Pune, India, July 17, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s analysis indicates that the global machine control system market was estimated at USD 4 billion in 2017 and is predicted to surpass a valuation of USD 8 billion by 2023. The market is likely to garner a CAGR of 14.12% during the forecast period (2017-2023) due to the current boom witnessed in the construction activities. Machine control system are highly used in positioning machinery, which finds application in earthwork. These systems use technologies such as geographical information system (GIS), and global positioning system (GPS) frameworks. The primary function of these systems is to enable precision in the location of machinery related to heavy control systems.
Prominent Players
The key players operating in the machine control systems market include Leica Geosystems, ABB Group, Trimble Inc., Topcon Corporation, Andritz, RIB Software AG, Schneider Electric, Belden Inc., and Mitsui Co.
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Rapid Growth in Automobile Production & Consumption
The booming demand for automobiles across the world has augmented the production of the automobile industry. As the machine control system has its major application in the transportation sector, the market is gaining mileage during the review period. The machine control system market is majorly driven by the surging requirements for accuracy in navigation.
The increased demand for enhanced and precision productivity in the machine control system market is considered to be one of the significant factors driving the growth of the market. With the current boom in construction projects in commercial as well as non-commercial sectors, precise machine operation, and substitution of regular survey pegs with positioning system to achieve precise and efficient machine operation, the market is presumed to gain impetus. The surging demand for safety assurances and faster surveillance is also likely to provide impetus to the market growth.
The market is predicted to experience healthy growth in the coming years due to several notable developments. China’s One Belt One Road project is one such development. It is a huge project which involves heavy investment on China’s part. China is allocating resources towards the development of infrastructure. This is assumed to favor the growth of the Machine Control System Market in the foreseeable future. The new road, which is under construction, will link Europe and China via the central and western parts of the Asian continent. Thus, machine control systems will witness huge demand in this region.
Meanwhile, the high cost of investments over machine control system to receive satellite signals are predicted to impede the market growth in the foreseeable future. Machine control system are not accepted in some of the major countries, which is likely to impede the growth.
Segmental Analysis
By type, the machine control systems market is segmented into the global navigation satellite system (GNSS), total stations, GIS controllers, and laser scanners. Of these, the total station's segment is predicted to lead the market, attaining a CAGR of 14%. On the other hand, the GNSS segment is predicted to expand at the fastest rate, attaining the highest CAGR of 16.10% as they assist in increasing the accuracy and efficiency of the machines.
Excavators, loaders, dozers, graders, and scrapers comprise the equipment segment of the machine control system market. Of these, excavators are likely to gain prominence as they are more precise, faster, and offer more efficiency than other equipment.
The end users’ segment of the machine control system market includes construction, agriculture, mining, and marine. Among these, the construction segment is likely to expect high growth rate owing to the increased investment by the government bodies towards the development of advanced infrastructure.
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Regional Frontiers
The regions discussed in the report covers Europe, North America, Asia Pacific, and Rest-of-the-World (RoW). In 2017, North America dominated the global machine control system market by acquiring the highest market share due to the booming construction industry. Also, the increasing process instrumentation, along with automation, has positively impacted the market growth in North America. Factors like well-developed network infrastructure and advancements made in agricultural processes are further directing the market’s course. In this region, the U.S. is estimated to be the leading economy, closely followed by Canada. High economic growth in agriculture and mature construction industry are some of the major factors driving the market in the U.S. Canada is highly embracing machine control technology for highway construction projects. The country is also developing partnerships of machine control system manufacturer and OEMs to offer earth moving equipment. This is likely to drive the market growth in Canada.
The Asia Pacific is likely to gain significant prominence, with China acquiring the major chunk of the market. Advancements made in agricultural practices like precision farming has stirred the growth of the agriculture industry. The Chinese government is highly supporting the development of the infrastructural projects, like East China and the Qinghai - Tibet railway and the Tibetan Expressway. This is predicted to dictate the growth trajectory of the regional market.
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Industry Upgradations
Railroads often face maintenance issues, which keeps their assets from making money, owing to track issues. Protran technology has recently invested a huge amount of R&D into pioneering methods of inspecting track geometry, along with enhancing tamper productivity. Protran Technology has developed the Callisto system to meet both the concerns. The system offers cost-effective and efficient track geometry measurements.
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