With increasing construction activities, on account of rapid urbanization and growing disposable income of people, the demand for industrial brakes is soaring all over the world. Moreover, the economic progress of countries, such as India and China, is propelling the infrastructure sector, which is, in turn, fueling the demand for industrial brakes. This is ascribed to the fact that the growth in infrastructure is positively impacting the demand for manufacturing and construction machinery, such as construction systems, lifts, and cranes.
Besides, the increasing exploration of minerals, on account of the burgeoning requirement for minerals, is also creating immense growth opportunities for the players operating in the industrial brakes market. Many countries are investing heavily in mineral exploration projects and incorporating advanced technologies, such as the internet of things (IoT) and automation, in order to mitigate the labor cost and operational time of mining activities. These investments are predicted to push up the requirement for industrial brakes in the upcoming years.
The other major industrial brakes market growth driver is the increasing oil and gas exploration and production activities. Owing to these factors, the revenue of the market is predicted to grow from $930.3 million in 2018 to $1,105.7 million by 2024. Further, the market is expected to demonstrate a CAGR of 3.0% from 2019 to 2024. Industrial brakes are basically frictional devices that are used for controlling the motion of moving bodies in various industrial operations.
These machines provide brake solutions in packaging systems, construction machinery, tube machines, wind turbines, cranes, marine and shipping machines, and metals and mining machines. These brakes have the ability to augment the production capability of a plant via consistent quality and automation with minimum human supervision. Hydraulically applied brakes, electrically applied brake, pneumatically applied brakes, and mechanically applied brakes are the most widely used types of industrial brakes. Out of these, the demand for hydraulically applied brakes was found to be the highest in the years gone by.
Moreover, the sales of these brakes are predicted to surge sharply in the coming years. This will be because of the various beneficial traits of these brakes, such as their reliability, long life, easy usability, and availability at competitive prices. Geographically, the sales of industrial brakes were observed to be the highest in North America in the past. This was because of the surging manufacturing sector, which produces and supplies several products internationally and domestically, in the region. The increasing exports of these manufacturing products from countries, such as Canada and the U.S., are predicted to propel the North American industrial brakes market in the coming years, as per the forecast of the market research company, P&S Intelligence.
Hence, it can be safely said that the demand for industrial brakes will rise sharply in the forthcoming years, mainly because of the expansion of the manufacturing sector and surging construction, mining, and oil and gas exploration and production activities all over the world.