Overview and Scope
Precision forestry refers to a forest management technique that utilizes tools and technology to collect data for site-specific management, aiming to improve wood quality, protect the environment, reduce waste, and increase profits. It involves the use of advanced data collection and analysis systems, artificial intelligence, and machine learning to make informed decisions at various stages of forestry operations.
Sizing and Forecast
The precision forestry market size has grown rapidly in recent years. It will grow from $4.70 billion in 2023 to $5.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to environmental concerns and regulations, resource optimization and cost reduction, demand for wood products, climate change mitigation and adaptation.
The precision forestry market size is expected to see strong growth in the next few years. It will grow to $7.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to demand for carbon sequestration services, increased investment in R&D, demand for urban forestry management solutions, expansion of internet of things (IoT) applications. Major trends in the forecast period include integration of artificial intelligence (AI) and machine learning (ML), utilization of blockchain for traceability and certification, enhanced remote sensing capabilities, rise of autonomous forestry equipment.
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The precision forestry market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Cut-To-Length (CTL), Geospatial, Fire Detection
3) By Application: Genetics And Nurseries, Silviculture And Fire Management, Harvesting Management, Inventory And Logistics Management
North America was the largest region in the precision forestry market in 2023. The regions covered in the precision forestry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing timber demand is expected to propel the growth of the precision forestry market going forward. Timber typically refers to wood that has been prepared for use in construction or carpentry. It is commonly derived from trees that have been harvested and processed into lumber or other wood products. This demand arises because of rising housing demands, expanding construction sector, and infrastructure development factors. Precision forestry techniques can help to increase demand for timber by optimizing forest management methods and improving the effectiveness of timber harvesting operations to facilitate better tracking, harvesting, and processing of timber resources. For instance, in September 2023, according to reports published by the International Tropical Timber Organization, a Japan-based intergovernmental organization, exports of processed timber wood products had reached a value of $36.5 billion in 2022, up by nearly $26 billion (40%) compared with 2020. Therefore, increasing timber demand is expected to propel the growth of the precision forestry market.
Key Industry Players
]Major companies operating in the precision forestry market are Caterpillar Inc., Deere & Company, CNH Industrial N.V., Kubota Corporation, Monsanto Company, AGCO Corporation, Hitachi Construction Machinery Co Ltd., Valmont Industries Inc., J C Bamford Excavators Ltd. (JCB), Trimble Inc., Volvo Group, AFRY AB, Ponsse PLC, Tigercat International Inc., Precision Planting LLC, Sampo Rosenlew Ltd., A.G. Leader Technology Inc., BouMatic LLC, Taranis, AgJunction Inc., AgEagle Aerial Systems Inc., Rottne Industri AB, Insight Robotics Limited, Komatsu Forest AB, Treemetrics Ltd., Hyundai Doosan Infracore Co Ltd.
The precision forestry market report table of contents includes:
1. Executive Summary
2. Precision Forestry Characteristics
3. Precision Forestry Trends And Strategies
4. Precision Forestry – Macro Economic Scenario
5. Global Precision Forestry Size and Growth
…..
32. Global Precision Forestry Competitive Benchmarking
33. Global Precision Forestry Competitive Dashboard
34. Key Mergers And Acquisitions In The Precision Forestry
35. Precision Forestry Future Outlook and Potential Analysis
36. Appendix
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