Rising activities in construction & manufacturing industries, increasing adoption of industrial robotics & automation processes, and surge in inclination towards safety & efficiency of industrial machineries propel the growth of the global industrial brakes market. The dynamic & emergency brakes segment held the major share in 2016. The manufacturing segment is predicted to register the fastest CAGR of 4.7% throughout the forecast period.

Portland, Sept. 11, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial brakes market was estimated at $813 million in 2016 and is expected to hit at $1.07 billion by 2023, registering a CAGR of 3.70% from 2017 to 2023. The report provides a detailed analysis of the market size & estimations, top investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and changing market trends.

Increasing activities in construction & manufacturing industries, rising adoption of industrial robotics & automation processes, and surge in inclination towards safety & efficiency of industrial machinery drive the growth of the global industrial brakes market. On the other hand, fluctuating prices of materials used for manufacturing industrial brakes and stringent regulations associated with industrial machinery restrain the growth to a certain extent. Nevertheless, high-end technology-driven brakes systems enabled with sensors are expected to create multiple opportunities for the key players in the industry.

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The manufacturing segment to remain lucrative by 2023-

Based on end-user, the manufacturing segment accounted for more than one-third of the total market share in 2016 and is expected to maintain its dominance till 2023. The same segment is also projected to register the fastest CAGR of 4.7% throughout the forecast period.

The dynamic & emergency brakes segment to lead the trail during the estimated period-

Based on application, the dynamic & emergency brakes segment held the major share in 2016, contributing to nearly three-fifths of the total market revenue during the study period. The same segment would also cite the fastest CAGR of 4.3% through 2017–2023.

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The Asia-Pacific region to dominate throughout the study period-

Based on geography, the Asia-Pacific region contributed to more than two-fifths of the total revenue in 2016 and is also predicted to grow at the fastest CAGR of 5.2% till 2023.

Leading market players-

The key market players analyzed in the global industrial brakes market report include Altra Industrial Motion Corp., Antec, S.A., SIBRE - Siegerland Bremsen GmbH., Carlisle Brake & Friction, Akebono Brake Industry Co., Ltd., Coremo Ocmea S.p.A., Eaton, Pintsch Bubenzer GmbH, Ringspann GmbH, and GKN Walterscheid GmbH. These market players have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.

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