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
The precision forestry market was worth USD 3.9 billion in 2019 and is projected to reach USD 6.1 billion, at a CAGR of 9.0% from 2019 to 2024. The major drivers for the precision forestry market are increasing forestry mechanization in emerging countries of Asia Pacific & Africa, rise in 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. Also, government initiatives in many countries are helping foresters adopt advanced technologies and tools for site-specific management of the forest. Further, 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.
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The precision forestry market in Asia Pacific is expected to grow at the highest CAGR from 2019 to 2024. The major factors propelling the growth of this market are the increasing mechanization of forestry operations in countries such as Australia, China, India, and Indonesia; and initiatives taken by various governments for the adoption of digital technology in forest land. For instance, the government of China has introduced several initiatives to attract private investments in the forestry sector. The government of India has planned to digitalize forestry by adopting advanced technology for mapping of forests, and early detection of fires in the forests. The market’s growth and demand for forestry technologies are driven by increasing demand for industrial woods in the construction industry, prevention of illegal logging, declining availability & the rising cost of skilled labor, challenges, and complexities of forestry operator, climate change, and the broader automation in the forestry industry.
The market for inventory & logistics management application is expected to grow at the highest CAGR from 2019 to 2024. Major factors fueling the growth of inventory and logistics management are increasing the demand for valuation of forests and tracking of logs during the transportation phase. Inventory and logistics management data such as wood volume, number of logs, and log diameters are available in digital form for reducing manual errors; and enabling quick reporting and data processing.
The market for fire detection technology is expected to grow at the highest CAGR from 2019 to 2024. Increasing adoption of wireless sensor network-based forest fire detection technology is expected to propel the market. This wireless sensor network-based forest fire detection technology has the potential to achieve the high detection resolution and accuracy that is required for early detection of forest fires.
The precision forestry market for services is expected to grow at the highest CAGR during the forecast period. The precision forestry services market is expected to grow at the highest CAGR during the forecast period. Increasing interest for forest owners and governments in the automation of the forestry industry and advancements in precision forestry technology are expected to propel the demand for precision forestry services during the forecast period. Increasing demand for managed services is also a major reason behind the high growth of the precision forestry market for the services segment. Increasing demand for after-sales services of CTL harvesters and integration & deployment services are further expected to boost the demand for the services market during the forecast period. The major players in the precision forestry market have executed acquisitions, partnerships, and product launches, and developments to grow in the market. For instance, Tigercat partnered with EkoNivaTechnika-Holding (Russia) in November 2018, Ponsse launched its Bison forwarder; and Cobra and Fox harvesters in August 2018; and EcoLog partnered with Mercado Forestal (Uruguay) in May 2017.