Focus on developing smart cities, rise in drone usage, and advantages associated with time and accuracy drive the growth of the global land survey equipment market.
PORTLAND, Ore., May 20, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Land Survey Equipment Market by Product (GNSS Systems, Total Stations & Theodolites, Levels, 3D Laser/Laser Scanners, Unmanned Aerial Vehicles (UAVs), and Others), Industry (Construction, Oil & Gas, Agriculture, Mining, Disaster Management, and Others), and Application (Inspection & Monitoring, Volumetric Calculations, and Layout Points): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global land survey equipment industry generated $6.31 billion in 2019, and is projected to reach $8.66 billion by 2027, witnessing a CAGR of 6.1% from 2020 to 2027.
Drivers, restraints, and opportunities
Focus on developing smart cities, rise in drone usage, and advantages associated with time and accuracy drive the growth of the global land survey equipment market. However, rental and leasing service providers for land survey equipment and lack of skilled manpower and technical knowledge hinder the market growth. On the other hand, upgrading data management systems in surveys creates new opportunities in the coming years.
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- The lockdown suspended the activities in construction, manufacturing, hotel, and tourism industries, which in turn impacted the land survey equipment market.
- Manufacturing and transportation activities, on the other hand, were banned or delayed. The disruptions in supply chains further caused shortages of raw materials, thereby affecting the sales too.
- However, the government bodies in various regions are now lifting off the regulations in order to maintain economic benefits. This is anticipated to aid the industry.
The GNSS segment to continue its dominant share throughout the forecast period
Based on product, the GNSS segment accounted for the largest market share, accounting for more than one-third of the global land survey equipment market in 2019, and will continue its dominant share in terms of revenue during the forecast period. GNSS systems are very advanced and provide highly accurate output, which drives its demand growth. However, the UAVs segment is expected to manifest the highest CAGR of 7.6% from 2020 to 2027, owing to growing awareness of its wireless and a wide range of applications like surveying and monitoring in various industries.
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The inspection and monitoring segment to maintain its highest contribution during the forecast period
By application, the inspection and monitoring segment contributed to the largest share in 2019, accounting for more than half of the global land survey equipment market, and is estimated to maintain its highest contribution during the forecast period. A lot of inspections, surveying and monitoring activities are carried out in industries like construction, mining and agriculture among others. This factors drives the growth of the segment. However, the volumetric calculations segment is estimated to manifest the highest CAGR of 7.1% from 2020 to 2027. This is owing to the fact that the software is required to calculate and process the data that are being upgraded along with the sensors that record the data.
Asia-Pacific to dominate the market, North America to grow at a significant face-
Based on region, Asia-Pacific region held the highest market share in 2019, contributing to nearly two-fifths of the total share of the global land survey equipment market, and will maintain its lead position by 2027. This is attributed to rise in development of cities and industries. On the other hand, the LAMEA region is anticipated to grow at the fastest CAGR of 7.2% in between 2020 to 2027. This is owing to rapid urbanization and industrialization activities in this region. Moreover, the North America region is projected to manifest the CAGR of 5.8% during the forecast period.
Leading market players
- Hudaco Industries Limited
- Kolida Instrument Co., Ltd.
- Robert Bosch GmbH
- Shanghai Huace Navigation Technology Ltd. (CHC Navigation)
- Suzhou Foif Co., Ltd.
- Topcon Corporation
- Trimble Inc.
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