Growing need for precise and accurate measurements in the construction industry has led to an upsurge in the demand for theodolite devices across geographies. In addition, integration of enhanced technology in theodolite devices is projected to impact global market growth positively. Fact.MR projects the global market to represent over US$ 900 Mn by 2031-end.
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As demand for constructing, infrastructure development projects, and buildings continues to surge, adoption of electronic theodolite instruments are likely to remain on the rise. Based on product, 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.
As per the revised market survey of theodolite market published by Fact.MR, the sales of theodolite market is anticipated to surpass a valuation of US$ 6.2 Bn in 2021, and expand at a CAGR of around 5.5% over the next ten years.
Key Trends of Theodolites Market
- The sales of theodolite market is anticipated to add 1.7X value by 2031.
- Electronic theodolites capture a major chunk, equivalent to more than half of the global market share, and is set to create an absolute $ opportunity of around US$ 780 Mn over 2021-2031.
- Among the applications, construction theodolites has been the fastest-growing segment, owing to rise of the construction business globally over the past decade.
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- North America is set to dominate market revenue in 2021, and the market here is expected to gain 89 BPS by 2031.
- Due to the COVID-19 crisis, demand for theodolites was hit in 2020, which witnessed a decline of 1.3% over the 2nd and 3rd quarters of the year.
Key Market Segments Covered
- By Product
- Electronic Theodolites
- Optical Theodolites
- Vernier Theodolites
- By Application
- Construction Theodolites
- Industries Theodolites
- Other Applications
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Winning Strategy
Key players operating this business should focus on improving product offerings and differentiation themselves from competitors in this space. This will help theodolite businesses witness in the medium- to long-term forecast period.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2018/05/04/1496639/0/en/5-Key-Insights-on-Functional-Workwear-Apparel-Market-for-Forecast-Period-2017-2026.html
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