Development of Smart Cities and Increased Drone Usage Worldwide to Propel Land Survey Equipment Market at 7.8% CAGR by 2034| Future Market Insights, Inc.

Will Rising Government Investments in Construction Activities Impact Land Survey Equipment Sales Across the U.S., Belgium, France, Italy, Japan, Korea, the U.K., and 30+Countries? Find Out This with FMI's New Report!

NEWARK, Del, June 26, 2024 /PRNewswire/ -- According to Future Market Insights (FMI), the worldwide land survey equipment market is expected to reach USD 7487.6 million in 2024 and USD 15868.4 million by 2034. The market is projected to rise at a CAGR of 7.8% from 2024 to 2034.

Increasing population, urbanization, industrialization, infrastructure development in developing nations, and ambitious plans for smart cities are factors fueling growth. Technology advancements like GNSS are essential for assessing locations and tracking construction activities, spurring demand.

Land survey equipment is gaining traction in transportation networks, renewable energy projects, and site suitability assessment. This equipment aids in construction, grading, and site design optimization, ensuring regulatory compliance and maximizing energy production while minimizing environmental impact.

Legal requirements and the need for accurate data for construction projects are set to drive the market. Consumer awareness of safety norms and the benefits of inspection and monitoring are further fueling demand for land survey equipment.

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Land survey equipment refers to a variety of tools used for inspection & monitoring, volumetric calculations, and layout points across industries such as construction, oil & gas, agriculture, and mining. These tools include GNSS, theodolite, laser scanning, UAV, level equipment, total station, and data collectors, among others.

Automation and robotics integration in land surveying offers efficiency but comes with high costs and complexities. Initial investment, maintenance, and specialized expertise are set to be costly for smaller companies. Continuous upgrades are also required for competitiveness. These challenges are particularly significant for smaller players and occasional users in the market.

Governments are investing a lot for achieving new infrastructure development initiatives and resuming older projects that had been postponed due to the pandemic. The principles of mathematics, geometry, and other sciences are used in association with land survey technology to locate, measure, and survey both natural and man-made terrestrial features. The elevation, angles, and property boundaries can all be measured by a land surveyor using a variety of equipment.

Key Takeaways from the Land Survey Equipment Market Report:

• The land survey equipment industry is expected to reach a value of USD 15868.4 million by 2034.
• The market is projected to surge at a CAGR of 7.8% by 2034.
• Japan's land survey equipment market is expected to grow at a CAGR of 3.3% by 2034.
• The United States is projected to surge at a CAGR of 4.4% by 2034.
• Based on the product, the GNSS system segment is expected to hold a market share of 31.3% in 2024. 

"The booming construction industry, government initiatives, and real estate reforms worldwide are driving demand for land survey equipment. Integration of technologies such as GNSS, 3D scanning, and UAVs are projected to enhance accuracy and efficiency in the construction industry, fueling sales of land survey equipment." Opines Nikhil Kaitwade Associate Vice President at Future Market Insights (FMI).

Which Factors Can Hinder the Land Survey Equipment Market?

"Growth in Land Survey Equipment Rental Services Hindering New Sales Potential"

Manufacturers of land survey equipment are focusing their efforts on research and development (R&D) activities to offer cutting-edge land survey equipment on the market. The land surveying equipment rental business has expanded during the last few years. Even if new development is advantageous in terms of use, new sales of land survey equipment are being prohibited as a consequence. Instead of buying new products, many consumers choose rental services for infrequent use.

Additionally, small-scale businesses across the world provide rental services, offering expensive but up-to-date products at reasonable costs. This enables clients to use upgraded land survey equipment without making a significant financial investment. This situation has the potential to significantly slow the market for land survey equipment.

"Intense Competition Negatively Affecting the Pricing Mechanism Amongst Market Participants."

Growing demand for land survey equipment from end-use industries has an impact on manufacturers. This contributed to the R&D division of the land survey equipment industry placing a greater emphasis on new, cutting-edge, and creative technologies. The oil and gas industry, the construction industry (both government and private), mining, agriculture, and other end-use sectors are some examples of land survey equipment's end-use industries.

The competition among manufacturers of land survey equipment is growing in almost every region of the world as a result of the growing globalization of enterprises. Additionally, as global brands enter the market, this competition is being further intensified. To establish their supremacy in the market, every manufacturer is engaged in competition with every other company. In the market for land survey equipment, some startup companies are also emphasizing sustainability.

This intensified competition has had a negative impact on pricing strategies. This is a significant problem for global manufacturers as they work to retain profit margins and grow sales as a result of the tougher competition that is forcing them to offer high-quality products at reduced rates.

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Competition Landscape:

Land survey equipment companies are leveraging strategies like product launches, partnerships, collaborations, acquisitions, and mergers to boost sales and gain a competitive edge in the global market.

The market is highly consolidated, with a few large-scale vendors dominating. Companies invest heavily in research and development to create new products and digital services. Key players in this sector include product expansion, mergers, and collaborations.

For instance,

• In August 2023, Hexagon AB introduced Leica BLK2FLY Indoor, a new indoor scanning system for digital twin creation, offering exceptional autonomy and real-time spherical imaging with a 1.5-meter operational range.
• In March 2023, Stonex introduced the R180 Robotic Total Station, a fast, accurate Android robotic station with 180°/sec rotation speed and 1 mm + 1 ppm EDM accuracy, capable of ranging up to 1000m.

Leading Land Survey Equipment Brands

• Trimble Inc.
• Hexagon AB
• Topcon Corporation
• Autodesk, Inc.
• FARO Technologies, Inc.
• Nikon Corporation
• Geospatial Corporation
• CHC Navigation
• Spectra Precision (Trimble)
• South Surveying & Mapping Instrument Co., Ltd.

Get More Valuable Insights:

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global land survey equipment market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study incorporates compelling insights on the land survey equipment market based on product (GNSS system, total stations, and theodolites, levels, 3D laser, UAV, pipe lasers, and others), industry (construction, oil and gas, agriculture, mining, disaster management, and others), application (inspection and monitoring, volumetric calculations, and layout points), and region.

Report Preview: https://www.futuremarketinsights.com/reports/land-survey-equipment-market

About the Industrial Automation Division at Future Market Insights (FMI)

The Industrial Automation division of FMI offers extensive coverage and valuable insights about the automation industry, including areas such as robotics, artificial intelligence, machine learning, and process automation. Our market research findings and competitive intelligence help various industry stakeholders, including manufacturers, technology providers, distributors, and service providers, make informed decisions and stay updated with the latest market trends and developments.

Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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