The Precision Forestry Market grew significantly in 2019 and was valued USD 3.9 billion. The market is anticipated to keep growing, with a projected value of USD 6.1 billion by 2024, representing a 9.0% compound yearly growth rate (CAGR) throughout the 2019–2024 forecast period.
Technology developments like Cut-To-Length (CTL), geospatial mapping, and fire detection systems, which increase productivity and efficiency in forestry operations, are among the factors contributing to the market's growth. Market growth is further aided by the growing use of precision forestry applications in fields such as inventory logistics, fire management, harvesting, and silviculture. To meet the various needs of the forestry industry, the market provides a variety of products and services, such as software, hardware, and services. The global emphasis on sustainable forestry practices and the continuous advancements in technology suggest that the precision forestry industry will have sustained expansion in the foreseeable future.
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Several important elements are driving the precision forestry market's rapid rise. Notably, market expansion has been fueled by the growing trend of forestry mechanisation in emerging economies in Asia Pacific and Africa, as well as by an increase in construction activity and the need for sawmill timber. Additionally, the cost of forestry mapping technologies has decreased, making precision forestry more affordable, and the significance of modern forestry management systems has been highlighted by initiatives to stop illicit logging and deforestation. Modern techniques and technology for site-specific forest management have been made easier to use by government assistance for the digitization of forest management practices. Precision forestry has the ability to significantly transform conventional forestry practices and increase their efficiency and cost-effectiveness.
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Cut-to-Length technology expected to hold the largest market share during the forecast period
The industry for cut-to-length (CTL) harvesting technology is experiencing strong expansion, mainly due to the growing use of fully mechanised CTL systems that are taking the place of traditional forestry harvesting equipment. The increased efficiency and efficacy of fully mechanised CTL technology in forestry operations is the driving force behind the move away from traditional methods. CTL technology is widely used in the forestry sector and has several benefits, especially in harsh conditions and difficult terrains including sloped hillsides and boreal woods. CTL-based harvesting technique has been widely adopted in Nordic nations, like as Sweden and Finland, where it is used in about 90% of logging operations. It is noteworthy that CTL systems exhibit adaptability because they may be applied in a variety of environments, such as peatlands and plantations.
Harvesting application accounted for the largest share of precision forestry market in 2018
The market for precision forestry is experiencing growth in the harvesting application segment primarily due to the increased use of cut-to-length (CTL) harvesting technology. Because completely mechanised CTL systems offer such high levels of efficiency and efficacy, this trend is especially noticeable. The forestry sector's growing use of CTL-based harvesting techniques is expected to significantly increase demand for industrial round wood, which is used in many different industries worldwide. Notably, Nordic nations like Sweden and Finland lead the way in the widespread application of CTL technology in temperate and boreal forests. Harvester forwarder systems, sometimes referred to as CTL systems, are the main logging method used in these locations, making up more than 90% of all logging activities.
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Americas expected to hold the largest share of precision forestry market during the forecast period
With the United States and Canada at the forefront, the Americas became the market leader for precision forestry in 2018. Due to their leading adoption of precision forestry technologies, these nations have a substantial market share in the area. Both countries have an abundance of forests, and the need for industrial round wood and related goods is rising, which is driving the broad adoption of precision forestry solutions. The need for forestry technology in the US and Canada is also being driven by the progressive replacement of antiquated forestry harvesters with cutting-edge cut-to-length (CTL) harvesting equipment. The Americas continue to be a major factor propelling the expansion of the precision forestry market as these nations prioritise modernity in their forestry operations.
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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