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Survey Equipment Market worth 6.91 Billion USD by 2021
According to a new market research report "Survey Equipment Market by End User (Land & Hydrographic), Type (Scanner & Lasers, Positioning, Acoustic, Total Station), Application (Bathymetry, Seabed Mapping, Oil & Gas, Cable Route, Charting, 3D Mapping), and Region - Global Forecast to 2021", The survey equipment market is estimated to be USD 5.09 Billion in 2016 and is projected to reach USD 6.91 Billion by 2021, at a CAGR of 6.30% between 2016 and 2021. Boom in maritime commerce, increased demand of surveys for error-free nautical charts, coastal management and development, and increased infrastructure development and mining operations are driving the demand for survey equipment across the globe.
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“Hydrographic survey equipment market to capture the largest share in the survey equipment market”
Hydrographic survey equipment market has the largest share in the global survey equipment market in 2016. Offshore and coastal marine infrastructure development fields, such as ports, bridges, effluent disposal systems for major industries, and coastal thermal power plants that use sea water as a coolant are some of the major drivers for utilization of hydrographic and marine geophysical survey equipment that subsequently drive the overall hydrographic survey equipment market.
“Construction & civil application to hold a dominant share in the application segment of the survey equipment market”
Construction & civil application in the application segment is driving the land survey equipment market as advanced construction techniques that were pioneered in offshore oil and gas construction, and in aerospace and defense, such as standardization and modularization, are becoming increasingly common in engineering and construction purposes.
“North America to dominate the survey equipment market”
North America is estimated to capture the largest market share in the overall survey equipment market in 2016. The survey equipment market in APAC region is projected to grow at the highest CAGR during the forecast period. Major factors that are expected to drive the North American survey equipment market include increased demand for 3D laser scanners, and robotic total station. Factors that are expected to drive the Asia-Pacific survey equipment market include the largest railway project in the pipeline that will require 3D laser scanners and total station.
In 2015, the key global players in the market were Thales S.A. (France), Trimble Navigation Ltd. (U.S.), Topcon Corporation (Japan), Fugro (Netherlands), and Hexagon AB (Sweden), among others. These companies adopted growth strategies such as new product launches, supply contracts, and business acquisition to capture the majority share in the survey equipment market.
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