Precision Forestry Market Forecast worth USD 6.1 Billion by 2024 | MarketsandMarkets

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MarketsandMarkets Presents
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. The rapid growth of the Precision Forestry
Market can be attributed to the increasing
forestry mechanization in emerging countries of
Asia Pacific and Africa, rising construction
activities, growing demand for timber from
sawmills, decreasing cost of forestry mapping
technologies, prevention of illegal logging
deforestation and increasing government support
towards digitalization of forest management.
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MarketsandMarkets Presents
Precision forestry has the potential to transform
the forestry industry by making traditional
activities more efficient and economical. Also,
government initiatives in many countries are
helping foresters adopt advanced technologies and
tools for site-specific management of the forest.
The cost of precision forestry technology is
expected to decrease in the next couple of years,
mainly because of the declining prices of major
hardware components, which is likely to
contribute to the markets growth. Get PDF
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MarketsandMarkets Presents
Cut-to-Length technology expected to hold the
largest market share during the forecast
period The increasing replacement of conventional
forestry harvesting equipmentfull length and
tree lengthwith 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.
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MarketsandMarkets Presents
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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MarketsandMarkets Presents
Americas expected to hold the largest share of
Precision Forestry Market during the forecast
period The Americas held the largest share of the
Precision Forestry Market in 2018. The US and
Canada are the early adopters of precision
forestry technologies, which is the primary
reason for the large market share of this region.
The presence of a large number of forests and the
increasing demand for industrial round wood and
its related products are the major factors
driving the growth of precision forestry
technology in this region. Increasing replacement
of old forestry harvesters with more advanced and
sophisticated CTL-based harvesters in the US and
Canada is expected to create additional demand
for forestry technology in this region.
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MarketsandMarkets Presents
Key Players 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). Browse For More
Details - https//www.marketsandmarkets.com/Market
-Reports/precision-forestry-market-228021988.html

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MarketsandMarkets Presents
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