The land survey equipment market is expected to register year-on-year growth at 6.7% in 2021, with the overall valuation forecast to reach US$ 6.0 Bn. As per a Future Market Insights (FMI) analysis, sales of land survey equipment is expected to increase at 7.8% CAGR between 2021 and 2031. According to the study, the overall land survey equipment market worth is expected to reach US$ 12.8 Bn by 2031. Level survey equipment systems are expected to remain dominant among products available. Meanwhile, the demand for global navigation satellite system (GNSS) land survey equipment will increase by 6.7% CAGR in 2021.
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According to Future Market Insights, increase in construction activities across the world has led to stronger demand for land survey equipment. Rapid technological advancements in global navigation satellite system (GNNS) and survey equipment are also projected to complement market growth in the near future.
The ongoing crisis caused by the COVID-19 pandemic has resulted in the disruption of supply chain and construction activities. Though sales of land survey equipment plummeted during the initial stages of the pandemic, with regional construction sector operations reviving toward threshold rates and with the continual demand for energy-efficient solutions, land survey equipment market is expected to register impressive growth trajectory for the foreseeable future.
Demand for land survey equipment is increasing also on account of the advancements in automotive and marine application. With increasing fleet of connected and autonomous vehicles coupled with increasing use of GNNS systems in small marine application, the land survey equipment market is set to get substantial boost from it.
Increasing number of players focusing on research and development related to Land Survey equipment is anticipated to contribute towards market growth in the years to come.
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Key Takeaways from Land Survey Equipment Market Study
- By product type, the level equipment is set to hold around 50% of the market in terms of volume through the forecast period, owing to its low cost and high application.
- The inspection segment is set to hold over 29% of the market share on the basis of application by 2031-end, supported by increasing use of inspection techniques in construction sector.
- The Europe will remain a primary market and account for over 27% share by the end of forecast period.
- The markets in India and China are set to surge at CAGR of approximately 8.3% and 7.6% over the coming decade.
- Nordics is emerging as a key market in Europe, with a valuation of over US$ 271.0 Mn in 2021.
“The land survey equipment market is growing at a strong pace, driven largely by increasing demand for energy efficient and precise measuring equipment. Increasing upstream and downstream exploration in oil & gas and mining coupled with rising adoption of drone technology in surveying are propelling growth of the market,” says a Future Market Insights analyst.
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The land survey equipment market is moderately consolidated, with leading players accounting for more than 30% of the market share. These players are likely to invest in new technology developments, expansion of their distribution networks and tie-ups with prominent end users in order to maintain their market presence.
Some of the key players in this industry include but are not limited to Trimble Inc., Hexagon AB, Topcon, Beijing UniStrong Science & Technology Co., South Surveying & Mapping Instrument Co., Ltd., Hi-Target Surveying Instrument Co., Ltd., among others.