The Precision Forestry Market was valued at USD 3.9 billion in 2019 and is expected to grow at a significant rate to reach USD 6.1 billion by 2024, with a projected compound annual growth rate (CAGR) of 9.0% over the forecast period.

Technological developments, especially in the areas of fire detection systems, geospatial applications, and precision forestry techniques like Cut-to-Length (CTL), are responsible for the market's strong growth. Precision forestry is a varied and expanding field with a wide range of applications, including as inventory and logistics, fire management, harvesting, and silviculture.

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The precision forestry movement is gaining speed due in large part to government measures in many countries that facilitate the adoption of cutting-edge technologies and instruments within the forestry sector. Governments are working together to make it easier to manage forests according to their individual needs, promote sustainable practices, and maximise resource use. The anticipated decline in precision forestry technology costs in the upcoming years is one of the main factors expected to spur market expansion. The primary cause of this cost reduction is the declining cost of main hardware components, which opens up greater access to these cutting-edge tools and technologies for a wider range of forestry industry stakeholders. Because of this more affordable landscape, the market is expected to see greater acceptance and growth.

Cut-to-Length technology expected to hold the largest market share during the forecast period

One of the main factors driving this segment of the precision forestry market's growth is the switch from manual to completely automated cut-to-length (CTL) harvesting technologies. The adoption of CTL technology signifies a noteworthy progression in forestry operations, given its superior efficacy, accuracy, and adaptability in contrast to traditional techniques. Fully mechanised CTL-based harvesting technology is becoming more and more popular in the forestry sector, as it can successfully replace traditional equipment. Notably, CTL technology exhibits remarkable versatility, demonstrating its effectiveness in a variety of situations, including peatlands, plantations, steep terrain, severe temperatures, and boreal forests. The Nordic countries—Sweden and Finland in particular—are leading the way in the widespread use of CTL-based harvesting equipment, accounting for over 90% of logging operations.

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Harvesting application accounted for the largest share of precision forestry market in 2018

The market for harvesting applications is expanding rapidly, mostly due to the extensive use of fully automated cut-to-length (CTL) harvesting machinery. Particularly in temperate and boreal forests, this cutting-edge method of harvesting has gained a lot of popularity in the forest business, with Nordic nations like Sweden and Finland leading the way. With harvester forwarder systems, or CTLs, now used in more than 90% of logging operations in these areas, it has emerged as the predominant technique. The harvesting application segment is growing as a result of the increased demand for industrial round wood on a global scale. The efficiency, accuracy, and adaptability of CTL-based harvesting technology, which the forest industry is embracing, is expected to propel steady growth in the harvesting application segment of the precision forestry market.

Americas expected to hold the largest share of precision forestry market during the forecast period

With the United States and Canada standing out as early adopters of precision forestry technology, the Americas emerged as the top region in the precision forestry market in 2018. The region's significant market share can be ascribed to its aggressive use of cutting-edge forestry technologies. There are a lot of woods in the Americas, and the growing demand for industrial round wood and related goods is one of the main factors driving the expanded use of precision forestry technologies. Furthermore, it is projected that the continuous trend in the US and Canada of swapping out antiquated forestry harvesters with more advanced cut-to-length (CTL)-based harvesters will increase demand for precision forestry solutions and further establish the region's leadership in the industry.

The report profiles key players including 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).

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