Report : North America 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)
Hydraulically Applied Brakes Segment to Dominate North America Industrial Brakes Market during 2021–2028
According to a new market research study on “North America Industrial Brakes Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Application, and Industry Vertical” is expected to reach US$ 372.06 million by 2028 from US$ 275.35 million in 2021. The market is estimated to grow at a CAGR of 4.4% from 2021 to 2028. The report provides trends prevailing in the North America industrial brakes market along with the drivers and restraints pertaining to the market growth. Growth of manufacturing sector is the major factor driving the growth of the North America industrial brakes market. However, issues associated with the concern regarding raw materials used in brake manufacturing hinder the growth of North America industrial brakes market.
The North America 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 US, Canada, and Mexico.
North America has the highest rate of adoption and advancement of new technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any effects on industries are expected to have a negative impact on the region's economic growth. After the first wave of pandemic-driven shutdowns, segment recoveries have been non-uniform across various manufacturing industries. Some manufacturers have experience forced work stoppages or supply disruption, pulling down capacity utilization rates and impairing productivity. However, the implementation of digital twin, i.e., a digital representation of a physical thing, like production process or physical production environment, has enabled manufacturing units across North America to virtually simulate the product, its production and its performance in the real world. Thus, the adoption of mechanical Equipments of manufacturing processes across different industries in North America has the potential to mitigate the historic losses in productivity and output of manufacturers, thereby neutrally affecting the industrial brakes market in this region.
Akebono Brake Industry Co., Ltd.; Altra Industrial Motion Corp.; AMETEK Inc.; Carlisle Companies Incorporated; 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 North America 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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