The global industrial brakes market plays a crucial function in mechanical power transmission in machineries as it results in delivering mechanical energy to shafts, which aids in facilitating motion in industrial equipment.
Portland, OR -- (SBWIRE) -- 10/13/2017 -- Rise in automation processes and adoption of industrial robotics is expected to drive the industrial brakes market. In addition, the increase in consciousness toward safety and efficiency of industrial machineries also boost the market growth. However, due to fluctuating prices of materials used for brakes impacting the profit margins and stringent regulations associated with industrial machineries are expected to hinder the growth of the market.
Global Industrial Brakes Market is expected to $1,074 million by 2023 from $828 million in 2016, growing at a CAGR of 3.70% from 2017-2023. The global industrial brakes market plays a crucial function in mechanical power transmission in machineries as it results in delivering mechanical energy to shafts, which aids in facilitating motion in industrial equipment.
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In 2016, the hydraulic brakes, accounted for the maximum market share of 28% in the global industrial brakes market as they ensure reliability and are easy to maintain. Moreover, due to less maintenance cost they are widely preferred by various end-user industries. The electronically applied brakes segment is expected to grow at a fastest CAGR of 5.1% owing to superior level of precision and accuracy of these brakes.
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Moreover, rise in inclination toward enhanced efficiency and safety of the industrial machineries among the market players is also anticipated to drive the market in the coming years. Technology driven motion control solutions involving sensors enabled in brakes can provide lucrative opportunities to the manufacturers.
Industrial Brakes Market Key Segments:
-Drum & Disc
-Dynamic & Emergency Brakes
By End-User Industry
-Metals & Mining
-Marine & Shipping