Wilmington, Delaware , Oct. 30, 2023 (GLOBE NEWSWIRE) -- 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 was valued at $6.31 billion in 2019, and is anticipated to reach $8.66 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
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Drivers, restraints, and opportunities
The growth of the global land survey equipment market is driven by surge in drone usage, focus on development of smart cities, and benefits associated with time and accuracy. However, lack of skilled manpower and technical knowledge and rental & leasing service providers for land survey equipment restrict the market growth. On the other hand, upgradation in the data management systems in surveys creates new opportunities for the market in the coming years.
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The inspection and monitoring segment to dominate during the forecast period
On the basis of 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 projected to maintain its dominance during the forecast period. A lot of inspections, surveying and monitoring activities are carried out in industries like construction, mining and agriculture among others which drive the growth of the segment. However, the volumetric calculations segment is estimated to manifest the fastest CAGR of 7.1% from 2020 to 2027. This is because the software is needed to calculate and process the data that is being upgraded along with the sensors that record the data.
The GNSS segment to continue its dominant share by 2027
On the basis of product, the UAVs segment is expected to manifest the highest CAGR of 7.6% from 2020 to 2027, attributed to growing awareness of its wireless and a wide range of applications like surveying and monitoring in various industries. However, 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 to maintain its dominant share in terms of revenue during the forecast period, as GNSS systems are very advanced and offer highly accurate output.
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, accounting for nearly two-fifths of the total share of the global land survey equipment market, and will maintain its lead position by 2027. This is owing to a rise in development of cities and industries in developing economies. On the other hand, the LAMEA region is expected to grow at the highest CAGR of 7.2% in from 2020 to 2027. This is owing to rapid urbanization and industrialization activities in this region.
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Leading market players
- Hudaco Industries Limited
- Robert Bosch GmbH
- Shanghai Huace Navigation Technology Ltd. (CHC Navigation)
- Stonex
- Suzhou Foif Co., Ltd.
- Topcon Corporation
- Trimble Inc.
- Hexagon
- Hi-Target
- Kolida Instrument Co., Ltd.
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