Emerging Trends Propelling Precision Forestry Market to $6.1 Billion by 2024
The Precision Forestry Market has grown significantly, with a valuation of USD 3.9 billion in 2019. The analysis forecasts a strong expansion, with USD 6.1 billion expected by 2024, representing a 9.0% Compound Annual Growth Rate (CAGR) throughout the 2019–2024 prediction period.
This growth trajectory is ascribed to a number of variables, such as technological breakthroughs and growing acceptance in the forestry industry across many applications. In addition to emphasising important topics including cut-to-length (CTL), geospatial technology, fire detection, harvesting, silviculture & fire management, and inventory & logistics, the study divides the market into categories based on technology, application, and offering. Moreover, the thorough examination highlights how important precision forestry solutions—which include hardware, software, and services—are to improving resource management techniques, sustainability, and operational effectiveness in forestry operations around the world. The market is expected to increase significantly in the upcoming years due to the ongoing advancement of precision forestry technologies and their increasing incorporation into forestry practices.
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A number of important variables are propelling the precision forestry market's rapid growth. The most significant of them is the growing mechanisation of forestry activities in emerging economies in Africa and Asia Pacific. The growing demand for timber from sawmills and the expanding global construction industry both support this trend. Furthermore, precision forestry solutions are now more widely available and reasonably priced due to the declining cost of forestry mapping technologies. Furthermore, the fight against illicit logging and deforestation has increased the focus on precision forestry methods for long-term, sustainable forest management. Another important factor driving market expansion is government assistance for the digitization of forest management procedures. By increasing productivity and economy, precision forestry technologies have the ability to completely transform conventional forestry methods.
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Cut-to-Length technology expected to hold the largest market share during the forecast period
The forestry industry is experiencing a notable surge in the adoption of fully mechanised cut-to-length (CTL) harvesting technology, mainly due to the gradual replacement of conventional forestry harvesting equipment. The switch from full-length and tree-length equipment to CTL technology is a significant factor driving this market's expansion. CTL technology is widely used in the forestry industry and has many benefits, such as adaptability to harsh weather conditions and boreal woods, which are common in the Nordic region. Specifically, CTL-based harvesting is widely applied in areas with varying degrees of slope, which make up around 30% of the total land area. Moreover, a variety of habitats, including plantations and peatlands, can benefit from the application of CTL technology. One prominent example of this tendency is the widespread use of CTL-based harvesting equipment, which is used in over 90% of logging operations in Sweden and Finland. The extensive adoption and application of CTL technology highlight how essential it is to contemporary forestry operations, promoting productivity, sustainability, and efficiency in a range of environments.
Harvesting application accounted for the largest share of precision forestry market in 2018
The growing use of cut-to-length (CTL)-based harvesting technology is the main driver of the harvesting application segment's remarkable growth. The increasing worldwide demand for industrial round wood is a major driver of this trend. The forest sector has widely embraced fully mechanised CTL-based harvesting technology, especially in temperate and boreal woods. Nordic nations have been early adopters of this technology. Remarkably, harvester forwarder systems, or CTLs, are widely used in these areas; in Sweden and Finland, they account for more than 90% of logging operations. Modern forestry operations cannot function without CTL-based harvesting systems due to their efficiency, precision, and adaptability.
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Americas expected to hold the largest share of precision forestry market during the forecast period
The US and Canada's aggressive embrace of cutting-edge technologies in forestry techniques has helped the Americas emerge as the industry leader for precision forestry as of 2018. The primary reason for this region's significant market share is their early embrace of precision forestry technologies. The Americas are experiencing a surge in precision forestry technologies due to the abundance of wooded regions and the increasing demand for industrial round wood and associated goods. A noteworthy trend is the replacement of antiquated forestry harvesters in the US and Canada with more complex and cutting-edge cut-to-length (CTL) harvesters.
The report profiles key players including Deere & Company (US), Trimble (US), Raven Industries (US), Tigercat (Canada), Ponsse (Finland), Komatsu Forest AB (Sweden), Caterpillar (US), Treemetrics (Ireland), Rottne Industri AB (Sweden), Ecolog (Sweden), Sampo Rosenlew (Finland), Quantum Spatial (US), Hitachi Construction Machinery (Japan), Doosan Infracore (South Korea), Blount International (US), Integrated Forest Management (US), Silvere (Finland), DroneSeed (US), Insight Robotics (Hong Kong), Treevia Forest Technologies (Brazil), and Aerobotics (South Africa).
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