The land survey equipment market is expected to grow from US$ 8,068.0 million in 2022 to US$ 12,568.4 million by 2028; it is estimated to grow at a CAGR of 7.7% from 2022 to 2028.
The land survey industry has been witnessing a steady increase in the adoption of terrestrial laser scanners. These scanners, equipped with high-precision systems, can function effectively in diverse environments, including deep mines. They are particularly well-suited for surveying mining sites where accurate data is crucial for the facility's as-built documentation. Given the critical role that equipment supporting vertical transport plays in underground mines, terrestrial laser scanning, an active imaging ground-based method that generates a precise 3D point cloud of an object's surface using laser range finding, has become increasingly popular. As a result, the use of terrestrial laser scanners for land surveys is expected to be a key driver of growth for the land survey equipment market in the future.
Impact of COVID-19 Pandemic on Land Survey Equipment Market
The COVID-19 pandemic brought about significant changes in the way people work and interact, prompting companies to adopt more advanced communication methods. This shift has presented challenges for land surveyors, who traditionally rely on on-site visits and in-person interaction. Quality assurance and control for surveying projects have also become a challenge due to limited interaction and difficulty in printing and plotting surveys at full scale during remote work.
The oil and gas industry in South America (SAM) was particularly affected by the pandemic, with activities disrupted, and social and commercial restrictions hindering manufacturing and supply chains. As a result, the land survey equipment market growth in the region was limited. However, economies in SAM have slowly resumed since Q4 of 2020, and end-user industries and their respective companies have resumed operations.
In the SAM region, the land survey equipment market is divided into two segments: Peru and the Rest of SAM. In August 2021, Ivan Merino, Peru's Minister of Energy and Mines, announced in an interview with Reuters that the country is seeking assistance from mining companies Grupo Mexico's Southern Copper and Las Bambas of China's MMG Ltd. to build a rail system from the Andean region, which is abundant in minerals, to the Central Pacific coast. Peru is the world's second-largest copper producer, and the government wants to enhance the mining sector with the help of this project. The project is set to commence in 2023 from Cusco or Apurimac and is expected to be operational by 2028.
Moreover, due to the rising traffic on the road, the Peruvian government has decided to widen Route 22 Central Highway by building two-lane roads. This 136 km long highway links Lima, the capital of Peru, with Central Peru. Additionally, 94 viaducts and 54 new bridges and tunnels will be constructed to avoid mountain tops. The project is anticipated to be completed by 2025. These projects are expected to increase the demand for land survey equipment, leading to the growth of the land survey equipment market in SAM.
The Rest of SAM market for land survey equipment is comprised of Brazil, Argentina, and Colombia. In September 2021, the Brazilian government participated in a foundation stone laying ceremony for the Midwest Integration Railway (Fico), which is a 383 km railway route connecting Mara Rosa on the North-South Railway to Agua Boa in the west. The project, which is worth US$519.3 million, is expected to be completed by 2026. In November 2021, Eramet announced the revival of its lithium production project in Argentina, which is aimed at expanding the company's presence in minerals required for electric vehicles. The project, which is being developed in partnership with Tsingshan, the Chinese steel group, is scheduled to begin in 2022 and be commissioned by 2024. These factors are driving the growth of the land survey equipment market in the Rest of SAM.
The land survey equipment market study features companies such as Hexagon AB, GUANGDONG KOLIDA INSTRUMENT CO., LTD., Shanghai Huace Navigation Technology Ltd., South Surveying & Mapping Technology CO., LTD., Topcon Corporation, Trimble Inc., Hi-Target, PENTAX Surveying, Suzhou FOIF Co., Ltd., and Robert Bosch Tool Corporation. These market players are adopting various growth strategies, including organic and inorganic methods, to maintain their competitive positions. For instance, Shanghai Huace Navigation Technology Ltd. introduced the HCE600 rugged field controller in 2021, a professional and compact field data collector designed for surveying and mapping operations, which features an alphanumeric keypad and connectivity modules such as Bluetooth 5.0, dual-band 2.4G and 5G Wi-Fi, and a 4G modem.
The land survey equipment market size has been determined using primary and secondary sources. The research process commenced with extensive secondary research, utilizing internal and external sources to gather qualitative and quantitative information on the market. This step also aimed to provide an overview and forecast of the land survey equipment market size across all its segments. In addition, industry experts and stakeholders, including VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders, were interviewed to authenticate the data and gain more analytical insights.