Industrial Crane Control Equipment
In 2018, North America held approximately 25% of the Global DC Motor Control Devices. Some prominent players in this market include ABB, Eaton Corporation PLC, General Electric, Nidec Corporation, OMRON Corporation, etc. Covered in the next section are more details into the Global DC Motor Control Devices.
Global DC Motor Control Devices Market
- The global DC motor control devices market was valued at $623.7 million in 2017, and is expected to hit $1.13 billion by 2025, growing at a CAGR of 7.7%.
- Automotive, consumer electronics, industrial, and transportation are examples of the main industries using DC motor control devices. In 2017, the consumer electronics segment held the highest share of the market at 38.7%.
- Higher penetration of electric DC motors in consumer electronics, increasing sales, and growing demand for efficient energy consumption are some key drivers of growth in this market.
- On the other hand, insufficient components and decreasing production of raw materials resulting in increased costs of products are among the main challenges facing the market.
- Opportunities in this market include the growing adoption of "DC motor control devices in medical devices." In this regard, the health sector will likely spur market growth in the future.
Prominent Players in the Global DC Motor Control Devices Market
- According to reports published by Grand View Research, Inc. and GlobeNewswire, the key players in the global DC motor control devices market are "ABB, AMETEK, ARC Systems, Eaton Corporation PLC, FAULHABER MICROMO, General Electric, Nidec Corporation, and OMRON Corporation," among others.
- To strengthen their market leadership position, the key players are leveraging strategies, like collaborating with others, joint ventures or partnerships, mergers & acquisitions, new product development & innovation, venture capital investments, and research & development (R&D) to develop compact products.
- For example, in February 2017, Nidec Corporation acquired Leroy-Somer and Control Techniques, which belonged to Emerson Electric Motors. In November that year, OMRON Corporation launched the "four series of condition monitoring devices."
North American Market
- In 2017, the North American share of the global DC motor control devices market was approximately $256.96 million (22.69%). In 2018, the region's share had climbed to about 25%.
- The North American region dominated the market because of numerous reasons, including shifts in consumer tastes and preferences towards smart solutions, an increase in disposable medical devices, and automation. These factors are also fueling the demand for "affordable and miniature motors" in the region.
- Analysts predict that the growth of the North American region will remain steady in the years to come due to new market players like Eaton Corporation PLC and ABB providing affordable and high-quality products.
- Other growth drivers for the crane market in North America include the overall expansion of global construction spending, increasing demand for telematics cranes in the U.S., and the fast urbanization in the U.S.
- Continued activities within the smart cranes market signifies growth and development. For instance, there is a rapid increase in the integration of smart technologies for cranes, which are positively impacting the crane market growth.
- Most cranes' manufacturers are increasing their focus on easy to access solutions in smart cranes. Liebherr mobile cranes provide intelligent crane control via the LICCON computer system, which is tailored for individual cranes and can withstand extreme environments.
- Growing investments in smart crane factories are also expected to contribute significantly to the segment's market share. In 2019, ZOOMLION commenced operations at its tower crane smart factory with 12 digitized production lines.
- Still, in 2019, ZOOMLION debuted three smart products, namely "T6515, T6250, and T7525 4.0 PC flat-top tower cranes." These smart cranes support various functionalities, including app management, remote alarm function, and remote operations for uncertain work environments.
Market Reports with U.S. Market Data
- Most of the reports online are paywalled and contain data specific to the U.S., which is a key player in this market.
- Examples of such reports include those published by Grand View Research, Value Market Research, Open PR, IMARC Group, and Fior Markets, among others.
- Despite demanding a purchase or a subscription to view the contents of most of these reports, they detail in-depth analyses of the North American market, which they can segment based on revenue, application, product type, etc.
To identify the general market size of the Global DC Motor Control Devices, along with information on the key players, current developments, market using these products, etc., your research team leveraged information on existing reports on the Global DC Motor Control Devices market. We found out that most of the reports are hidden behind paywalls. Moreover, they demand a full subscription or purchase to view the contents inside. Nevertheless, we managed to uncover excerpts from the reports we examined, and are published by Grand View Research, GlobeNewswire, Fortune Business Insights, and Global Market Insights Inc., among others. Overall, the little information found in the reports we explored featured substantial data and insights into the North American and Global DC Motor Control Devices markets.