The new report by Expert Market Research titled, ‘Global Precision Forestry Market Size, Share, Report and Forecast 2023-2028’, gives in-depth analysis of the global precision forestry market, assessing the market based on its segments like component, technology, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 4 Billion
• Forecast CAGR (2023-2028): 8.8%
• Forecast Market Size (2026): USD 6.6 Billion
In the coming years, the global precision forestry market is expected to grow at a rapid rate. This is primarily due to the growing popularity of cut-to-length harvesting technology, which makes it easier to cut trees. Furthermore, growing demand for wood across various industry sectors is expected to propel the global precision forestry market forward.
Precision forestry entails the use of cutting-edge technologies to complete time-consuming forestry tasks. Factors such as increased mechanisation of forestry operations, lower costs of advanced monitoring and surveillance technology, the demand for forestry products, and increased government support for the adoption of modern forestry techniques to combat illegal logging are expected to drive the global precision forestry market in the coming years.
Precision Forestry Industry Definition and Major Segments
Precision forestry is the process of preparing, executing, and monitoring forest management practises and operations in order to enhance the quality of wood products, minimise waste, maximise profits, and protect the environment. Precision forestry has the potential to change the forestry industry by making it more cost-effective and reliable, which is driving the precision forestry market forward.
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On the basis of the component, the precision forestry market is divided into:
• Services
• Software
• Hardware
Based on technology, the industry can be segmented into:
• CTL
• Geospatial
• Fire Detection
The industry can be broadly categorised based on its applications into:
• Genetics and Nurseries
• Silviculture and Fire Management
• Harvesting Management
• Inventory and Logistics Management
Based on region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Precision Forestry Market Trends
The market size is expected to grow at a faster rate over the forecast period due to increased adoption of forest mapping technologies such as Global Positioning Systems (GPS), Internet of Things (IoT), and remote sensing to keep track of the changing forest environment. Precision forestry allows for the transition from conventional forestry practises to more cost-effective and environmentally sustainable forest management techniques, resulting in more profitable forest resource management.
The use of IoT sensors in forestry applications is growing because they enable forest authorities to gather useful information about forest resources. It also increases their data collection capabilities and gives them more power over forest operations. Precision forestry helps foresters make better management decisions by allowing them to collect accurate data on forest cover.
Precision forestry market growth is fueled by the increasing use of Unmanned Aerial Vehicles (UAVs)/drones in measuring the size of wood chip piles, which aids in determining whether trees recently planted on FSC-certified land are growing well. The precision forestry market is projected to be dominated by North America. This is mostly due to the high degree of mechanisation of forestry operations in countries like the United States and Canada.
Furthermore, the region’s extensive forests, rising demand for industrial round wood, and increasing replacement of old forestry harvesters are expected to boost the precision foretry market in the coming years.
Key Market Players
The major players in the market are Deere & Company (NYSE: DE), Ponsse Plc, Komatsu Forest, Treemetrics, Rottne, Sampo-Rosenlew Oy, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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