The global Electromagnetic Brakes Market is anticipated experience remarkable growth between 2022 and 2027, led by robust demand across key application segments. As the demand for passenger and commercial cars rises in nations like China and India, the market for automotive braking systems is anticipated to grow dramatically. Additionally, only a certain number of kilometres can be covered by brake components before they need to be replaced, which is driving up the replacement market.
Electromagnetic brakes are mechanical components used to halt the action of moving elements in machines like elevators, circular saws, and mine hoists. The market for electromagnetic brakes is anticipated to develop given the booming industrialization and automotive sectors following the pandemic in 2022.
Business Research Insights forecasts the worldwide market for Electromagnetic Brakes Market to hit USD 754.1 million by 2022, growing at a CAGR of 3.1% during 2022-2027. The acceptance of luxury vehicles, the tight enforcement of safety regulations, and the growing use of disc brakes in commercial vehicles are all contributing to the market's expansion.
COVID-19 Accelerated R&D Electromagnetic Brakes Market
The whole global automobile sector supply chain was thrown off balance when COVID-19 suddenly appeared. The subsequent closure of the assembly plants disrupted production and stopped the export of Chinese components. Additionally, the worldwide travel restrictions imposed by the governments of Europe, Asia, and North America have hampered opportunities for business partnerships and collaboration.
People were unable to move freely from one location to another because of the epidemic. Additionally, the supply side of the automobile braking system market was impacted by the limitations of the small staff at the production site. The market has accelerated after the lockdown has been lifted. The automotive brake market is anticipated to expand rapidly over the course of the projected period as a result of manufacturers' emphasis on cutting-edge technology like ABS and regenerative braking.
Business Research Insights Presents the Top 5 Electromagnetic Brakes Market Companies Globally
1. Ogura Industrial (US)
Since its founding in 1927, Warner Electric has developed into a world authority on the creation of cutting-edge electromagnetic clutch & brake systems. The newest materials and manufacturing techniques are used by Warner Electric experts to create durable, simple-to-use clutches and brakes that increase precision and repeatability. The most comprehensive variety of industrial clutches, brakes, controls, and web tension systems is provided by Warner Electric.
2. Altra Industrial Motion (US)
The Colfax Power Transmission Group (CPTG) and Kilian Manufacturing were acquired by private equity firm Genstar Capital in 2004, which led to the establishment of the corporation. The business's main office is in Braintree, Massachusetts. They had $2 billion in revenue in 2019.
Brakes, clutches, couplings, and other mechanical power transmission equipment are produced by the American company Altra Industrial Motion. The majority of Altra products, despite what the average person might think given the products' automotive-sounding names, are actually used on industrial machinery, including fail-safe brakes for elevators and forklifts, gearboxes for conveyors, heavy-duty brakes for mining equipment, clutches for beverage capping machines, etc.
3. kendrion (Netherlands)
Kendrion is a manufacturer of electromagnetic systems and components with its headquarters in the Netherlands and was established in 1911. The intelligent actuators produced and distributed by Kendrion assist progress the worldwide movement towards electrification and sustainable energy.
These small, networked actuators are used today in wind turbines, robotics, factory automation, electric cars, energy distribution, and industrial heating systems, helping our OEM clients all over the world make the switch to safer, more environmentally friendly energy sources.
4. Miki Pulley (US)
Headquartered in US. The Japanese company Miki Pulley, founded in 1939, is today a well-known global brand that sells high-speed, zero-backlash servo couplings.
Power Locks, electromagnetic clutches and brakes, and several other power transmission and control products. A renowned company by the name of Miki Pulley got its start decades ago by offering variable speed belt drives to the developing Asian machine sector. Our product range has grown over time to meet the needs of many segments of the global machine and manufacturing sector. Our customer service and engineering knowledge are at the top of the global market thanks to our offices, production sites, and alliance partners all over the world.
5. YAN Industries (Singapore)
A Singapore EXEMPT PRIVATE COMPANY LIMITED BY SHARES, HAO YAN INDUSTRY PTE. LTD. The firm was established on April 9, 2020, or 2.9 years ago.
The Yan Link Foods Industries Pte. Ltd. is a firm established in Singapore that manufactures MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C. (EXCEPT FOOD CHEMICALS AND ADDITIVES) (188979). Yan Link Foods Industries Pte. Ltd.'s Unique Entity Number (UEN), which was assigned on 2008-09-12 00:00:00, is 200207215R. Founded on August 20, 2002, Yan Link Foods Industries Pte. Ltd.'s principal SSIC code is 10799, and its primary SSIC description is MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C. (EXCEPT FOOD CHEMICALS AND ADDITIVES).
Rise In Production To Fuel Market Expansion
The need for electromagnetic brakes will expand throughout the projection period due to an expansion in the production capabilities of power generation facilities, manufacturers, packagers, and the mining and shipping industries. As new industries develop every day, the effects of globalisation and the pandemic will have an impact on the market. Asia-Pacific nations will probably seize the chance to buy precise and effective brakes for their machinery by taking advantage of the rise in supply chain demand. During the projected period, the market in Asia may attempt to expand in order to fight the rise of the western country in the worldwide supply industry.