Global sales of land survey equipment are set to be valued at over US$ 6.0 Bn in 2021, with a steady long-term prediction, according to the latest insights by FMI. The report estimates the market to rise at over 7.80% CAGR from 2021 to 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.
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.
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The increasing number of players focusing on research and development related to Land Survey equipment is anticipated to contribute to market growth in the years to come.
Key Takeaways from Land Survey Equipment Market Study
- By product type, the level of 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 based on application by 2031-end, supported by the increasing use of inspection techniques in the construction sector.
- Europe will remain a primary market and account for over 27% share by the end of the forecast period.
- The markets in India and China are set to surge at a CAGR of approximately 8.3% and 7.6% over the coming decade.
- Nordics are emerging as a key market in Europe, with a valuation of over US$ 271.0 Mn in 2021.
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 to maintain their market presence.
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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.