November 02, 2022 10:54 ET | Source: Meticulous Market Research Pvt. Ltd. Meticulous Market Research Pvt. Ltd.
Redding, California, Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Machine Control System Market by Component (GNSS, Laser Scanners), Machine Type (Excavators, Graders, Dozers), Controller Type (PLC, CNC, PAC), Industry Vertical (Construction, Manufacturing), and Geography - Global Forecast to 2029,’ the machine control systems market is expected to reach $6.4 billion by 2029, at a CAGR of 4.8% from 2022 to 2029. Download Free Report Sample Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5373
The growth of this market is driven by the high demand for higher accuracy and precision in machine control systems and the increasing number of infrastructure projects globally. In addition, the rising adoption of machine-guided technologies across various end-use industries is expected to offer significant opportunities for the growth of this market. However, the high initial investments required for machine control systems are expected to restrain the growth of this market.
Impact of COVID-19 on the Machine Control System market
The COVID-19 outbreak adversely affected various industries globally, particularly the industrial sector. The pandemic influenced business operations worldwide and severely impacted the global economy. The impacts include supply chain disruptions, issues with shipping & distribution, and staffing challenges.
The COVID-19 pandemic impacted non-essential product industries, including the construction industry. Construction sites were forced to shut down due to insufficient raw materials, economic issues, and workforce shortages. Furthermore, the implementation of lockdowns worldwide abruptly halted or postponed numerous ongoing and planned projects, adversely affecting the demand for machine control systems and other equipment in the construction industry. However, the demand for machine control systems is anticipated to recover gradually and grow significantly in the long term.
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Machine control systems are used to control machineries, such as cold planers, excavators, pavers, and rollers, and precisely place earthwork machines in the required position. Although the outbreak of the COVID-19 pandemic disrupted the production of industrial machines and equipment worldwide, it prompted manufacturing companies to adopt automation and control technologies.
Advanced technologies have enabled remote and operational control of manufacturing plants and construction projects. Companies across various industries are increasingly deploying automated machine control systems. Implementing machine control solutions for excavators, dozers, and graders help organizations save time, money, and fuel.
The machine control system market is segmented based on component (total stations, GNSS, laser scanner, sensors, and other components), machine type (dozers, graders, excavators, loaders, scrapers, and other machine types), control systems type (2D and 3D), controller type (computer numerical control, programmable logic controller, programmable automation controller, personal computer, motion controllers, and other controller types), application (machine automation, monitoring & control, machine safety, and other applications), industry vertical (manufacturing, construction, agriculture, mining, oil & gas, and other industry verticals), and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on component, the machine control system market is segmented into total stations, GNSS, laser scanners, sensors, and other components. In 2022, the GNSS segment is expected to account for the largest share of the machine control systems market. The large market share of this segment is attributed to the increasing demand for GPS-enabled devices for tracking, positioning, and controlling machines. This segment is also slated to register the highest CAGR during the forecast period.
Based on machine type, the machine control system market is segmented into dozers, graders, excavators, loaders, scrapers, and others. In 2022, the excavators segment is expected to account for the largest share of the machine control systems market. The large market share of this segment is attributed to the increasing investments in infrastructure development and the rising demand for excavators for various construction applications. This segment is also slated to register the highest CAGR during the forecast period.
Based on control system type, the machine control system market is segmented into 2D and 3D. In 2022, the 2D segment is expected to account for the larger share of the machine control systems market. The large market share of this segment is attributed to the increasing demand for 2D control systems from the construction industry for providing operators with height- and depth-related data for equipment positioning. However, the 3D segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for GPS-enabled devices for visualizing equipment positioning.
Based on controller type, the machine control system market is segmented into computer numerical control, programmable logic controller, programmable automation controller, personal computer, motion controllers, and other controller types. In 2022, the programmable logic controller segment is expected to account for the largest share of the machine control systems market. The large market share of this segment is attributed to the adoption of advanced technologies in the industrial sector and the growing demand for customized PLCs. This segment is also slated to register the highest CAGR during the forecast period.
Based on application, the machine control system market is segmented into machine automation, monitoring & control, machine safety, and other applications. In 2022, the monitoring & control segment is expected to account for the largest share of the machine control systems market. The large market share of this segment is attributed to the increasing adoption of advanced technologies and predictive maintenance techniques by major industry players. This segment is also slated to register the highest CAGR during the forecast period.
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Based on industry vertical, the market is segmented into manufacturing, construction, agriculture, mining, oil & gas and other industry verticals. In 2022, the construction segment is expected to account for the largest share of the overall machine control systems market. This segment is also slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising demand for automated equipment in construction sites and the increasing investments in infrastructure development by industry leaders.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the machine control systems market. The growth of this regional market is driven by factors such as the rising number of infrastructure-related projects due to rapid economic growth, the increasing deployment of machine control systems across construction sites, the increasing urbanization across countries in the Asia-Pacific region, and the rising government initiatives for infrastructural development in the region.
The report also includes an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2022.
The machine control system market is dominated by a few major players, namely, Topcon Corporation (Japan), Trimble, Inc. (U.S.), Hexagon (Sweden), MOBA Mobile Automation (Germany), Hemisphere GNSS, Inc. (U.S.), Komatsu Ltd. (Japan), AB Volvo (Sweden), Eos Positioning Systems, Inc. (Canada), Hitachi Construction Machinery Co., Ltd. (Japan), Andritz (Austria), Caterpillar Inc. (U.S.), Carlson Software (U.S.), Honeywell International Inc. (U.S.), Liebherr (Germany), RIB Software SE (Germany), and ABB Ltd. (Switzerland).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/machine-control-system-market-5373
Machine Control System Market, by Component
Machine Control System Market, by Machine Type
Machine Control System Market, by Control System Type
Machine Control System Market, by Controller Type
Machine Control System Market, by Application
Machine Control System Market, by Industry Vertical
Machine Control System Market, by Geography
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