A few thoughts and comments about braking on machines.
ElectroMagnetic brakes are normally built into the end of the drive motor. They are normally wired into the power supply for the motor and therefore release and are applied by the motor being turned on or off (the exclusion to this is machines that need to be able to release the brake without the motor running). They work well but they require adjustment from time to time and they do wear out as they use a friction lining (similar to that on a cars brakes)
DC brakes can be stand alone or part of an inverter drive. These are reliable and don't require any adjustment once set up. They don't like differing loads and may struggle with the difference in light and heavy work pieces. Some incorporate standstill detection and these cope better with varying loads. Differing loads may cause a problem if you have one inverter that you use to drive different machines. Inverter ramp down can be as effective as a DC brake.
Regenerative braking is most commonly found incorporated into inverter drives and is not commonly used on machines, as it requires braking resistors.
Solenoid brakes and air operated brakes need the addition of a brake disc or drum to the drive components (and possibly a compressed air supply).
Plugging is also a way of stopping machines (normally industrial 3 phase machines) and involves stopping the machine by briefly reversing the motor. Its not for the faint hearted…..
If you are considering adding braking, as has been mentioned earlier, be careful of chucks, saw blades etc that have a screw thread as they may unscrew themselves during braking.
Some of the comments I have outlined are a bit general as I have tried to keep this post brief. I work in the woodworking industry and have fitted hundreds if not thousands of machines with brakes (to meet the modern braking regulations for ww machines), differing machines require consideration as to the type of brake that they need to operate safely.
One more important point to consider is that many braking systems now fitted to wood machines have to bring them to a halt in 10 seconds. In the case of a wood machine accident the "damage" to an operator has happened before anyone can react – the braking systems are more for the safety of the next operator walking up to a machine that is (unknown to him/her) still spinning despite having been switched off by the previous operator.