LONDON--(BUSINESS WIRE)--Technavio’s global industrial brakes market research report projects the market to grow at a CAGR of over 3% during the forecast period.
The rising need for customized brakes will be one of the major trends in the global industrial brakes market during 2018-2022. The customized industrial brakes are manufactured according to the needs of end-users. The end-users require customization when the available industrial brakes do not address their needs. Most industrial brakes are standardized and are equipped with magnetic actuators. The intense competition in the market is encouraging companies to gain a competitive advantage by differentiating their products.
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According to Technavio analysts, one of the key drivers for the global industrial brakes market is the rising investments in renewable sources of energy:
Global industrial brakes market: Rising investments in renewable sources of energy
The excessive use of coal and nuclear power plants has led to increased emission of GHG that affects the environment. Thus, the governments of many countries are planning to reduce the share of non-renewable sources of energy such as coal and nuclear by adopting renewable sources of energy such as hydrogen, hydro, solar, and wind to generate electricity.
According to a senior research analyst at Technavio, “The countries such as China, Japan, India, Germany, and the US have implemented initiatives to promote the use of renewable sources of energy. The Government of Japan provides zero-interest loans to finance renewable energy projects. The Government of the US is working to minimize carbon emissions by 83% by 2050.”
Global industrial brakes market: Segmentation analysis
This global industrial brakes market analysis report provides market segmentation by end-user (oil and gas, construction, metals and mining, power, and others) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major end-users, the oil and gas segment held the largest industrial brakes market share in 2017, contributing to over 28% of the market. This end-user segment will dominate the global market throughout the forecast period.
The EMEA region held the largest share of the market in 2017, accounting for more than 35% share. It was followed by the Americas and APAC respectively. The EMEA region is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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