The removal of bulky construction waste in an efficient and cost-effective manner, as well as projected demand from the expanding construction sector for other operations, is propelling the machine control system market forward.
In 2021, the demand for machine control systems was valued at US$ 4 billion, and it is predicted to increase at an annual pace of 8% over the forecast period. As per machine control system market analysis, the growing demand for precision in heavy machinery control and navigation is projected to fuel market expansion.
Machine control systems reduce field and machine downtime while improving resource utilisation. Heavy equipment failure on a construction site can cause operational delays and significant financial losses.
Construction equipment is precisely monitored and controlled by machine control specialists, resulting in optimised performance and faster quality assurance on the job site. As a result, investing in machine control systems promises to save time, eliminate budget overruns, and reduce machine maintenance costs, all of which will have an impact on machine control.
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Excavators, dozers, and graders are costly machines, and incorporating machine-guided technology into them raises installation and integration expenses. In addition, the machine control market trends indicate that building and mining companies need a lot of money to buy or rent equipment integrated with machine control technology.
While recent developments in machine control systems provide improved precision, aid in faster project completion, and have reduced maintenance costs, the costly initial outlay is a barrier to market expansion.
“Lockdowns were imposed around the world, halting many existing and prospective projects, affecting consumption for machine control systems and other construction materials. Owing to the lifting of lockdowns and vaccination rollouts, this sector has acquired traction again and is likely to rebound quickly. As a result, the machine control system market trends and forecast are now shifting again, with the demand for machine control systems is predicted to increase consistently over the forecast period.”, opines an FMI analyst.
There is a growing market for machine-guided technology in the Asia Pacific. In the construction sector, cost-effective and time-efficient techniques must provide a secure, elevated, durable, and friendly constructed environment. As a result, machine control systems play a critical role in ensuring efficiency and reliability on building sites in emerging regions.
The machine control system market size is expected to reach the valuation of US$ 6.3 Bn in 2026, growing at a modest CAGR of 8%.
Key Takeaways
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Competitive Landscape
To enhance their offers in the market, machine control unit companies have used various organic and inorganic growth tactics, such as news releases, product developments, alliances, and collaborations.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 18, 2022