Forestry Equipment Market size is anticipated to grow at a CAGR of over 4.7% from 2023 to 2032. The rising popularity of sustainable building materials and technologies worldwide will drive the market growth. The rising concerns associated with reducing the carbon footprint of construction projects has spurred the higher popularity of engineered wood products to offer lower environmental impact in comparison to traditional materials, such as concrete and steel.
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The growing inclination towards addressing climate changes and promoting sustainable practices has highlighted the importance of energy-efficient machinery in logging and forestry operations. The influx of several new technologies to promote responsible forest management, including drones for monitoring and assessment, GPS tracking systems for accurate harvesting, and data analytics tools for optimizing operations and reducing waste will also add to the market growth.
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||4.7%|
|Historical Data for:||2018-2022|
|No. of Pages:||360|
|Tables, Charts & Figures:||559|
|Pitfalls & Challenges:|
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The growing number of government initiatives for vegetation and forest management, mainly in the Asia Pacific region will stimulate the market growth. Moreover, the continuous concerns regarding the high initial & maintenance costs of several forestry equipment may limit the product adoption rate to some extent.
The COVID-19 pandemic posed numerous challenges for the forest equipment market as it pushed several companies to limit production and close outright to respond to the slacking demand and volatile market prices. However, the surging government support to help forest product providers reinforce their supply chains to sell products to new markets assisted in enhancing the industry growth.
The rising number of investments across the forestry sector will play a crucial role in the market expansion. The growing awareness regarding environmental sustainability coupled with the surging climate change and deforestation concerns have made way for the higher demand for renewable resources. To that end, several investors are looking for various opportunities for supporting environmentally responsible as well as sustainable practices. It has been predicted that the GEF (Global Environment Facility) invested $3.7 billion in forest initiatives, till date. The rise in the number of such investments will favor the industry development.
The felling equipment segment, comprising harvesters, chainsaws, and feller bunchers, records more than 30% of the forestry equipment market share and is projected to witness expansion through 2032. The growth can be attributed to the rising trend of commercial forestry and the consequent need for felling, harvesting, delimbing, processing, and bucking trees. The Center for International Forestry Research (CIFOR) reveals that nearly 24.7 million acres of commercially planted forests currently exist worldwide. The growing adoption of AI and control system-integrated automated equipment will further boost the segment growth.
North America is expected to register substantial revenue share of the forestry equipment market by 2032 propelled by the growing government support for silviculture in the U.S to maintain vegetation and forest cover. The rapidly growing population along with the booming residential and commercial sectors has spurred the higher demand for wood in furniture manufacturing as well as heating & paper production. As per estimates, in November 2022, new home sales surged 5.8% to an approximate annual rate of 640000 units. The rise in government & private investments for enhancing the transportation and infrastructure systems will also drive the regional market growth.
Some of the major participants in the forestry equipment market are :
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