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Home | Search Global IT News: IT News & Press Release Distribution: Precision Forestry Market estimated to be worth $6.1 billion by 2024   (IT-NEWSWIRE.COM, November 19, 2021 ) According to the new market research report "Precision Forestry Market by Technology (CTL, Geospatial, Fire Detection), Application (Harvesting, Silviculture & Fire Management, Inventory & Logistics), Offering (Hardware, Software, Services), and Geography - Global Forecast to 2024", published by MarketsandMarkets, 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. Download PDF Brochure:- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=228021988 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. 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 market’s growth. Cut-to-Length technology expected to hold the largest market share during the forecast period The increasing replacement of conventional forestry harvesting equipment—full length and tree length—with 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. 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). 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). About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 MarketsandMarkets™ Mr. Aashish Mehra 1-888-600-6441 raviraj.tak@marketsandmarkets.com Source: EmailWire.Com Source: EmailWire.com

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