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Machine Control System Global Market Report 2024 Market Estimated Growth, Trends, Size, Share And Analysis 2024-2033
Machine Control System Global Market Report
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According to The Business Research Company's, The machine control system market size has grown rapidly in recent years. It will grow from $5.03 billion in 2023 to $5.63 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to growing demand for automation, rise of IoT and connectivity, demand for precision agriculture, infrastructure development, growth in the mining industry.
The machine control system market size is expected to see rapid growth in the next few years. It will grow to $8.64 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to rising demand for unmanned vehicles, 5G technology integration, expansion of smart cities initiatives, increased focus on cybersecurity, global expansion of e-commerce. Major trends in the forecast period include shift towards cloud-based machine control solutions, integration of advanced analytics, adoption of hybrid and electric machines, adoption of hybrid and electric machines, adoption of 3D printing.
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Market Drivers and Trends:
Rising urbanization is expected to propel the growth of the machine control system market going forward. Urbanization refers to the process by which more and more people leave the countryside to live in cities. It is an increase in the proportion of people living in towns and cities. As urbanization continues to shape the world, machine control systems will play an increasingly important role in meeting the challenges of growing populations, infrastructure demands, and environmental concerns. By enhancing efficiency and sustainability in construction, transportation, and agriculture. For instance, in October 2022, according to the World Bank, a US-based international financial institution, around 4.4 billion people, or 56% of the world's population, presently reside in cities. By 2050, approximately 7 out of 10 people will live in cities, with the urban population predicted to more than double from its current level. By 2030, the world is predicted to have 1.2 million km² more of urban built-up area because urban land consumption is expected to continue to expand at a rate that is up to 50% faster than population growth. Therefore, rising urbanization is driving the growth of the machine control system market.
Technological advancement is a key trend gaining popularity in the machine control system market. Major companies operating in the machine control system market are focusing on integrating technological advancements such as augmented reality (AR) into their machine control system offerings to enable automated functions and gain a competitive edge. For instance, in May 2022, ABB Ltd, Switzerland-based, multinational corporation that provides electrification and automation technologies and solutions, launched Ability NGX Hoist Control, next-generation mine hoist control system. This is characterized by its reliability, adaptability, and safety features, revolutionizes the machine control system market in mining. Its advanced capabilities, including standardization, integration, and global technical support, position it as a significant contributor to enhanced efficiency, safety, and operational excellence in mine hoisting systems.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Deere & Company, Schneider Electric SE, CNH Global NV, SANY Group Co Ltd., Liebherr Group, Doosan Infracore Co Ltd., Volvo Construction Equipment, Omron Corporation, Fayat Group, Hexagon AB, Eos Positioning Systems Inc., Trimble Inc., Sakai Heavy Industries Ltd., Belden Inc., Topcon Corporation, Leica Geosystems AG, Shandong Lingong Construction Machinery Co Ltd., James Fisher and Sons plc, Coperion GmbH, Rubble Master HMH GmbH, Otto Bihler Maschinenfabrik GmbH & Co KG, MOBA Mobile Automation AG, Challenger Geomatics Ltd., Hemisphere GNSS Inc., CMI Roadbuilding Inc., Carlson Software Inc., Raptor Technologies LLC, L5 Navigation Systems AB, Microverse Automation Pvt Ltd., Joseph Cyril Bamford Excavators Ltd., Advanced Concrete Technologies, Ammann Group Holding AG, Bopparder Maschinenbau-Gesellschaft mbH, Minds Inc., RexCon LLC, Sinoway Industrial Co Ltd.Corporation, Tiger Machine Co Ltd., Tokyo Keiki Inc.
Machine Control System Market 2024 Key Insights:
• The machine control system market size is expected to see rapid growth in the next few years. It will grow to $8.64 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Urban Development Driving Demand For Machine Control Systems
• Machine Control System Market Embraces Technological Advancements
• North America was the largest region in the machine control system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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