CHICAGO, June 21, 2023 /PRNewswire/ -- The global machine control system market size is projected to grow from USD 5.1 billion in 2023 to USD 7.3 billion by 2028 at CAGR of 7.4% during the forecast period according to a new report by MarketsandMarkets. The key factors fueling the growth of this market include the anticipated increase in demand driven by the growth of the construction industry and elimination of bulk earthworks setout and surging pegging.
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Browse in-depth TOC on "Machine Control System Market"
120 - Tables
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200 - Pages
Machine Control System Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $5.1 billion |
Estimated Value by 2028 | $7.3 billion |
Growth Rate | Poised to grow at a CAGR of 7.4% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Equipment, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Sustaining reliability and accuracy in data provided by machine control systems based on GNSS technology |
Key Market Opportunities | Rising trend of 3D modeling and scanning across industries |
Key Market Drivers | Safety concerns associated with workers and heavy construction machinery |
Excavators are expected to hold the largest size of the machine control system market by 2028.
Excavators are commonly used within machine control systems for various applications in the construction and earthmoving industries. These systems utilize advanced technology to provide real-time positioning and guidance to excavators, improving their precision and productivity. By integrating GPS or GNSS (Global Navigation Satellite System) technology with onboard sensors and control units, machine control systems enable excavators to perform tasks with greater accuracy and efficiency. The equipment can benefit from features such as automatic grade control, depth control, and slope control. This allows operators to achieve precise excavation depths, follow specific slope angles, and maintain consistent grades throughout the project. Machine control systems provide real-time feedback to the operator, displaying the desired cut or fill values, ensuring that the excavation is performed according to the required specifications.
The infrastructure industry is projected to account for the largest size of the machine control system market in 2023.
The market for machine control systems in the infrastructure vertical is thriving due to its ability to deliver precision, efficiency, and cost savings. Infrastructure projects require accurate and efficient construction processes to meet specific design requirements. Machine control systems enable construction equipment to perform tasks with enhanced precision, minimizing rework and material waste. This results in improved productivity and faster project completion, crucial for time-sensitive infrastructure projects. Additionally, these systems contribute to cost savings by optimizing material usage and reducing errors. They also ensure compliance with safety regulations and design standards, enhancing overall project quality. With their ability to deliver accurate and efficient construction processes, machine control systems have become essential tools in the infrastructure industry.
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Asia Pacific is projected to be the largest market for a machine control system from 2023 to 2028.
The machine control system industry in Asia Pacific is expected to contribute the largest share during the forecast period. The dominance of the market is attributed to rapid urbanization and infrastructure development, leading to a high demand for advanced construction equipment. The growing construction industry in Asia Pacific, driven by population growth and government initiatives, fuels the need for efficient and precise construction processes. Machine control systems enable companies to enhance productivity, optimize resources, and meet tight project timelines. Additionally, the region's focus on adopting advanced technologies and government investments in infrastructure development further contribute to the market's substantial size. The combination of these factors establishes Asia Pacific as a key market for machine control systems in the construction industry.
The key players operating in the machine control system companies include Topcon (Japan), Trimble Inc. (US), Hexagon AB (Switzerland), MOBA Mobile Automation AG (Germany), Hemisphere GNSS, Inc. (US), and EOS Positioning Systems, Inc. (US), among others.
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