Global Industrial Brakes Market Is Projected to Expand at a 3.70% CAGR BY 2023

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Portland, Sept. 11, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global 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.

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.

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.

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.

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.

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides a one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies the client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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Globe Newswire: 14:17 GMT Wednesday 11th September 2019

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