety and performance standards.
• In May 2024, Rane Brake Lining's share price surged by 20% to hit the upper circuit limit following a significant jump in Q4 profits. This increase propelled the share price to its highest level in two and a half years, reflecting investor confidence and positive market sentiment toward the company's financial performance and growth prospects.

Industrial Brakes Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the industrial brakes market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global industrial brakes market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the industrial brakes industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.