The Global Market for Industrial Brakes & Clutches is Projected to Reach US$1.7 Billion by 2024

Soaring Investments in Industrial Automation Amid Rising Focus on Smart Factories, Benefits Demand for Industrial Brakes & Clutches, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Industrial Brakes & Clutches market. The global market for Industrial Brakes & Clutches is projected to reach US$1.7 billion by 2024, driven by soaring investments in industrial automation technologies amid rising focus on smart factories.  

The global market for industrial brakes and clutches is witnessing strong growth as the manufacturing sector migrates towards a smart factory environment characterized by automation of manufacturing and industrial processes. Increased emphasis on machine and equipment safety is another compelling factor fuelling growth in the market. Market dynamics in the industrial brakes and clutches market is strongly influenced by the increasingly stringent regulations involving industrial machinery and equipment performance and safety. Effervescent product innovation currently underway in the market is seen as a progressive trend beneficial to the linear growth of the market. Manufacturers are developing brake and clutch designs with innovative performance and safety features in addition to new material innovation such as materials with enhanced friction material science, superior wear characteristics, improved torque stability, and low-weight and temperature tolerance.

The projected growth in various industrial sectors including food processing and beverages, mining, material handling, machine tools, textile, paper, and other machinery-intensive and machinery-reliant sectors is expected to generate substantial opportunities for industrial brakes and clutches. Stable macroeconomic trends, increasing demand for manufactured goods such as textiles, paper, and automotives etc., rising investments in mining and infrastructure development projects, and growing demand for product solutions made with novel materials and innovative designs are all expected to benefit short-to-medium term growth in the market. Backstopping clutches have been witnessing significant increase in demand for large-size designs that can seamlessly address the combined horsepower requirements of new conveyor drives. Rigorous industrial environments such as chemicals manufacturing and mining require brake and clutch products that can withstand the impact of harsh conditions such as ignitable dusts, and explosive gases etc. Along with performance level requirements, industrial customers also prioritize rugged brakes to improve safety and ensure compliance with the regulatory standards.

As stated by the new market research report on Industrial Brakes & Clutches, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 5.4% over the analysis period, driven by rapid industrialization in countries such as China, South Korea, India, Taiwan, Malaysia, and Thailand.

Major players in the market include Altra Industrial Motion Inc., Andantex USA Inc., Boston Gear, Dayton Superior Products Co. Inc., Electroid Company, Formsprag Clutch Inc., Hilliard Corp., Inertia Dynamics LLC, INTORQ GmbH & CO. KG, KEB Automation KG, Lenze SE, Magnetic Technologies Ltd., Magtrol Inc., Marland Clutch, Merobel, Ogura Clutch Co. Ltd., Placid Industries Inc., Redex Andantex, Regal Power Transmission Solutions, Rexnord Corp., Sjogren Industries Inc., Stromag, and Warner Electric Inc. among others.

The research report titled “Industrial Brakes & Clutches: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Industrial Brakes & Clutches in US$ Thousand for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). The report provides market analytics for global and regional markets by the product segments – Mechanical Brakes & Clutches, Electromagnetic Brakes & Clutches, and Other Brakes & Clutches.

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