According to a recent report published by Allied Market Research, titled, “Land Survey Equipment Market by Product, Industry, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,”
The land survey equipment market was valued at $6,314.3 million in 2019, and is expected to reach $8,662.1 million by 2027, registering a CAGR of 6.1% from 2020 to 2027. In 2019, the construction segment dominated the land survey equipment market, followed by the oil & gas segment. The land survey equipment market includes revenue generated by products used for surveying land by different process in several industries such as construction, mining, defense, and other.
The land survey equipment market is mainly driven by rise in construction activities in developing countries. In addition, rise in application of remote operation of UAVs has led to rise in demand for drones. Moreover, advantages related to time saving and accuracy gained in data output also propel the market growth.
However, lack of skilled manpower operating the land survey equipment and analysis technology act as restraint to the land survey equipment market. Moreover, renting and leasing of these land survey equipment led to restricted sales of land surveying equipment. In addition, lockdown was announced, owing to the outbreak of COVID-19, which, in turn, led to a halt in construction activities as well as other surveying activities. In addition, the mining and oil & gas industries were also operating in limited capacity. This hampered the sales of the land survey equipment. However, the upgraded technology used for data collection and its management is expected to boost the land survey equipment market during the forecast period.
The land survey equipment market is segmented into product, industry, and application. On the basis of product, the market is divided into GNSS systems, total stations & theodolites, levels, 3D laser/laser scanners, unmanned aerial vehicles (UAVs), and others. Depending on industry, it is classified into construction, oil & gas, agriculture, mining, disaster management, and others. Based on application, it is segregated into inspection & monitoring, volumetric calculations, and layout points.
Key findings of the study
- By product, the GNSS systems segment was the highest revenue contributor in 2019.
- By industry, the construction segment generated the highest revenue in 2019.
- By application, the monitoring & inspection segment generated the highest revenue in 2019.
The major players profiled in the land survey equipment market include Hexagon, Hi-Target, Hudaco Industries Limited, Kolida Instrument Co., Ltd., Robert Bosch GmbH, Shanghai Huace Navigation Technology Ltd. (CHC Navigation), Stonex, Suzhou Foif Co., Ltd., Topcon Corporation, and Trimble Inc.