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

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

Precision forestry market anticipated to grow at CAGR of 9.0% from 2019 to 2024
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 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.

The breakup of primaries conducted during the study is depicted below:
By Company Type: Tier 1 - 35 %, Tier 2 - 40%, and Tier 3 -25%
By Designation: C-Level Executives - 57%, Directors - 29%, and Others - 14%
By Region: Americas- 40%, Europe - 30%, APAC - 20%, and RoW - 10%

Key players in the precision forestry market includes 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).

Research Coverage
This report covers the precision forestry market based on offering, technology, application, and region. The market based on offering has been segmented into hardware, software, and services. Based on application, the market has been segmented into genetics & nurseries, silviculture & fire management, harvesting management, and inventory & logistics management. Based on technology, the market has been classified into cut-to-length, geospatial, and fire detection. Based on the region, the precision forestry market has been segmented into the Americas, Europe, APAC, and RoW.

Key Benefits of Buying This Report
This report includes the market statistics pertaining to offering, application, technology, and region.
An in-depth value chain analysis has been done to provide deep insight into the precision forestry market.
Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
Illustrative segmentation, analyses, and forecasts for the market based on offering, application, technology, and region have been conducted to provide an overall view of the precision forestry market.
The report includes an in-depth analysis and ranking of key players.