With increased urbanization, the demand for resources increases and this increases the need for transportations and residential facilities. The growing urbanization will drive a demand for surveying equipment.
Now, a new report show the global surveying equipment market will grow at a CAGR (compound annual growth rate) of six percent during the forecast period. The market is set to reach $7.5 billion by 2021.
The global surveying equipment market will experience a maximum growth from APAC (Asia Pacific), 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.
Rapid urbanization in emerging economies is one factor that will drive the market. In 2014, the most urbanized countries were North America, with about 82 percent of people living in urban areas. Latin America and the Caribbean region had 80 percent, and Europe had 73 percent. Africa and Asia have mostly rural population with 40 percent and 48 percent of their respective populations living in urban areas. They are urbanizing faster than other regions and are predicted to reach 56 percent and 64 percent, respectively by 2050.
In 2015, emerging markets constituted 50 percent of the total construction activities worldwide to increase to 65 percent by 2025. The U.S. experienced a major growth in the construction sector. The construction value for residential and non-residential buildings is predicted to reach about $700 billion by 2016.
As the growing urbanization, infrastructure improvements, and construction projects continue, surveying equipment will be in demand to assist these ventures.