Electromagnetic Brakes Market Size, Share, Growth, and Global Industry Analysis by Type (Single Face Brake, Power off Brake, Particle Brake, Hysteresis Power Brake, Multiple Disk Brake) By Application (Material Handling, Packaging Industry, Elevator, Medical, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 July 2024

ELECTROMAGNETIC BRAKES MARKET REPORT OVERVIEW

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The global electromagnetic brakes market size is expected to be USD 754.1 million in 2022 and is projected to touch USD 983.89 million by 2031, exhibiting a CAGR of 3.0% during the forecast period.

Electromagnetic brakes are mechanical parts that are typically used in machinery such as elevators, circular saws, and mine hoists to stop the motion of moving parts of a machine. The electromagnetic brakes market is set to expand considering the rapid growth in industrialization and the automobile industry post the pandemic in 2022. The demand for these brakes is rising owing to their applications in the packaging, vehicular, and printing industries. Due to the ability to halt heavy machinery instantaneously, these brakes are gaining traction with industrial manufacturers and construction companies. With future insights pointing to an upward graph, the growth of this market is set to create significant opportunities for the stakeholders.

These brakes are efficient and accurate as they maintain workplace safety with the help of quick motor halts at any desired location in the manufacturing or construction process. The potential of the brakes to prevent any mishaps is set to augment the market, as industries show increasing concerns for workplace safety. Furthermore, manufacturers see the need to avoid any damage to the products while maintaining security as crucial, thus affecting the electromagnetic brakes market to a large extent. The rapid expansion of power generation plants, construction sites, mining, and marine and shipping industries continue to influence the growth of the market.

COVID-19 Impact: Increased Demand to Accelerate Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with electromagnetic brakes experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the electromagnetic brakes market growth and demand returning to pre-pandemic levels once the pandemic is over.

With the onset of the pandemic and lockdowns in place, the electromagnetic brakes market will expand as industries and manufacturers seek to expand their production due to the high demand for consumer goods. Increased demand for automobiles post the pandemic with geographical expansion in developed and developing countries will bring exponential growth in automobile industry giants' purchase of the brakes. As accessibility improves due to the receding pandemic in all parts of the world, many key players are set to invest huge stakes owing to economic recovery and the boom in the industrial markets.

LATEST TRENDS

"Rising Population to Boost Market Growth"

As population increases in developing countries, the electromagnetic brakes market will see an uptick in demand due to high industrial and manufacturing needs. Urbanizing masses in these countries will increase demand for the automobile industry as companies seek to provide consumers with efficient mechanisms. Furthermore, usage of these brakes in trains and elevators is something to keep track of in the near future with rapid infrastructure development in developing countries. Machinery in hospitals that use these brakes will see higher demand as the uncertainty of the pandemic prevails.

ELECTROMAGNETIC BRAKES MARKET SEGMENTATION

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• By Type Analysis

Based on type, the market is divided into single-face brakes, power-off brakes, particle brakes, hysteresis power brakes, and multiple disk brakes.

Single-face brakes are the leading parts of the type segment.

• By Application Analysis

Based on application, the market is divided into material handling, packaging industry, elevator, medical, and others.

Material handling brakes are the leading parts of the application segment.

DRIVING FACTORS

"Increase in Manufacturing Capacity to Propel Market Growth"

With an increase in the production capacities of power generation plants, manufacturers and packagers, and the mining and shipping industry, the demand for electromagnetic brakes will rise during the forecast period. Globalization and the pandemic's effects will affect the market as new industries emerge each day. Countries in Asia are likely to take advantage of the increase in global supply chain demand, thus leveraging the opportunity to purchase accurate and efficient brakes for their equipment. To counter the growth of Western nations in the global supply market, markets in Asia may seek to expand their manufacturing industries.

"Demand by Automobile Industries to Boost Market Growth"

As new industries emerge and bring in innovations, the use of electromagnetic brakes is set to see a rising demand, as vehicles such as cars, trains, and trucks look to transport freight or luggage across networks due to increasing demand for consumer products. Automobile manufacturers are set to bank on these brakes as they are highly efficient and reliable, unlike conventional brakes that have caused mishaps in the past. Looking at the latest trends, rapid progress and market growth in developed and developing countries will occur due to infrastructure development and firms' eagerness to invest in these regions.   

RESTRAINING FACTORS

"Large Number of Contenders to Make the Product Less Profitable"

With manufacturers and other industries displaying tremendous demand for electromagnetic brakes, the product may likely show a rising price trend, making it difficult for manufacturing companies to make profitable transactions in the forthcoming years. Manufacturers seeking to expand production should keep an eye on the changing trends and market growth given the volatile situation concerning the pandemic. These factors may impede the electromagnetic brakes market growth.

ELECTROMAGNETIC BRAKES MARKET REGIONAL INSIGHTS

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"Europe to Dominate the Market Owing to Rising Demand for Traveling Vehicles   "

As most automobile and tech giants are based in Europe, the region will likely dominate the demand for the brakes as the pandemic recedes and demand for travel and vehicles increases along with the market share.

In countries of the African continent, the demand will pace up gradually as developing countries reel from the pressure of the after-effects of the pandemic. However, electromagnetic brakes market share is spread equally across Asia, Latin America, and other countries. 

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth "

The report highlights different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new industries, and technological developments. Other aspects of the report include a study on the companies' regions, automation, technological developments, and the impact of newly emerging industries.

January 2019: KEB Automation has acquired a significant stake in Brusatori Electric Motors in Milan, thus increasing the prospects for the European market.

List of Market Players Profiled

• Ogura Industrial (U.S.)
• Altra Industrial Motion (U.S.)
• Kendrion (Netherlands)
• KEB Automation (Germany)
• Mayr (Germany)
• Precima Magnettechnik (Germany)
• Miki Pulley (India)
• Dunkermotoren (Germany)
• OSAKI (Japan)
• Ortlinghaus Group (Germany)
• Cantoni Motor (Poland)
• Re SpA (Montenegro)
• Magnetic Technologies (U.S.)
• EIDE (U.S.)
• Emco Dynatorq (India)
• YAN Industries (Singapore)

REPORT COVERAGE

This research profiles a report with extensive studies that describe the firms that exist in the market affecting the forecasting period. The information includes various factors such as segmentation, opportunities, industrial developments, growth, and restraints for the forecast period mentioned. The report offers a detailed study and comprehensive analysis of the electromagnetic brakes market with a thorough SWOT analysis. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.