Global Surveying Equipment Market Expands

Surveying is the technology of detecting the relative position of a point that is at the surface of the earth. There are different types of surveying techniques like geodetic surveys, cadastral surveys, engineering surveys, aerial surveys, mining surveys, and hydrographic surveys. The latest trend in the market is emerging ocean technology. An industrial revolution is unfolding under the seas. Rapid progress in the development of robotics, artificial intelligence, low-cost sensors, satellite systems, big data, and genetics are opening whole new sectors of ocean use and research.

With this latest trend in mind, the global surveying equipment market will grow at a compound annual growth rate of seven percent during the next five years.

A major driver for the market is rapid urbanization in emerging economies. The world is undergoing a major wave of urban growth where more than half of the world's population lives in towns and cities. Much of this urbanization is expected in Africa and Asia, bringing about huge social, economic, and environmental transformations.

A factor hampering the growth of the market is a slowdown in Chinese economy. China's economic slowdown will impact globally in all types of industries because of two main reasons that include its increasing weight in world trade and rising share in total exports worldwide. A significant slowdown in China's economy can give meaningful shocks to the global trade.

The opportunity for growth within urbanization is an area that contractors can focus on.

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