With the growing need for application in sightseeing, land measurements, navigation and outdoor sports, demand for theodolite has continued to gain momentum in the global market. Bound with various multi-functional features such as rangefinder, nav calculator, compass, GPS, geo-overlay movie camera/photo, sales of theodolite will continue to rev up during the forecast period.
Fact.MR states that the global theodolite market is expected to represent a value of over US$ 300 Mn by the end of 2022. Investigation of accidents, tactical observations, land surveying and landmark triangulations has led to a surge in demand for theodolites. Moreover, theodolite is equipped with features such as import/export map markers, data sharing and logging, and mapping. As government in various countries are pushing for development of smart cities, adoption of the electronic devices such as theodolite is likely to increase globally.
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Development of Smart City to Impact Market Growth
Construction and surveying industry has further contributed towards growth of the global theodolite market. Government in various countries are increasingly looking for solutions that ensure smart, equitable and sustainable resources. As government in various countries continue to push for development of the smart city, adoption of the theodolite devices will continue to increase significantly.
Advanced Features to Create Lucrative Opportunities
Growing need for navigating and making accurate measurements has led to an upsurge in demand for theodolites in the global market. Apart from increasing application to measure and navigate, theodolites are also used as an augmented reality application that was released in the iPhone. Similar to the SpyGlass application, the theodolite electronic devices enable the end users to figure out directions and locations. Attributed to features such as two axis inclinometer, GPS, map and compass, theodolite devices operate as navigating device with enhanced features. Increasing need for measuring angles in the vertical and horizontal planes has led to an upsurge in demand for surveying applications.
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.
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Electronic Products to Boost Sales in Global Market
Growing need to construct buildings and institutions has led to an upsurge in demand for the electronic theodolite devices. On the basis of product type, the electronic segment is expected to generate significant revenues, accounting for a value of more than US$ 70 Mn by the end of 2022. This segment is expected to register a robust CAGR in the global market during the forecast period.
Based on application, the construction segment is expected to represent the highest revenue growth, representing a value of over US$ 80 Mn by the end of 2022. However, the construction segment and the industrial segment is expected to register the highest CAGR in the global theodolite market during the forecast period.
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.
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