Market Research Future, in its latest study on the global machine control system market 2020, claimed that the market is witnessing a positive uptick on account of various factors leading the scenario a CAGR of 14.12%. At this pace, the market will be gaining a significant valuation of USD 8 Billion by the year 2023 from USD 4 Billion, which was acquired back in the year 2017. The market progression will be taken throughout 2017 to 2023.
Top Impacting Factors: Machine Control System
Burgeoning agriculture, transportation, and construction industries are the top sectors where the market’s growth could be witnessed inflating. Machine control systems are primarily used in positioning machinery used in earthwork with the help of technology such as positioning (GPS) and geographical information system (GIS) frameworks. The global Machine Control System Industry is determined by a surge in a call for accuracy in navigation and control of heavy machinery in industries across the world.
The global machine control system market is also anticipated to witness a positive growth trajectory in the coming years, mainly bolstered by several notable developments. Some of the critical developments that are likely to influence the machine control system market are the launch of the novel, innovative, and user-friendly products having compact and portable attachments. In the case of point, Trimble, a leading manufacturer in the industry, introduced a new product, GO! Grade Control Platform—an efficient machine control system.
Another major manufacturer, Topcon’s flagship product, the 3D MC Max that is built with 4-way dozers, recently got an upgrade. This product is now highly technologically verified with advanced measurement units, receivers, and sensors in the machine. The enhancement of leading products by giant tech manufacturers is likely to intensify sales in the global machine control system market in the approaching years. Moreover, some of the prominent vendors such as MOBA Mobile Automation, Hemisphere GNSS, Eos Positioning Systems, and Hexagon are also making significant investments to take the valuation of the market towards sky limits in the foreseeable years.
Furthermore, the construction industry is also witnessing unprecedented growth, supported by the rising urbanization, rising population, and economic growth. This is a leading factor that is probable to boost demand in the global machine control system market in the forecast years. Additionally, the growing population also generates high demand for food, which is leading to enlarge movement in the agriculture industry. The demand for competence and swift production will also further intensify the need for machine control systems in agriculture. Thus, the agriculture industry and its growth directly fuel the machine control system market to a large extent.
Market Research Future (MRFR) identifies the following companies as the key players in the machine control system market – ABB Group, Leica Geosystems, Topcon Corporation, Trimble Inc., RIB Software AG, Andritz, Belden Inc., Schneider Electric, and Mitsui Co. among others.
The machine control system market is segmented into type, equipment, and end user.
Based on the type, the machine control system market is sub-segmented into total stations, global navigation satellite system, laser scanners, and GIS controllers. The equipment segment is sub divided into excavators, dozers, loaders, scrapers, and graders. Moreover, by end-users the market is sub-categorized into construction, mining, agriculture, and marine.
Geographically, the Machine Control System market in four different regions namely, North America, Europe, Asia Pacific, and Rest of the World. The North American market is further divided into the U.S., Canada, and Mexico while the European market is segmented into Germany, the U.K., France, Spain, Russia, and Rest of the Europe. The Asia Pacific market is sub-divided into China, India, Japan, South Korea, Taiwan, Singapore, Australia, New Zealand, Indonesia, Kazakhstan, and Rest of Asia Pacific.
The machine control system manufacturers comprise mostly the electronic component manufacturers along with software developers. The software developers typically design and develop the software for control system based on the type of machinery it is to be applied. These software developers generally contract with the system assemblers for the procurement of electronic components as any severe increase in the component price could impact margins for software developers adversely. The software developers also must be aligned with the type of component used. Manufactures from China contribute highly to the Asia Pacific production. Apart from China, other prominent countries involved in the production are the U.S., Canada, the U.K, Germany, India, Japan, and South Korea.
In terms of revenue, North America accounted for the largest market share of 40% in 2017, with a market value of USD 1 billion and is projected to grow at CAGR of 12% during the forecast period followed by Europe. Asia Pacific is projected to grow with the fastest growing CAGR during forecast period.
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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