DUBLIN--(BUSINESS WIRE)--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.
- Increasing Mechanization of Forestry Operations
- Growing Demand for Forestry Products
- Decreasing Cost of Advanced Monitoring & Surveillance Technologies
- Increasing Government Support to Adopt Modern Forestry Techniques
- High Capital Investment
- Lack of Skills and Technical Awareness Among Forest Operators
- Emerging Countries to Offer Significant Growth Opportunities
- Illegal Logging
- Lack of Standardization & Safety Issues
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Precision Forestry Market, By Offering
8 Precision Forestry Market, By Technology
9 Precision Forestry Market, By Application
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- Blount International
- Deere & Company
- Doosan Infracore
- Drone Seed
- Hitachi Construction Machinery
- Insight Robotics
- Integrated Forest Management
- Komatsu Forest
- Quantum Spatial
- Sampo Rosenlew
- Topcon Positioning Systems
- Treevia Forest Technologies
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