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Industrial Brakes Market Porter Analysis Identifies Competitive Forces Within The Market

From $930.3 million in 2018, the industrial brakes market is expected to grow to $1,105.7 million by 2024, witnessing a 3.0% CAGR during the forecast period (2019u20132024). The market is witnessing growth due to the increasing mining activities in developing economies and expansion of the manufacturing and construction sectors. A device that provides friction to a rotating body or holds a component in place without motion is termed as a brake. Industrial brakes are used in cranes, wind turbines, packaging and construction machines, and marine & shipping and metal & mining activities.

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