Technavio, a tech-focused market research firm, has published a new report on the global surveying equipment market, which is expected to grow at a CAGR of close to 7% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global surveying equipment market into the following key regions: APAC, Europe, North America, and ROW.
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Top three contributors for the global surveying equipment market are elaborated below:
Surveying equipment market in North America: Land surveying equipment is useful in the construction sector and industries like agriculture, marine, mining, energy, aerospace, oil and gas exploration, coastal management. The US construction activities have tremendously increased despite the global economic slowdown, which is the major driver for the surveying equipment market.
According to Anju Ajaykumar, a lead analyst at Technavio, specializing in research on tools and components, “The demand for hydrographic surveying equipment in the US is high. Projects such as Penobscot Bay Project, Maine, the first modern National Oceanic and Atmospheric Administration multi-beam echo sounder survey to acquire data for required chart updates, are planned for the hydrographic survey in the US for 2016. These projects in the US are expected to drive the hydrographic surveying equipment market, fueling the growth of the surveying equipment market.”
Surveying equipment market in Europe: In Europe, the market surveying instrument is driven by the railway and construction sectors, and oil and gas exploration. The high-speed rail market in Europe has a strong potential as there is a demand to connect various European countries such as Poland, Spain, Italy, the UK, and the other European regions. Oil and gas exploration activities contribute to the surveying equipment market in Europe. The opening of new avenues for exploration gives a potential future to the market.
Surveying equipment market in APAC: The major contributors to the surveying equipment market in APAC are China and India. The railway infrastructure is one of the booming sectors of both countries. The Chinese government is willing to expand its railway network to improve connectivity and reduce the travel time by installing high-speed trains. The government of India is planning to invest in the railway sector to expand its network and improve its connectivity between cities. The upsurge in investments in the railway sector is expected to drive the surveying equipment market in APAC.
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The top leading vendors operating in the global surveying equipment market are:
- Kongsberg Gruppen
- Raytheon
- TOPCON
- Trimble
Other prominent vendors in the market include Teledyne Technologies, Thales, Faro Technologies, Hexagon AB, Ohmex, Valeport, and Seafloor Systems.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Surveying Equipment Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Hand Tools Market 2017-2021
- Global Offshore Oil and Gas Seismic Equipment and Acquisitions Market 2016-2020
- Global Sonar System Market 2016-2020
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