Growing need for making accurate measurements in the construction industry has led to an upsurge in demand for theodolite devices. In addition, integration of enhanced technology in the theodolite devices is projected to impact the global market growth of theodolite positively. Fact.MR projects that the global market of theodolite is projected to represent over US$ 300 Mn by 2022-end.
Factors Fuelling Growth of the Global Market
Growth of the global theodolite market is mainly bound to various macro-economic and micro-economic factors. Increasing demand for conducting surveys during the construction projects has led to an upsurge in demand for theodolite devices globally. With the growing need for conducting surveys in the engineering, architecture, geology and planning, adoption of theodolite devices is projected to increase significantly. Increasing number of surveys conducted on the horizontal and vertical planes will continue to rev up sales of the theodolite devices globally. As government in various countries are pushing for development of the smart cities, adoption of theodolite is projected to increase globally.
Theodolite devices are further used as augmented reality in iPhone, which operate in the similar manner as the SpyGlass app in iPhones. Bound to various features such as GPS, compass and map, and two axis inclinometer, demand for theodolite will continue to increase in the transportation industry. With increasing demand for enhanced navigation system in the shipping and transportation industry, theodolite continues to witness robust adoption as a navigating device. Theodolite devices are also equipped with the data sharing, mapping, import/export map markers, logging and data sharing features. Bound to these factors, sales of the theodolite market will continue to increase during the forecast period.
Theodolite also continues to witness robust demand in the orology application. Growing need to for surveying devices that enables the end users to measure angles in the horizontal and vertical planes will continue to boost sales of the theodolite devices in the global market.
In contrary to this, the global market of theodolite is projected to witness restraining growth bound to various factors. Increasing preference for alternative devices to conduct surveys in the construction and transportation industry will continue to drop in sales of the theodolite devices in the global market. In addition, lack of raw materials will continue to pose major challenges for the manufacturers in the global market of theodolite.
Sales through Construction Application to Generate Significant Revenues
As demand for constructing institutions and buildings continue to increase, adoption of electronic theodolite instruments are likely to remain on the rise. Based on the product type, the electronic segment is projected to represent the highest revenue growth, represent more than US$ 70 Mn by 2022-end. The electronic product type segment is projected to witness the fastest growth in the global market of theodolite throughout the forecast period. On the basis of application, the construction segment will continue to witness significant revenue growth, accounting for more than US$ 80 Mn by 2022-end. During the forecast period, the industrial segment and the construction segment will continue to reflect a robust CAGR in the global market of theodolite throughout 2022.
Major players in the global market of theodolite include Topcon Corporation, Hexagon AB, EIE Instruments, Trimble, Suzhou FOIF Co., South Surveying & Mapping Instrument Co Ltd, Hilti Group and Survey Instruments Services Pte Ltd.