With the surge in manufacturing and construction activities, especially in developing countries such as India and China, on account of the rising urbanization rate and soaring disposable income of people, the demand for industrial brakes is shooting up. In recent times, many African nations and China and India have witnessed a sharp rise in infrastructural development activities, and the infrastructure sector is predicted to expand even more in these countries in the coming years. This will subsequently generate a huge requirement for manufacturing and construction tools such as lifts, construction equipment, and cranes.
As industrial brakes are extensively used in these manufacturing and construction tools, owing to their ability to provide adequate braking, which is required for controlling the motion of moving objects in various industrial operations, the surge in construction activities is propelling their sales across the world. Moreover, these brakes increase automation and reduce the need for human supervision, which, in turn, augments the manufacturing capabilities of a facility. Additionally, in many developing countries, huge investments are being made in mineral exploration projects, on account of the burgeoning requirement for minerals, which is also boosting the demand for industrial brakes.
Moreover, in order to meet the surging demand for minerals, these economies are adopting several technologies such as internet of things (IoT) and automation for reducing the cost of labor and operational time of mining projects. Due to these factors, the value of the industrial brakes market is expected to rise from $930.3 million in 2018 to $1,105.7 million by 2024. According to the forecast of the market research company, P&S Intelligence, the market will advance at a CAGR of 3.0% from 2019 to 2024.
Hence, it can be said without any hesitation that the sales of industrial brakes will rise enormously in the coming years, mainly because of the surging construction and manufacturing activities, especially in developing countries such as India and China, and the soaring number of mining projects being launched in several countries.
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