Demand for Theodolites to Be Driven by Construction Applications, Evaluates Fact.MR
Published : 10 Dec 2021 Industry: Consumer Goods
According to a recent report by Fact.MR, a market research and competitive intelligence provider, the global theodolite market is valued at US$ 326 Mn, and is slated to rise at a CAGR of around 5.4% through the end of 2031.
Escalating demand for explicit and accurate measurements in the construction industry has led to an upsurge in demand for theodolite devices. Additionally, technological integration in theodolite devices is predicted to have a positive impact on global market growth. Fact.MR projects that the global market for theodolite is projected to represent US$ 550 Mn by 2031-end.
As demand for construction, infrastructure development projects, and buildings continues to surge, adoption of electronic theodolite instruments are likely to remain on the rise. Based on product type, the electronics segment is projected to represent the highest revenue growth, representing compound incremental dollar opportunity of more than US$ 70 Mn by 2031-end. On the basis of application, the construction segment will continue to witness significant revenue growth, accounting for more than 30% revenue share by 2031.
The construction sector, the backbone of development, includes transport infrastructure (such as roadways, highways, expressways, airports, parking areas), public infrastructure (skyscrapers, commercial buildings), energy generation systems (mining, dams, water tanks, water ways, wind turbines, transformers, nuclear projects), and others. Plan surveys, the foundation to initiate any construction project, are of prime importance to demarcate the topography of an area. Surveying is the process to measure and plot the surroundings by using specialized technology and equipment where theodolite plays a vital role. It can be used to survey anything on land, ocean beds, sky, and polar ice caps. On account of these factors, theodolite holds significant opportunities in circumstances where ordinary surveying instruments do not fulfil the desired requirements.
Further, increasing scope of application in ecology studies, meteorology, and astronomy can create new growth opportunities. With increasing rate of urbanization, coupled with enhancing transport infrastructure, the theodolite market is anticipated to hold dynamic prospects in the near future. Of particular significance will be growth in developing regions, where renewed focus on infrastructure development is likely to create significant market opportunities.
Key Takeaways from Market Study
- Rising urbanization is a key macroeconomic factor that can positively impact the global theodolite market.
- Innovation in technology is expected to enable manufacturers to develop next-generation theodolite, such as electronic or robotic theodolite. These types of theodolites are likely to become the preferred choice in surveying operations.
- Among the applications, construction theodolite has been the fastest-growing segment, owing to rise of the construction sector globally.
- North America is set to dominate market revenue and gain 89 BPS by 2031.
- Due to the COVID-19 crisis, demand for theodolite was hit in 2020, which witnessed a decline of 1.3% over the 2nd and 3rd quarters.
“Rising number of activities in the construction sector and fueling growth in infrastructural development are expected to contribute to the escalation in demand for theodolite through 2031,” says a lead analyst at Fact.MR.
Who is Winning?
Diverse needs and wants of different customers are addressed by manufacturers or businesses to attract more consumers by providing them their desired products. This will aid in increasing their profitability over time.
Some of the leading companies offering theodolite are Hexagon, Topcon Corporation, South Group, Sanding, Robert Bosch GmbH, Horizon SG, Turner Morris, Hilti Group, Trimble Inc, EIE Instruments, and others.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the demand for theodolite presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the demand for theodolite based on product type (optical theodolite, electronic theodolite, and vernier theodolite), application (construction, oil & gas, mining, agricultural, and others), and sales channel (offline and online), across seven major regions of the world (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
About the Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the consumer goods team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the consumer goods industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Consumer Products