According to MarketsandMarkets' analysis, the Precision Forestry Market was valued at USD 3.9 billion in 2019 and is expected to rise significantly to reach USD 6.1 billion by 2024. During the projection period from 2019 to 2024, the market is expected to exhibit a robust Compound Annual Growth Rate (CAGR) of 9.0%. The rise is ascribed to the forestry industry's growing use of cutting-edge technology including fire warning, geospatial analysis, and Cut-To-Length (CTL). The need for precision forestry solutions is being driven by applications such as inventory and logistics, as well as silviculture, fire management, and harvesting. The industry's move towards technologically advanced and effective forestry methods is reflected in the market's expansion and is further aided by its wide range of solutions, which include hardware, software, and services.

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Government programmes around the world are essential in encouraging the use of cutting-edge instruments and technologies for accurate forest management. The integration of precision forestry solutions is being facilitated by this support, making it possible to implement site-specific forest management plans. One significant factor driving the market's expansion is the expected decline in precision forestry technology prices in the upcoming years. The primary reason for this cost reduction is the decrease in the cost of essential hardware components. The usage of precision forestry instruments is anticipated to increase due to the possibility of more cheap technology, opening up access to these cutting-edge solutions for a larger group of forestry stakeholders and foresters.

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

The primary driver of the cut-to-length (CTL) harvesting technology segment's strong growth is the growing adoption of fully mechanised CTL solutions in place of more conventional forestry harvesting equipment, such as full-length and tree-length methods. Because of this technology's versatility and efficiency, the forestry sector has come to accept it widely. Particularly in the Nordic countries where thirty percent of the land is slope, CTL is the method of choice for tough settings, such as severe temperatures and boreal forests. To add to its adaptability, CTL technology is also used in a variety of landscapes, including as plantations and peatlands. Notably, CTL-based harvesting technology accounts for over 90% of logging operations in countries like Sweden and Finland, demonstrating its widespread adoption and influence on the forestry industry.

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

The growing use of cut-to-length (CTL) harvesting technology is the main factor behind the significant expansion of the harvesting application category. The transition to fully automated CTL systems is now a crucial component in improving the accuracy and efficiency of forestry harvesting operations. The expansion of this market segment is also largely being driven by the need for industrial round wood on a worldwide scale. The forestry sector is likely to meet the increasing demand for round wood in various regions by adopting CTL-based harvesting technology, as long as it continues to adopt innovative and site-specific management techniques. This pattern emphasises how crucial precision forestry technology are to streamlining the harvesting process and satisfying the sector's changing demands.

Fully mechanised cut-to-length (CTL) harvesting techniques have been widely implemented by the forest industry, especially in Nordic nations like Sweden and Finland, demonstrating its significance in temperate and boreal woods. Harvester forwarder systems, or CTLs, are widely used and account for more than 90% of logging activities in these nations. The widespread implementation of CTL-based harvesting technology highlights its efficacy and efficiency in managing forestry resources under a variety of environmental situations. Because of its capacity to adapt to different types of forests, CTL systems are widely accepted and are considered the preferred approach for logging operations. This has led to enhanced productivity and accuracy in the forestry sector.

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

The Americas, led by the US and Canada, held a commanding market share in precision forestry as of 2018. These nations are notable for being among the first to use precision forestry technologies, and they have been instrumental in establishing the Americas' significant market share. The region's proactive embrace of cutting-edge forestry management methods and technologies is indicative of a dedication to improving forestry practices' operational sustainability and efficiency. Due to the Americas' early adoption of precision forestry solutions, the region is well-positioned to play a significant role in the general expansion and advancement of the global precision forestry market.

The Americas' large forest cover and growing need for industrial round wood and related products are driving the development of precision forestry technology in the region. This rise is mostly due to the use of cutting-edge cut-to-length (CTL) harvesting technologies. There is a discernible trend in the United States and Canada towards the replacement of antiquated forestry harvesters with more sophisticated and advanced CTL-based harvesters. It is projected that the Americas' need for precision forestry technology will increase as a result of this shift towards more contemporary and effective harvesting methods, solidifying the region's standing as a major participant in the worldwide 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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