With a CAGR of 9.0% throughout the projected period, the Precision Forestry Market is anticipated to increase from USD 3.9 billion in 2019 to USD 6.1 billion by 2024. A number of factors, such as the rising demand for wood and wood-based products, the need for effective solutions for forest management, and the incorporation of cutting-edge technologies like geospatial and fire detection in forestry operations are identified in the market research report by MarketsandMarketsTM. The study also segments the market based on technology, application, and offering, with key offers being hardware, software, and services. The study offers a thorough analysis of the Precision Forestry Market's competitive landscape, major players, and new trends.

The Precision Forestry Market is expanding quickly, propelled by a number of factors such as the rising construction industry, the rising demand for lumber from sawmills, the decreasing cost of forestry mapping technologies, the reduction of illegal logging and deforestation, and the growing government support for the digitalization of forest management. Precision forestry has the potential to revolutionise the forestry sector by increasing the effectiveness and profitability of conventional operations. Likewise, government programmes in many nations are assisting in the adoption of cutting-edge technologies and equipment by foresters for site-specific management of the forest. In the upcoming years, it is anticipated that the cost of precision forestry technology would also reduce, mostly due to the falling costs of key hardware components, which will probably support the market's expansion.

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Cut-to-Length technology expected to hold the largest market share during the forecast period

Due to its growing acceptance over conventional harvesting equipment, cut-to-length (CTL) technology is anticipated to hold the biggest market share in the forestry sector throughout the projection period. Because it can function in arctic conditions, including sloped regions, and harsh temperatures, this technology has gained widespread acceptance. In Sweden and Finland, CTL technology is currently used in more than 90% of logging operations. Furthermore useful in plantations and peatlands, this technology. The replacement of traditional forestry harvesting machinery is the main factor driving the expansion of the CTL industry.

Harvesting application accounted for the largest share of precision forestry market in 2018

In 2018, the market for precision forestry was dominated by the category of harvesting applications. The expansion of this market can be attributed to the widespread use of CTL-based harvesting equipment by the forest industry in temperate and boreal woods, particularly in Nordic nations. The expansion of this market is also being fueled by the need for industrial round wood on a global scale. Nowadays, CTL-based harvesting technology, also known as harvester forwarder systems, performs more than 90% of the logging operations in Sweden and Finland. As a result, it is anticipated that the harvesting application sector will continue to rule the precision forestry market.

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

Throughout the projected period, the Americas are anticipated to maintain their dominant position in the precision forestry market. This is mostly because the US and Canada, which have a significant number of forests and a growing market for industrial round wood and associated goods, were early adopters of precision forestry technologies. In the US and Canada, the replacement of outdated forestry harvesters with more modern and complex CTL-based harvesters is anticipated to further propel the expansion of the precision forestry industry in these countries.

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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