Americas expected to hold the largest share of precision forestry market during the forecast period

(IT-NEWSWIRE.COM, August 10, 2019 ) 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% during 2019–2024. The major drivers for the precision forestry market are increasing mechanization of forestry operation, growing demand for forestry products, decreasing cost of advanced monitoring & surveillance technologies, and increasing government support to adopt modern forestry techniques to curb illegal logging.

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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.

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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“Market for the hardware required in forestry monitoring and harvesting management is expected to hold the largest share during the forecast period.”

Based on offering, the precision forestry market has been classified into hardware, software, and services. Hardware held the largest market share owing to the high adoption of automation and monitoring devices, such as harvesters & forwarders, GNSS/GPS, UAVs/drones, fire detection devices, and sensors. In the yield monitoring process, hardware such as sensors and GPS devices play a vital role in measuring various yield parameters.

“Cut-to-Length technology expected to hold the largest market share from 2019 to 2024.”

The increasing replacement of conventional forestry harvesting equipment—full length and tree length—with fully mechanized cut-to-length (CTL) harvesting technology, is a 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 temperature 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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“Harvesting application is expected to hold the largest market share from 2019 to 2024.”

The growth of this market can be attributed to the increasing adoption of CTL-based harvesting technology. Further, the rising 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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Americas expected to hold the largest share of precision forestry market during the forecast period