The Industrial Brakes and Clutches market is estimated to reach $2,893.8 million by 2033, at a 4.6% CAGR. Consumer demand for industrial brake and clutch products is driving market expansion, which is expanding in tandem with the industrial sector’s development. The worldwide industrial brakes and clutches market research thoroughly evaluates the market.
Industrial brakes and clutches market covers a variety of holding & dynamic brakes and clutches used in industrial process equipment such as turbines, uphill, downhill & overland conveyors, overhead cranes, trolleys, bridges, hoists & winches, rotors & yaw systems, motors & engines, elevators, cable cars & ropeway and stacker reclaimed.
With ever increasing industrialization and implementation of heavy-duty machineries, industrial brakes and clutches have become a crucial part and have acted as the backbone of these heavy-duty machineries. Safety and proper operation are two important concerns related to industrial equipment, which necessitate proper selection of brakes and clutches for various applications.
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The industrial brakes and clutches market is expected to witness steady growth over the forecast period owing to the constant demand from MRO services. OEM demands, i.e. demand from new equipment manufacturers is expected to witness slower growth than MRO services; this is primarily due to the fact that the industrial equipment possess shorter operational life span. Favourable macro-economic environment is expected to significantly boost the growth of industrial brakes and clutches market, as positive economic growth will result in substantial growth of industries, which are the target markets for industrial brakes and clutches.
Global Industrial Brakes and Clutches Market: Market Dynamics
The transition of manufacturing sector towards automation and smart manufacturing, supplemented by increasing investments in industrial automation equipment are the key factors responsible for the growth of the industrial brakes and clutches market. Furthermore, industries across the globe are strongly influenced by standards and regulations that demand robust equipment performance and proper safety of man and material, such regulations also compel manufacturers to focus on research and product development, in turn, fuelling the market growth.
The expected growth in end-use industries i.e. oil & gas, mining, lumber industry, coal handling, steel industry, cable car & ropeway, power generation, mining, etc. is foreseen to create new opportunities for industrial brakes and clutches market. Adoption of new and advanced products such as backstopping clutches and advanced material brake shoe & rotors is projected to be the prominent trend in the global industrial brakes and clutches market.
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Global Industrial Brakes and Clutches Market: Region-wise Outlook
North America and Europe are the hubs for manufacturing industrial brakes and clutches. A number of prominent manufacturers of industrial brakes and clutches have their manufacturing facilities in these regions. Thus, these regions are projected to be the technology leaders when mapped on to a global front.
The regions are expected to witness high adoption rate for new and advanced technologies when compared to other regions. Asia Pacific is expected to emerge as a lucrative market for industrial brakes and clutches, as the region is foreseen to have noteworthy investment in industrial automation. Also, new infrastructural development, oil & gas projects will create demand, both for fresh sales of industrial brakes and clutches and MRO services. In Middle East and Africa, oil & gas, mining and construction are expected to be the key markets for industrial brakes and clutches and positive growth is expected during the forecast period.
Global Industrial Brakes and Clutches Market: Market Participants
Examples of some of the market participants identified in the global industrial brakes and clutches market are:
- Altra Industrial Motion Corp.
- The Carlyle Johnson Machine Company, LLC
- Eaton Corporation Plc
- Johnson Industries Ltd.
- Hindon Corporation
- Kobelt Manufacturing Co. Ltd.
- Ogura Industrial Corp.
- Dayton Clutch & Joint.
- PT Tech Power Innovation
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Key Segments Profiled in the Industrial Brakes and Clutches Market Report Industrial Brakes and Clutches Market
By Technology:
- Electric
- Mechanical
- Pneumatic & Hydraulic
- Electromagnetic
By Product Type:
- Dry
- Oil Immersed
By Sales Channel:
- OEM
- MRO Services/Aftermarket
By End-Use Industry:
- Mining & Metallurgy Industry
- Construction Industry
- Power Generation Industry
- Industrial Production
- Commercial
- Logistics and Material Handling Industry
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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