Global Precision Forestry Market Projected to Reach $6.1 Billion by 2024, at a CAGR of 9% During 2019-2024

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Jul 08, 2019, 12:30 ET

DUBLIN, July 8, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

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% During 2019-2024

The major factors driving the growth of the precision forestry market are increasing mechanization in emerging countries of Asia Pacific & Africa, rising construction activities, growing demand for timber from sawmills, decreasing cost of forestry mapping technologies, prevention of illegal logging and deforestation; and increasing government support towards digitalization of forest.

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 market for inventory & logistics management estimated to grow at highest CAGR during the forecast period

The market for inventory & logistics is expected to grow at the highest CAGR from 2019 to 2024. Major factors fueling the growth of inventory & logistics management are increasing the demand for valuation of forests and tracking of logs during the transportation phase. Inventory & logistics management data such as wood volume, number of logs, and log diameters are available in digital form for reducing manual errors; enabling quick reporting and data processing.

Fire detection technology estimated to grow at the highest CAGR between 2019 and 2024

The market for fire detection technology is expected to grow at the highest CAGR between 2019 and 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.

Precision forestry services to grow at highest CAGR from 2019 to 2024

The precision forestry services market is expected to grow at the highest CAGR during the forecast period. The increasing interest of forest owners and governments towards automation in 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 crucial 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.

Precision forestry market in APAC to grow at the highest CAGR between 2019 and 2024

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 the plan to digitalize forestry by adopting advanced technology for mapping of forests, and early detection of fires in the forests. The market 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.

Key Topics Covered

1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Scope of Study
1.3.1 Markets Covered
1.3.2 Precision Forestry Market, By Geography
1.3.3 Years Considered for Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.2 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Data From Primary Sources
2.2 Secondary and Primary Research
2.2.1 Key Industry Insights
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.1.1 Approach for Capturing the Market Size By Bottom-Up Analysis (Demand Side)
2.3.2 Top-Down Approach
2.3.2.1 Approach for Capturing the Market Size By Top-Down Analysis (Supply Side)
2.4 Data Triangulation
2.5 Research Assumptions
2.5.1 Assumptions
2.5.2 Assumptions Considered While Estimating Global Precision Forestry Market

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Precision Forestry Market
4.2 Precision Forestry Market in Europe, By Technology
4.3 Precision Forestry Market, By Application
4.4 Precision Forestry Market, By Technology
4.5 Geographic Analysis of Precision Forestry Market

5 Market Overview
5.1 Market Dynamics
5.1.1 Drivers
5.1.1.1 Increasing Mechanization of Forestry Operations
5.1.1.2 Growing Demand for Forestry Products
5.1.1.3 Decreasing Cost of Advanced Monitoring and Surveillance Technologies
5.1.1.4 Increasing Government Support to Adopt Modern Forestry Techniques
5.1.2 Restraints
5.1.2.1 High Capital Investment
5.1.2.2 Lack of Skills and Technical Awareness Among Forest Operators
5.1.3 Opportunities
5.1.3.1 Emerging Countries to Offer Significant Growth Opportunities
5.1.4 Challenges
5.1.4.1 Illegal Logging
5.1.4.2 Lack of Standardization and Safety Issues

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Major Market Players in the Precision Forestry Market
6.3 Industry Trends
6.3.1 Integration of Telematics With Forest Mechanization
6.3.2 Advent of LIDAR Fitted UAVS

7 Precision Forestry Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Harvesters & Forwarders
7.2.1.1 Harvesters & Forwarders Held the Largest Market Share in 2018
7.2.2 UAVS/Drones
7.2.2.1 UAVS/Drones to Witness the Highest CAGR During the Forecast Period
7.2.3 GPS
7.2.3.1 Site-Specific Forestry Management Expected to Propel the Demand for GPS
7.2.4 Cameras
7.2.4.1 Demand for Video Cameras With Hyperspectral, Multispectral, and Infra-Red Sensors to Grow at a Substantial Rate During the Forecast Period
7.2.5 RFID and Sensors
7.2.5.1 RFID and Sensors to Grow at a Substantial Rate Between 2019 and 2024
7.2.6 Variable Rate Controllers
7.2.6.1 Increasing Adoption of Site-Specific Vegetation Management Expected to Fuel the Demand for Variable Rate Controllers
7.2.7 Others
7.3 Software
7.3.1 Increasing Adoption of SaaS-Based Forestry Software Expected to Propel Market During Forecast Period
7.4 Services
7.4.1 Increasing Demand for Managed Services to Propel Overall Services Segment

8 Precision Forestry Market, By Technology
8.1 Introduction
8.2 CTL
8.2.1 Increasing Demand for CTL-Based Harvesting Technology in Emerging Regions Create Opportunities for Manufacturers
8.3 Geospatial
8.3.1 Remote Sensing
8.3.1.1 Increasing Adoption of UAVS for Aerial Imagery to Witness Significant Growth
8.3.2 LIDAR
8.3.2.1 LIDAR Technology to Provide Enhanced Forest Monitoring Management With High Spatial Resolution
8.4 Fire Detection
8.4.1 Increasing Wildfire Incidents Around the World to Boost Demand for Fire Detection Technology

9 Precision Forestry Market, By Application
9.1 Introduction
9.2 Genetics and Nurseries
9.2.1 UAVS/Drones are Increasingly Being Used for Tree Plantation
9.3 Silviculture and Fire Management
9.3.1 Increasing Adoption of Wireless Sensor Network-Based Forest Fire Detection Systems Expected to Propel Precision Forestry Market in Silviculture and Fire Management
9.4 Harvesting Management
9.4.1 Harvesting Management to Hold the Largest Market Share During the Forecast Period
9.5 Inventory and Logistics Management
9.5.1 Inventory and Logistics Management Expected to Grow at the Highest CAGR During the Forecast Period

10 Geographic Analysis
10.1 Introduction
10.2 Americas
10.2.1 North America
10.2.1.1 US
10.2.1.1.1 The US Leads the Precision Forestry Market in North America
10.2.1.2 Canada
10.2.1.2.1 Increasing Adoption of Telematics and Advanced Monitoring Devices Drives the Precision Forestry Market in Canada
10.2.1.3 Mexico
10.2.1.3.1 Mexico to Witness Highest Growth Rate for Precision Forestry Market in North America
10.2.2 South America
10.2.2.1 Brazil
10.2.2.1.1 Brazil Registered the Largest Market Size for Precision Forestry in South America
10.2.2.2 Peru
10.2.2.2.1 Peru to Witness the Highest Growth Rate for Precision Forestry Market in South America
10.2.2.3 Rest of South America
10.3 Europe
10.3.1 Russia
10.3.1.1 Russia is the Fastest-Growing Market for Precision Forestry in Europe
10.3.2 Sweden
10.3.2.1 Sweden Records the Highest Adoption of Cut-To-Length Technology
10.3.3 Finland
10.3.3.1 High Level of Forest Mechanization in Finland
10.3.4 Spain
10.3.4.1 Precision Forestry Market in Spain to Grow at a Moderate Rate During the Forecast Period
10.3.5 France
10.3.5.1 Increasing Demand for Precision Forestry Equipment in France is Due to the Shortage of Skilled Labor
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Australia
10.4.1.1 Increasing Demand for Industrial Round Wood to Boost Precision Forestry Market in Australia
10.4.2 China
10.4.2.1 Government Initiatives to Propel Precision Forestry Market in China
10.4.3 Japan
10.4.3.1 Demand for Industrial Woods in Japan Expected to Increase in Next Couple of Years
10.4.4 India
10.4.4.1 Increasing Number of Government Projects for Mapping of Forests to Propel Demand for Forestry Technology in India
10.4.5 Indonesia
10.4.5.1 Large Forest Reserves in Indonesia to Boost Demand for Forestry Technology
10.5 Rest of the World
10.5.1 Africa
10.5.1.1 Precision Forestry Market in South Africa Expected to Grow at a High Rate
10.5.2 Middle East
10.5.2.1 High Cost of Precision Forestry Technology is a Major Challenge in the Middle East

11 Competitive Landscape
11.1 Introduction
11.2 Market Ranking Analysis for the Precision Forestry Market, 2018
11.3 Competitive Situation and Trends
11.4 Competitive Leadership Mapping, 2018
11.4.1 Visionary Leaders
11.4.2 Innovators
11.4.3 Dynamic Differentiators
11.4.4 Emerging Companies
11.5 Competitive Benchmarking
11.5.1 Strength of Product Portfolio (25 Players)
11.5.2 Business Strategies Excellence (25 Players)
11.6 Recent Developments
11.6.1 New Product Launches
11.6.2 Agreements, Partnerships, and Contracts
11.6.3 Mergers & Acquisitions

12 Company Profiles
12.1 Key Players
12.1.1 Deere & Company
12.1.2 Ponsse
12.1.3 Komatsu Forest
12.1.4 Tigercat
12.1.5 Caterpillar
12.1.6 Topcon Positioning Systems
12.1.7 Treemetrics
12.1.8 Rottne
12.1.9 Ecolog
12.1.10 Sampo Rosenlew
12.2 Other Companies
12.2.1 Quantum Spatial
12.2.2 Hitachi Construction Machinery
12.2.3 Doosan Infracore
12.2.4 Blount International
12.2.5 Integrated Forest Management
12.3 Start-Up Ecosystem
12.3.1 Silvere
12.3.2 Drone Seed
12.3.3 Insight Robotics
12.3.4 Treevia Forest Technologies
12.3.5 Aerobotics

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