Electromagnetic Brakes Market Analysis 2024

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Electromagnetic Brakes Market Analysis Report

The global market for electromagnetic brakes is projected to grow from USD 754 million in 2022 to USD 983 million by 2031, reflecting a compound annual growth rate (CAGR) of 3.0% during the forecast period. Electromagnetic brakes, integral mechanical components in machinery such as elevators, circular saws, and mine hoists, play a crucial role in halting the motion of moving machine parts.

The expansion of the electromagnetic brakes market is closely linked to the surge in industrialization and the automotive industry following the COVID-19 pandemic. The increasing demand for these brakes is driven by their widespread applications in the packaging, vehicular, and printing sectors. The capability of electromagnetic brakes to instantly halt heavy machinery is garnering substantial interest from industrial manufacturers and construction companies. This anticipated growth trajectory is poised to create significant opportunities for market stakeholders.

These brakes are lauded for their efficiency and precision, contributing to workplace safety by enabling rapid motor stops at any designated point within manufacturing or construction processes. Their potential to prevent accidents is expected to further propel market growth as industries prioritize workplace safety. Additionally, the necessity to avoid product damage while ensuring security is critical, significantly impacting the electromagnetic brakes market. The rapid development of power generation plants, construction sites, mining operations, and marine and shipping industries continues to bolster market expansion.

EM Brakes Market Growth

Source from: www.businessreachinsights.com

Latest Trends in the Electromagnetic Brakes Market

Rising Population to Boost Market Growth

The increasing population in developing countries is expected to drive demand for electromagnetic brakes due to heightened industrial and manufacturing needs. As urbanization progresses, the demand for automobiles equipped with efficient braking mechanisms will rise. Furthermore, the use of these brakes in trains and elevators is anticipated to grow in response to rapid infrastructure development. Additionally, the persistent uncertainty surrounding the pandemic is likely to increase demand for machinery in hospitals that utilize electromagnetic brakes.

Driving Factors

Increase in Manufacturing Capacity to Propel Market Growth

The rise in production capacities across power generation plants, manufacturing, packaging, mining, and shipping industries is expected to fuel demand for electromagnetic brakes. Globalization and the pandemic have reshaped market dynamics, leading to the emergence of new industries. Countries in Asia are poised to capitalize on the growing global supply chain demand, enhancing their manufacturing capabilities with efficient braking systems. To compete with Western nations, Asian markets are likely to expand their industrial sectors.

Demand by Automobile Industries to Boost Market Growth

As new industries emerge with innovative solutions, the demand for electromagnetic brakes is expected to rise. Vehicles such as cars, trains, and trucks require reliable braking systems to transport goods efficiently. Electromagnetic brakes offer superior efficiency and reliability compared to conventional brakes, which have been prone to failures. The latest trends indicate significant market growth in developed and developing countries driven by infrastructure development and firms' investments in these regions.

Restraining Factors

Large Number of Contenders to Make the Product Less Profitable

The high demand for electromagnetic brakes may lead to rising prices, potentially reducing profitability for manufacturing companies. Manufacturers aiming to expand production must monitor market trends and growth, particularly in the volatile post-pandemic environment. These factors could impede market growth in the coming years.

Electromagnetic Brakes Market Regional Insights

Europe to Dominate the Market Owing to Rising Demand for Traveling Vehicles Europe is expected to dominate the electromagnetic brakes market due to the presence of major automobile and technology companies. As the pandemic recedes, the demand for travel and vehicles is anticipated to increase, boosting the market share in the region.

In Africa, the demand will gradually increase as developing countries cope with the pandemic's aftermath. The market share for electromagnetic brakes is also significant across Asia, Latin America, and other regions.

Key Industry Players to Boost Market Growth

The report identifies and profiles key players in the electromagnetic brakes market. The selection is based on extensive research, trend analysis, key developments, industry introductions, and technological advancements. The report also covers regional studies, automation trends, and the impact of emerging industries.

In January 2019, KEB Automation significantly increased its market presence by acquiring a major stake in Brusatori Electric Motors in Milan, enhancing its prospects within the European market.

List of Market Players Profiled

Ogura Industrial (U.S.)
Kendrion (Netherlands)
KEB Automation (Germany)
Mayr (Germany)
Precima Magnettechnik (Germany)
OSAKI (Japan)
Ortlinghaus Group (Germany)
Valid Magnetics (Hong Kong)
Magnetic Technologies (U.S.)

These companies represent a diverse range of regions and specialize in various technological developments and automation solutions. Their continued innovation and strategic expansions are poised to drive significant growth within the electromagnetic brakes market.