According to the new market research report "Precision Forestry Market by Technology (CTL, Geospatial, Fire Detection), Application (Harvesting, Silviculture & Fire Management, Inventory & Logistics), Offering (Hardware, Software, Services), and Geography - Global Forecast to 2024", published by MarketsandMarkets, the precision forestry market was worth USD 3.9 billion in 2019 and is projected to reach USD 6.1 billion by 2024, at a CAGR of 9.0% from 2019 to 2024.
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The precision forestry market comprises technology providers such as Deere & Company (US), Trimble (US), Raven Industries (US), Tigercat (Canada), Ponsse (Finland), Komatsu Forest AB (Sweden), and Caterpillar (US).
The report also describes the drivers, restraints, opportunities, and challenges for the growth of the precision forestry market. In addition to the in-depth view on market segmentation, the report includes critical market data and qualitative information for each type, along with qualitative analysis, such as value chain analysis, market ranking analysis, and competitive situations and trends. The report targets technology providers, software and service providers, system integrators, and end-user industries.
The precision forestry market has been covered in detail in this report. To provide a holistic picture, the current market demand and forecasts have also been included in the report. The precision forestry market has been segmented as below:
Precision Forestry Market, by Application
- Genetics and Nurseries
- Silviculture & Fire Management
- Harvesting Management
- Inventory & Logistics Management
Precision Forestry Market, by Technology
- Fire detection
Precision Forestry Market, by Offering
Precision Forestry Market, by Region
Cut-to-Length technology expected to hold the largest market share during the forecast period
The increasing replacement of conventional forestry harvesting equipment—full length and tree length—with fully mechanized cut-to-length (CTL) harvesting technology, is the major factor driving the growth of this segment. Fully mechanized CTL-based harvesting technology has become widely accepted in the forestry industry. CTL can be used in extreme temperatures and boreal forests, particularly in Nordic countries. For instance, CTL-based harvesting technologies are used wherein 30% of the land is inclined. Further, it can also be used in plantations and peatlands. Currently, more than 90% of logging in Sweden and Finland is carried out by CTL-based harvesting technology.
Harvesting application accounted for the largest share of precision forestry market in 2018
The growth of the harvesting application segment can be attributed to the increasing adoption of CTL-based harvesting technology. Further, the growing demand for industrial round wood across the world is expected to fuel the growth of this market. Fully mechanized CTL based harvesting is being used widely by the forest industry in temperate and boreal forests, particularly in Nordic countries. Currently, more than 90% of logging in Sweden and Finland is carried out by harvester forwarder systems, popularly known as cut-to-length (CTL).
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