Global sales of land survey equipment are set to be valued at over US$ 6.0 Bn in 2021, with a stable long-term projection, according to the latest insights by Future Market Insights (FMI). The report estimates the market to expand at over 7.8% CAGR from 2021 to 2031.
According to Future Market Insights, an 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.
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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, the land survey equipment market is expected to register an impressive growth trajectory for the foreseeable future.
Demand for land survey equipment is increasing also on account of the advancements in automotive and marine applications. With an increasing fleet of connected and autonomous vehicles coupled with the increasing use of GNNS systems in small marine applications, the land survey equipment market is set to get a 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.
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.
Will the COVID-19 Crisis Hamper the Land Survey Equipment Market?
Lockdown restrictions imposed as a result of COVID-19 pandemic are likely to affect the global market to a substantial degree. This effect has been observed in the form of stagnancy of sales and shipment of existing order from the supply side. Besides this, suspension of as slowdown of building & construction projects also has hampered the sales of land survey equipment.
Civic construction sector remains an important component of the economy, however, it is yet to recover its pre-COVID-19 growth speed. To address this governments around the world have adopted various strategies to push growth in civic construction sector. These include, tax relaxation, subsidies and others. With the construction sector recovering, demand in the land survey equipment market will gradually recover.
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Land Survey Equipment Market by Category
By Product Type:
- GNSS
- Theodolite
- Level Equipment
- Total Station
- Laser Scanning
- UAV
- GIS Asset Collection
- Data Collectors
By Application:
- Inspection
- Monitoring
- Volumetric Calculation
- Layout Points
By End Use:
- Oil & Gas
- Construction
- By Government
- By Non-Government
- Mining
- Agriculture
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Competitive Landscape
Companies operating in the land survey equipment market are aiming for strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity. Besides this, the focus on mergers and acquisitions is significantly high.
- For instance, in 2021, u-Blox Holding AG wholly acquired Sapcorda Services, a joint venture formed by u?blox, Bosch, Geo++, and Mitsubishi Electric which works on u-Blox’s silicon to cloud strategy and enables to innovate and grow its GNSS augmentation services.
- In 2021, Hexagon Leica launched new LiDAR system Leica CityMapper-2L configuration enables digital twin creation of cities in complex weather and congested flight operation areas
- 2019, Trimble Inc. acquired Cansel Survey Equipment’s Can-Net and AllTerra New Zealand’s iBase networks expand Its VRS network footprint.
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About Future Market Insights (FMI)
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. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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