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Industrial Brakes Market Opportunities, Challenges, Trends, Size And Growth, Competitive Analysis, Major Competitors And Porter Analysis

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According to The World Bank, the global manufacturing sector witnessed an annual growth rate of 3.5% in 2017. This increase in the construction and manufacturing activities is because of the growing economy, increase in the disposable income, and rapid urbanization. Emerging economies, especially India and China, are witnessing major growth in their infrastructure sector. In addition to this, the countries in the Middle East and Africa region are heavily investing in the industrial and commercial infrastructure in order to enhance their economic status. All these construction and manufacturing activities will result in the rising demand for different construction equipment, such as large jackhammers and cranes, which will further drive the requirement for industrial brakes.

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As almost everyone knows, brakes are used to stop something in motion, or to hold a component at a specific position without motion. Similarly, industrial brakes are used to implement braking solutions in cranes, construction machineries, metal & mining, packaging machines, tube machines, wind turbines, and marine & shipping activities. According to a research conducted by P&S intelligence, the global industrial brakes market reached a value of $930.3 million in 2018 and is predicted to attain $1,105.7 million, registering a CAGR of 3.0%, in the near future. There are several types of industrial brakes: electrically applied, hydraulically applied, mechanically applied, and pneumatically applied. Other types include disc, spring, and drum brakes. Among these, hydraulically applied brakes were the most in demand during 2014–2018. This is because these brakes are lightweight, easy to construct, transmit uniform pressure, can be easily maintained, and ensure reliability. Ascribed to these advantages, the demand for these brakes is only going to increase in the coming years.

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Apart from the construction and manufacturing sector, industrial brakes are also used in the mining sector. Primarily, the emerging economies are spending on exploration activities due to the rising demand for minerals all over the world. The growing construction activities in countries such as China and India will lead to a surging requirement for coal, copper, and iron. In addition, with the emergence and adoption of technologies such as internet of things and automation, the labor cost and operational time associated with mining activities are projected to be reduced, which will further propel the requirement for innovative mining machines. Since mining activities require heavy-duty machineries and equipment, which further need motion control and braking systems, their demand is expected to increase.

A wide avenue is opening for the companies investing in industrial brakes with the emergence of industrial internet of things (IIoT). Due to this technology, the industrial brakes can be equipped with sensors which are capable of automatically applying emergency brakes through artificial intelligence-backed systems in order to prevent any motion without supervision. Furthermore, proximity sensors can be installed around the assembly station or machineries to facilitate automated industrial brakes. Industrial brakes equipped with sensors will help increase the safety of the workstation.

This post was originally published on Raleigh Recorder

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