New York, United States, March 12, 2024 (GLOBE NEWSWIRE) -- The Global Precision Forestry Market Size is to Grow from USD 5.59 Billion in 2023 to USD 9.77 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.74% during the projected period.
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Precision forestry uses advanced tools and techniques from precision agriculture to enhance forest management. It uses technologies like GIS, GPS, and data analytics to optimize resource management, minimize environmental impact, and maximize productivity. The market is expanding due to technological advancements, environmental concerns, and eco-friendly laws. Challenges include high upfront costs, complex data processing, industry traditionalism, and talent shortages. However, the rapid development of IoT, AI, and machine learning will accelerate the market's growth. The global precision forestry market is expanding due to research in forests and environmental aspects, increased investments from businesses, government recognition of forest value, automation and digitization of forest management technology, innovations in harvesting and rapid-fire management, and surveillance. The market is also expanding through R&D efforts, ensuring fresh updates and methods, contributing to its growth and expansion.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Precision Forestry Market Size, Share, and COVID-19 Impact Analysis, By Offering (Hardware, Software, Services), By Technology (CTL, Geospatial, Fire Detection), By Application (Genetics, Fire Management, Harvesting, Inventory & Logistics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment is expected to hold the largest share of the global precision forestry market during the predicted timeframe.
On the basis of type, the global precision forestry market is divided into hardware, software, and services. Among these, the hardware segment is expected to hold the largest share of the global precision forestry market during the predicted timeframe. The hardware segment's strong acceptance rate of automation and monitoring tools including drones, GPS, harvesters, and fire detection is predicted to fuel the segment's expansion. Hardware like sensors and GPS units are essential for measuring different yield characteristics in yield monitoring.
The CTL segment is expected to hold the largest share of the global precision forestry market during the estimated timeframe.
On the basis of the technology, the global precision forestry market is divided into CTL, geospatial and fire detection. Among these, the CTL segment is expected to hold the largest share of the global precision forestry market during the estimated timeframe. Because operators are enclosed in protective cabs and kept well away from logs and trees, the primary advantage of this method is safety. Most of the time, the CTL system also boosts worker productivity and assists in determining when a crop is best harvested depending on its age, the kind of tree to plant for the crop that follows, and the fertilizer schedule.
The harvesting segment is expected to grow at the fastest pace in the global precision forestry market during the anticipated period.
On the basis of the application, the global precision forestry market is divided into genetics, fire management, harvesting, inventory and logistics. Among these, the harvesting segment is expected to grow at the fastest pace in the global precision forestry market during the anticipated period. The growing global demand for round wood would accelerate the segment's expansion. For the most part in the Nordic region, temperate and boreal woods employ CTL-based harvesting extensively.
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North America is anticipated to hold the largest share of the global precision forestry market over the predicted timeframe.
North America is anticipated to hold the largest share of the global precision forestry market over the predicted timeframe. The expanding use of cutting-edge technologies such as geospatial analytics, drones, and remote sensing. This expansion is further supported by the fact that several countries, like the US, Canada, and Brazil, place a high priority on sustainable forest management practices.
Throughout the projected period, Europe is anticipated to increase at the quickest rate. the expanding use of cutting-edge technologies such as geospatial analytics, drones, and remote sensing. This expansion is further supported by the fact that several countries, like the US, Canada, and Brazil, place a high priority on sustainable forest management practices. The sector in this region is expected to continue growing with greater government support for bettering forestry operations through various programs.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Precision Forestry Market include Trimble Inc., Deere & Company (John Deere), Komatsu Forest AB, Ponsse Oyj, Caterpillar Inc., Tigercat International Inc., Husqvarna Group, Kesla Oyj, AGCO Corporation, Raven Industries, Inc., Hitachi Construction Machinery Co., Ltd., Sampo Rosenlew Ltd. And others.
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Recent Developments
- In April 2022, Komatsu introduced the 845-1 forwarder it offers an excellent combination of mobility, high crane capacity, and rough terrain performance.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Precision Forestry Market based on the below-mentioned segments:
Global Precision Forestry Market, By Offering
- Hardware
- Software
- Services
Global Precision Forestry Market, By Technology
- CTL
- Geospatial
- Fire Detection
Global Precision Forestry Market, By Application
- Genetics
- Fire Management
- Harvesting
- Inventory and Logistics
Global Precision Forestry Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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