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(IT-NEWSWIRE.COM, August 02, 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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“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 account for the largest market share from 2019 to 2024.”
The Americas accounted for the largest share of the global precision forestry market in 2018, owing to the high mechanization level of forestry operations in the US and Canada. The presence of extensive 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 ones in the US and Canada is expected to create additional demand for forestry technology in this region.
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Key Market Players
Key players in the precision forestry market include 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). Major players in the precision forestry market have adopted strategies such as agreements, product launches, mergers & acquisitions, and partnerships to grow in the market.
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Source: EmailWire.Com 
Source: EmailWire.com
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