Global Industrial Brakes Market 2018-2022
About this market
The excessive use of coal and nuclear power plants has increased the emission of GHG, which affects the environments. Therefore, the governments of several countries are planning to reduce the share of non- renewable sources of energy such as hydrogen, hydro, solar and wind to generate electricity. Many countries have implemented initiatives to promote the use of renewable sources of energy. Industrial brakes are used in wind power plants and hydropower plants to slow or halt turbine rotors. The industrial brakes used in such applications require high cycle rates. Therefore, rising investments in renewable sources in renewable sources of energy increase the demand for industrial brakes. The global industrial brakes market is expected to grow at a CAGR of over 3% during the forecast period.
Rising investments in renewable sources of energy
The governments of several countries are planning to reduce the share of non- renewable sources of energy such as coal and nuclear by adopting renewable sources of energy. Industrial brakes are used in wind power plants and hydropower plants to slow or halt the turbine rotors. Therefore, the rising investments in renewable sources of energy increase the demand for industrial brakes.
Fluctuations in cost of raw materials
The inversing cost of cooper has encouraged vendors to shift from copper to aluminum which is light. Most industrial brakes require an electromagnetic force, which triggers that brake pad movement. Hence, copper is required. Therefore, fluctuations in the cost of such raw materials affect the profitability of the vendors.
For the detailed list of factors that will drive and challenge the growth of the industrial brakes market during the 2018- 2022, view our report.
The global industrial brakes market is fairly fragmented. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.