Report : Europe Industrial Brakes Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Mechanically Applied Brakes, Hydraulically Applied Brakes, Pneumatically Applied Brakes, Electrically Applied Brakes, and Others), Application (Holding Brakes, Dynamic and Emergency Brakes, and Tension Brakes), and Industry Vertical (Manufacturing, Metal and Mining, Construction, Power Generation, Marine and Shipping, and Others)
Holding Brakes Segment to Dominate Europe Industrial Brakes Market during 2021–2028
According to a new market research study on “Europe Industrial Brakes Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Application, and Industry Vertical” is expected to reach US$ 444.18 million by 2028 from US$ 306.95 million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the Europe industrial brakes market along with the drivers and restraints pertaining to the market growth. Rigid rules and regulations related to industrial machinery is the major factor driving the growth of the Europe industrial brakes market. However, issues associated with the concern regarding raw materials used in brake manufacturing hinder the growth of Europe industrial brakes market.
The Europe industrial brakes market is segmented into type, application, industry vertical, and country. Based on type, the industrial brakes market is segmented into mechanically applied brakes, hydraulically applied brakes, pneumatically applied brakes, electrically applied brakes, and others. The hydraulically applied brakes segment dominated the market in 2020 and electrically applied brakes segment is expected to be the fastest growing during the forecast period. Based on application, industrial brakes market is sub segmented into holding brakes, dynamic and emergency brakes, and tension brakes. The holding brakes segment dominated the market in 2020 and dynamic and emergency brakes segment is expected to be the fastest growing during the forecast period. Based on industry vertical, the industrial brakes market is categorized into manufacturing, metal and mining, construction, power generation, marine and shipping, and others. The manufacturing segment dominated the market in 2020 and others segment is expected to be the fastest growing during the forecast period. Based on country, the industrial brakes market is classified into France, Germany, Italy, UK, and Russia.
The impact of COVID-19 differed from country to country across the European region as selected countries witnessed an increase in the number of recorded cases and subsequently attracted strict as well as longer lockdown periods or social isolation. However, the developed Western European countries such as Germany, France, Russia, the United Kingdom and others have seen a comparatively modest decrease in their growth activities because of the strong healthcare system. In order to protect its citizens from the virus, the governments in Europe have made tremendous investments in incorporating technologies across different industries to help lower the impact of COVID-19 and the related shutdown measures. Manufacturers all over Europe have switched from conventional to online module to keep their financial operations running during the COVID-19 outbreak. As a result of the online module adoption, more companies are adopting operation techniques such as digital twin or simulation technologies in order to proceed with their production, research and development. Since several manufacturers are offering brakes with automatic control with the ability to share data to remote locations. Several industries have been adopting blended production strategies to meet their financial goals. Therefore, the impact of COVID-19 on industrial brakes market in Europe has been gradually subsiding after the successful adoption of remote working practices and vaccination programs.
Akebono Brake Industry Co., Ltd.; Altra Industrial Motion Corp.; AMETEK Inc.; Coremo Ocmea S.p.A.; DELLNER BUBENZER; Eaton Corporation plc; Jiangxi Huawu Brake Co., Ltd.; KTR Systems GmbH; RINGSPANN GmbH; and SIBRE Siegerland Bremsen GmbH are among the leading companies in the Europe industrial brakes market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Altra Industrial Motion Corp., a specialist in advanced brake technology for industrial applications, comissioned two complex installations to increase the safety and dependability of mine hoists at the Cayuga Mine, owned by Cargill Deicing Technology in central New York State, USA.
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