Land Survey Equipment Market Is Forecasted To Expand At A 7.8% CAGR By 2031: FMI

Global sales of land survey equipment According to the latest FMI insights, are expected to be worth more over US$ 6.0 billion in 2021, with a consistent long-term forecast. According to the analysis, the market would grow at a CAGR of more than 7.80 percent between 2021 and 2031. According to the study, the global land survey equipment market is anticipated to be worth US$ 12.8 billion by 2031.

Level survey equipment systems are projected to stay prominent among available options. Meanwhile, demand for global positioning system (GPS) field survey equipment would rise by 6.7 percent CAGR in 2021.

The developments in automotive and marine applications are also driving up demand for land survey equipment. The land survey equipment market is anticipated to benefit significantly from an increasing fleet of linked and autonomous vehicles, as well as the increased use of GNNS systems in small marine applications.

The growing number of manufacturers working on research & development for Land Survey equipment is expected to contribute to market growth in the coming years.

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Key Takeaways from Land Survey Equipment Market Study

Because of its low cost and wide application, level equipment is expected to account for roughly half of the market in terms of volume over the projected period.
The inspection segment is expected to account for more than 29 percent of the market in terms of application by 2031, owing to the increasing usage of inspection techniques in the construction sector.
Europe will remain a primary market, with a share of more than 27 percent by the end of the projected period.
Over the next decade, the markets in India and China are expected to grow at a CAGR of around 8.3 percent and 7.6 percent, respectively.
With a valuation of around US$ 271.0 Mn in 2021, the Nordics are developing as an important market in Europe.
"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 FMI analyst.

Competitive Analysis:

The land survey equipment market is moderately consolidated, with the top players controlling more than 30% of the market. To preserve their market presence, these businesses are expected to invest in new technology innovations, distribution network growth, and partnerships with significant end-users.

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Trimble Inc., Hexagon AB, Topcon, Beijing UniStrong Science & Technology Co., South Surveying & Mapping Instrument Co., Ltd., and Hi-Target Surveying Instrument Co., Ltd. are among the leading players in this business.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

This release was published on openPR.