According to the new market research report "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", published by MarketsandMarkets, the precision forestry market was worth USD 3.9 billion in 2019 and is expected to reach USD 6.1 billion by 2024, at a CAGR of 9.0% from 2019 to 2024.

“Harvesting application is projected to hold the major market share from 2019 to 2024.”

The progress of this market can be recognised to the increasing adoption of CTL-based harvesting technology. Further, the rising request for industrial round wood across the world is projected to fuel the growth of this market. Fully mechanized CTL based harvesting is being used widely by the forest industry in temperate and boreal forests, particularly in Nordic countries. Currently, more than 90% of logging in Sweden and Finland is carried out by harvester forwarder systems, popularly known as cut-to-length (CTL).

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

The Americas held the major share of the precision forestry market in 2018. The US and Canada are the initial adopters of precision forestry technologies, which is the primary reason for the large market share of this region. The presence of a large number of forests and the increasing demand for industrial round wood and its related products are the major factors driving the growth of precision forestry technology in this region. Increasing replacement of old forestry harvesters with more advanced and sophisticated CTL-based harvesters in the US and Canada is expected to create additional demand for forestry technology in this region.

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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