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Land Survey Equipment Market Scope, Share, Trends Analysis And Forecasts(2024 - 2033)
Land Survey Equipment Market Scope
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According to The Business Research Company's, The land survey equipment market size has grown strongly in recent years. It will grow from $7.56 billion in 2023 to $8.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to geospatial data accessibility, advancements in remote sensing, environmental conservation and management, mapping and geographic information systems (GIS), industrialization and resource exploration.
The land survey equipment market size is expected to see strong growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to rise in infrastructure projects, growing demand in real estate sector, expansion in urban development, emerging geospatial applications, environmental monitoring and conservation. Major trends in the forecast period include sustainability and eco-friendly solutions, smart and connected instruments, development of user-friendly interfaces, automation and robotics in surveying, focus on precision and accuracy.
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Market Drivers and Trends:
The growth in the construction industry is expected to propel the growth of the land survey equipment market going forward. The construction industry is the planning, design, and execution of building structures and infrastructure projects, encompassing residential, commercial, and civil engineering activities. Land survey equipment is used for construction to accurately map and measure land features, ensuring precise foundation placement and adherence to project specifications. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the growth in the construction industry is driving the land survey equipment market.
Major companies in the land survey equipment market are focused on developing innovative solutions, such as geospatial solutions, for enhanced efficiency, and to maximize their profits in the market. Geospatial solutions refer to technologies and services that analyze and interpret spatial data, facilitating mapping, location-based decision-making, and visualization of information. For instance, in October 2022, eSurvey GNSS, a China-based manufacturer and exporter of land survey, launched four new products, eRTK10 GNSS Receiver, eTS8 Total Station, eHLS1 LiDAR Scanner, and eSA2 Portable Smart Antenna. These upgraded and optimized offerings enhance efficiency in various applications, including construction, land survey, agriculture, and geospatial industries. The eRTK10 integrates visual technology for immersive 3D stakeout, while the eSA2 provides professional-level positioning data to Android and iOS devices. The eHLS1 Handheld Lidar Scanner utilizes high-precision SLAM technology for 3D reconstruction without GNSS dependence, and the eTS8 Total Station ensures reliable and accurate results in survey tasks.
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Major Key Players of the Market:
Robert Bosch GmbH, StoneX Srl, Hexagon AB, Garmin Ltd., Nikon-Trimble Co Ltd., Trimble Inc., Trimble Navigation Limited, Fugro NV, MiTAC Digital Corporation, Topcon Corporation, Leica Geosystems AG, Shanghai Huace Navigation Technology Ltd., Suzhou FOIF Co Ltd., CHC Navigation Hudaco Industries Limited, Novatel Inc., KSA Land Surveyors Company, M&P Survey Equipment Ltd., GeoMax AG, Ansari Precision Instruments Private Limited, Kolida Instrument Co Ltd., Survey Copter, Changzhou Dadi Surveying Science And Technology Co Ltd., Sokkia Co Ltd., PASI Srl, South Surveying And Mapping Instruments Co Ltd., Hi-Target Surveying Instrument Co Ltd., V.I Instruments Industries Limited, Geotrax International Services Inc., Jafri Survey Instruments
Land Survey Equipment Market 2024 Key Insights:
• The land survey equipment market size is expected to see strong growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Growth In The Construction Industry Is Anticipated To Fuel The Land Survey Equipment Market
• Innovative Solutions For Enhanced Efficiency
• Asia-Pacific was the largest region in the land survey equipment market in 2023
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