The Precision Forestry Market was valued at USD 3.9 billion in 2019 and is anticipated to reach USD 6.1 billion by 2024, at a CAGR of 9.0% from 2019 to 2024, 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".

The rise in construction activities, the rising demand for lumber from sawmills, the declining cost of forestry mapping technologies, the prevention of illegal logging and deforestation, and the increasing government support for the digitalization of forest management are all factors that have contributed to the rapid growth of the precision forestry market. Precision forestry has the potential to revolutionise the forestry sector by increasing the effectiveness and profitability of conventional operations. Additionally, government programmes in many nations are assisting in the adoption of cutting-edge technologies and equipment by foresters for site-specific management of the forest. In the upcoming years, it is anticipated that the cost of precision forestry technology would reduce, mostly due to the falling costs of key hardware components, which will likely support the market's expansion.

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During the projected period, cut-to-length technology is anticipated to hold the greatest market share.

The primary factor promoting the growth of this market is the gradual replacement of full-length and tree-length conventional forestry harvesting equipment with fully mechanised cut-to-length (CTL) harvesting technology. In the forestry sector, fully mechanised CTL-based harvesting technology is now commonly used. Extreme temperatures and boreal woodlands can be utilised with CTL, especially in Nordic nations. For instance, where 30% of the ground is inclined, CTL-based harvesting devices are used. Additionally, plantations and peatlands may utilise it. Currently, CTL-based harvesting technology accounts for more than 90% of logging in Sweden and Finland.

In 2018, the precision forestry industry's harvesting application held the biggest market share.

The expanding use of CTL-based harvesting technology is responsible for the rise of the application segment for harvesting. The need for industrial round wood is also predicted to increase globally, which will support market expansion. The forest sector uses fully mechanised CTL-based harvesting extensively in temperate and boreal forests, particularly in Nordic nations. Currently, harvester forwarder systems, also known as cut-to-length (CTL) logging, account for more than 90% of logging in Sweden and Finland.

During the forecast period, Americas are anticipated to account for the highest share of the precision forestry market.

In 2018, the market for precision forestry was dominated by the Americas. The main cause of this region's significant market share is that the US and Canada were early adopters of precision forestry technologies. The abundance of trees in this area, along with the rising need for industrial round wood and its related products, are what are primarily causing precision forestry technology to advance. It is anticipated that there would be a rise in the replacement of older forestry harvesters in the US and Canada with more complex and high-tech CTL-based harvesters.

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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