Machine Control System Market Research Report by Forecast to 2023
Pune, India -- (SBWIRE) -- 08/23/2018 -- Market Scenario:
According to Market Research Future, Machine Control System market is estimated to generate USD 8 billion market revenue by 2023 growing with 14% CAGR during forecast period 2017 to 2023. Considering the present global machine control systems market scenario, the target market is estimated to have a moderate threat of new entrants, owing to the higher capital-intensive nature of the industry. The demand for machine control systems is expected to increase in constructions, infrastructure planning, mining and marine. This is expected to lead to insufficiency in supply of components soon as the technology is constantly upgrading. It is expected that new players enter the machine control systems market owing to the growing demand from the end-users.
Some of the protuberant drivers supporting the growth of the global Machine Control System Market are identified as, replacement of traditional survey pegs with a positioning system for precise and efficient machine operation, increasing construction projects in commercial & non-commercial sectors in the developing countries, and increased human and machinery safety. However, largely limited to earthwork construction, lack of technical expertise and cost of training are some of the restraining factor for the machine control system market.
Major Key Players:
- ABB Group
- Leica Geosystems
- Topcon Corporation
- Trimble Inc.
- RIB Software AG
- Andritz, Belden Inc.
- Schneider Electric
- Mitsui Co
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For this study, Market Research Future has segmented the global machine control system market in four different regions namely, North America, Europe, Asia Pacific, and the 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 Europe.
The Asia Pacific market is sub-divided into China, India, Japan, South Korea, Taiwan, Singapore, Australia, New Zealand, Indonesia, Kazakhstan and the Rest of Asia Pacific.
North America dominated the global Machine Control System market in 2017 by occupying highest market share owing to the high growth in construction sector and growing process instrumentation and automation market in the region. Advancement in agricultural processes and developed network infrastructure are some other factors contributing to increasing market value of machine control system in the region.
The U.S. is leading the economy in the market, closely followed by Canada in 2017. Mature construction industry and high economic growth in the agriculture sector are the major factors driving the market growth in the U.S. Though Canada is adopting machine control technology for highway construction projects and developing partnership of machine control system manufacturer and OEMs to provide earth moving equipment, It is projected to witness high growth rate during forecast period 2017-2023. Mexico has a high potential market for automotive, aerospace and food & beverage sector which is also expected to develop an opportunity for machine control market in the coming future.
- Global Machine Control System market was valued at USD 4 Billion in 2017. The market is projected to reach USD 8 Billion by 2023, expanding at a CAGR of 14.12% over the forecast period.
- By type, total stations segment is leading the market in 2017 and is expected to grow with 14% CAGR. Whereas, GNSS is expected to be the fastest growing market mounting with the highest CAGR of 16.10%.
- By end-user, the construction industry is expecting high growth in the coming years due to investment by government authorities for the development of advanced infrastructure globally.
- Geographically, North America region has been projected to hold the largest market share in global machine control system market followed by Asia Pacific region, while Europe ranks third in the Machine Control System market.
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.
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- Component manufacturers
- Original equipment manufacturers (OEMs)
- Integrated device manufacturers (IDMs)
- Original design manufacturers (ODMs)
- Assembly, testing, and packaging vendors
- Suppliers and distributors
- Technology investors
- Research institutes
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