The global precision forestry market is projected to expand at a significant CAGR during the forecast period. The increasing replacement of traditional forestry harvesting equipment with fully mechanized cut-to-length (CTL) technology for harvesting, is the key to the growth of the precision forestry market. The growing interest of forest owners and government towards digitization and automation in the forestry industry and advancement in technology is expected to boost the demand for precision forestry services. The rapid development in harvesting and fire management is raising the demand for the precision forestry market. Increasing forestry operations, surveillance technology, increased government support to adopt the new techniques and advanced monitoring requirements are some of the key factors that are expected to increase the demand for the precision forestry market.
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The key market players include Deere and Company, Trimble, Raven Industries, Ponsse, Caterpillar, Ecolog, and Tigercat. The major companies have adopted the strategies like mergers and acquisitions, agreements, new product launches, and partnerships to grow the market. For instance, in November 2018, Canadian company Tigercat partnered with Russian firm EkoNivaTechnka-Holding to strengthen its foothold in the precision forestry market. Moreover, a boost in construction work, growing demand for round wood from the industrial sector, rising demand for timber from sawmills, and increasing government measures to curb illegal logging and deforestation are expected to fuel the growth of the global precision forestry market.
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Precision Forestry Market – Segmentation
By Application
• Genetics and Nurseries
• Silvi culture & Fire Management
• Harvesting Management
• Inventory & Logistics Management
By Technology
• Cut-to-Length
• Geospatial
By Offering
• Hardware
• Software
• Services
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