LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global surveying equipment market to grow at a CAGR of 6% during the forecast period, according to their latest report. This industry report also estimates the market to reach USD 7.5 billion by 2021.
The research study covers the present scenario and growth prospects of the global surveying equipment market for 2017-2021. The market size has been calculated by estimating the demand for surveying equipment.
The global surveying equipment market will experience a maximum growth from APAC, especially the emerging economic countries like China and India, which are willing to invest heavily in the infrastructure and construction industries. The Indian government has taken initiatives to propel the growth of the construction industry by investments through public funding.
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Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the global surveying equipment market:
Rapid urbanization in emerging economies
In 2014, the most urbanized countries were Northern America with about 82% of people living in urban areas. Latin America and the Caribbean region had 80%, and Europe had 73%. Africa and Asia have mostly rural population with 40% and 48% of their respective populations living in urban areas. However, they are urbanizing faster than other regions and are predicted to reach 56% and 64%, respectively by 2050.
Anju Ajaykumar, a lead engineering tools research analyst at Technavio, says, “With increased urbanization, the demand for resources increases and this will in-turn increase the need for transportations and residential facilities. The growing urbanization will drive the demand for surveying equipment.”
Growth in railway sector in APAC
The rise in air traffic and road transport congestion has made rail transport a feasible alternative to effectively address the problem of infrastructure saturation in both advanced and emerging economies such as India and China. Rails are safer and cleaner and provide a more credible and competitive alternative compared with road and air transport.
“In terms of investment, the railway market in APAC is experiencing significant growth due to developing existing rail infrastructure. Over the past decade, investment in railways worldwide has increased from 10% to 30% with APAC countries accounting for a major share,” adds Anju.
Rise in construction industry
In 2015, emerging markets constituted 50% of the total construction activities worldwide to increase to 65% by 2025. The US experienced a major growth in the construction sector. The construction value for residential and non-residential buildings is predicted to reach about USD 700 billion by 2016.
Further, India's construction sector will also contribute to a significant share to the overall growth. Apart from Smart Cities project developed by GOI, the Housing for All by 2022 initiative will be a major game-changer for the construction industry in India. This initiative will ensure affordable housing, quicker approvals from authorities, and supportive policy changes, which will drive the construction activity.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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