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“Machine Control System market to grow at CAGR of 8.16% from 2019 to 2024”
The machine control system market is expected to grow from USD 4.5 billion in 2019 to USD 6.6 billion by 2024?growing at a CAGR of 8.16%. Major factors driving the machine control system market growth are the elimination of the need for bulk earthworks set out and survey pegging using machine control systems and the need for faster work and more efficiency during tighter timelines. However, high initial investment and a dearth of technical expertise are the factors that hinder the market growth. Rising demand for machine-guided technologies in emerging economies in APAC create opportunities for market players, whereas maintaining reliability and accuracy of data offered by machine control systems based on GNNS technology is a major challenge for these market players.
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Infrastructure vertical is expected to hold largest share of machine control system market during forecast period
The infrastructure vertical is expected to hold the largest share of the machine control system market during the forecast period. In infrastructural projects, machine control solutions are primarily used while laying rail tracks, banking of roads, building tunnels through mountains or underwater, building airports and airstrips, and building bridges, among various other tasks. Population growth and internal migration in APAC over the past decade have prompted governments to continue to increase expenditure on infrastructure. APAC has also been witnessing a growing number of airports, dams, hydroelectric projects, roads, and bridges. The Middle East has also seen tremendous growth in infrastructure in the past 2 decades; the infrastructure spending in the region is projected to continue in the next 5 years.
The market for machine control systems deployed in excavators is expected to hold the largest share during the forecast period
The market for machine control systems deployed in excavators is expected to hold the largest share during the forecast period. Excavators are used for several purposes, such as digging, material handling, forestry work, demolition, general grading, mining, and snow removal. It consists of a boom, dipper (or stick), bucket, and cabin on the rotating platform, which is known as house. The movements of the excavator are accomplished by hydraulic fluids, cylinders, and motors. The market for excavators is largely driven by its benefit of faster, more precise, and more efficient excavation. Excavators usually have a control system mounted on them to enhance flexibility, accuracy, and efficiency at the construction site.
Machine control system market in APAC is projected to hold the largest share and grow at highest CAGR during forecast period.
Machine control system market in APAC is projected to hold the largest share and grow at highest CAGR during forecast period. This market is further divided into China, Japan, and the Rest of APAC. Rest of APAC primarily includes India, Australia, Taiwan, Singapore, Thailand, Malaysia, Indonesia, Vietnam, and the Philippines. China is the largest market among all APAC countries. Advancements in agricultural practices involving precision farming have accelerated growth of the agriculture industry. The Australian government is enhancing transport systems, and use of machine-guided solutions in the transportation industry is expected to grow. Australian rail is among the most modern and sophisticated transport in the world. Rapid urbanization and development and expansion of new cities are the key factors driving the growth of the infrastructure sector, including construction and transportation.
Breakdown of primary participants’ profile:
- By Company Type: Tier 1 - 30%, Tier 2 - 30%, and Tier 3 - 40%
- By Designation: C-Level Executives - 45%, Directors - 30%, and Others - 25%
- By Region: North America - 30%, Europe - 40%, APAC - 25%, and RoW - 5%
Topcon (Japan), Trimble (US), Hexagon (Sweden), MOBA Mobile Automation (Germany), Hemisphere GNSS (US) and Eos Positioning Systems (US) are a few major players in the machine control system market.
Various market segments have been covered in this report. These include equipment, type, vertical, and geography. It also gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
- This report includes statistics pertaining to the machine control system market in terms of equipment, type, vertical, and region, along with their respective market sizes.
- Major drivers, restraints, opportunities, and challenges for the machine control system market have been provided in detail in this report.
- The report includes illustrative segmentation, analysis, and forecast for the machine control system market based on its segments and subsegments.