he global land survey equipment market was valued at ~US$ 6.9 Bn in 2018, and is estimated to increase at a CAGR of ~ 6% through the next decade. A new research report by Future Market Insights (FMI) on the land survey equipment market thoroughly analyzes the land survey equipment market and also states few key insights for the forecast period of 2019-2029.
Technological advances and the consequently improving precision levels of land survey equipment continue to significantly uphold the market growth. In addition, incorporation of enhanced safety features into newly innovated models of land survey equipment are likely to particularly benefit sales in the near future.
While a majority of demand for land survey equipment is accounted by the flourishing building and construction industry, the report opines that the contribution from the oil & gas as well as mining industries is highly likely to witness a steep rise in the course of coming years. The study also highlights that agricultural land surveys will remain an important contributor to the global demand for land survey equipment, particularly across developing regions.
Flourishing Growth Prospects in Asian Markets
FMI’s market analysis based on industry verticals reveals that the construction industry will account for a leading share in terms of demand for land survey equipment, at a global level. The mining industry is expected to hold a trivial share in the market in countries, such as Russia, China, and Australia, which register a sizable share in global mining production. Also, the oil & gas industry will see an upsurge in East Asia, and downstream production in the Middle Eastern region.
While East Asia is expected to account for a decent share, it also has also been listed as a region with prominent prospects for the future growth of the market. Heavy upstream oil and gas production and increased mining exploration in the region are expected to provide a robust sales perspective for the market. The South Asia region is likely to have substantial growth on the back of heavy construction commencements in the market of India and Malaysia. The growth in aforementioned countries will be in the public as well as private construction segments.