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Machine Control System Market Worth $6.6 Billion by 2024
April 19, 2019 | PRNewswireEstimated reading time: 3 minutes
The machine control system market is expected to grow from $4.5 billion in 2019 to $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.
In Terms of Equipment Type, Excavators are Expected to Hold Largest Size for Machine Control System Market
Excavators are used for several purposes, such as digging, material handling, forestry work, demolition, general grading, mining, and snow removal. The movements of the excavator are accomplished by hydraulic fluids, cylinders, and motors. They are used to dig big chunks of dirt at one go, which speeds up the work and saves valuable time and costs. Nowadays, along with excavators, additional attachments such as grapple and auger are offered in the market; thus, the usage of excavators has widened beyond excavation. These attachments can be attached quickly due to which the utilization of excavators has increased on the field or work site. The market for excavators is largely driven by its benefit of faster, more precise, and more efficient.
Gnss-Based Machine Control System Is Expected to Grow at Highest CAGR During Forecast Period
A GNSS receiver determines a location using positioning and timing data encoded in signals. GNSS is used in ground mapping, transportation, machine control, precision agriculture, timing, construction, mining, unmanned vehicles, surveying, and defence.
GNSS technology is installed in equipment such as bulldozers, excavators, graders, pavers, and other farm machinery to increase productivity and provide situational awareness to field operators. They help increase the efficiency and accuracy of machines; GNSS is used in task management, data management, and theft detection applications. The information obtained by GNSS can be used to position the cutting edge of a blade (on a bulldozer or grader) or a bucket (excavator) and compare the position against a 3D digital design to compute cut and fill amounts. Display systems provide the operator with the visual cut and fill information through a display or light bar; the operator then manually moves the machine's blade or bucket to get accurate positioning of the site.
In APAC, China is Largest Contributor for Machine Control System Market in Terms of Market Share
China is expected to be the largest contributor of machine control system market in APAC region, during the forecast period. The Chinese government supports the development of infrastructural projects such as East China and the Qinghai–Tibet railway and the Tibetan Expressway, which is a major factor that propels the growth of the machine control system market. Many foreign excavator manufacturers have entered into the Chinese market via joint venture agreements. Well-known manufacturers such as Caterpillar (US), Terex (US), and Komatsu (Japan) have their presence in the country. China is investing heavily in infrastructure development through its One Belt One Road (OBOR) project, linking China and Europe through Central and Western Asia. This investment in the construction industry would boost the machine control system market growth. Moreover, rapid urbanization in China and development of new cities are the major factors surging the demand for construction equipment, which, in turn, is likely to increase the demand for machine control systems in the next few years.
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.
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