Forestry Equipment Market size worth over $17 Bn by 2026
Published Date: March 2, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Forestry Equipment Market size is set to surpass USD 17 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing demand for advanced machines in the agriculture and forestry sectors to enhance productivity & throughput is driving the market growth. The growing adoption of several equipments, such as chainsaw & harvesters, in cut-to-length logging operations, felling, and delimbing trees will expand the market size.
The rising adoption of artificial intelligence and sensor integrated equipment is contributing to the forestry equipment market expansion. The innovation of deep neural networks along with deep reinforcement learning is aiding manufacturers to develop automated features, enhancing the equipment productivity. The artificial neural networks are used to predict gross time, productivity, and qualitative & quantitative variables.
Analyst view: The increasing demand for technically advanced & automated forestry machines will drive the forestry Equipment market growth over the forecast timeline. Growing awareness related to the mechanization & replacement of old machines in forestry sector supports the industry growth.
The emergence of commercial forestry to support the paper & pulp industry development is driving the market demand. Governments across the globe are taking several initiatives to enhance the commercial farming of bamboos. Furthermore, the increasing global demand for wood finished goods is propelling the use of forestry equipments. The emergence of the germplasm cloning technique will further improve timber yield, influencing the use of forestry equipment market demand.
Browse key industry insights spread across 270 pages with 503 market data tables and 26 figures & charts from the report, “Forestry Equipment Market Size By Type (Felling Equipment [Chainsaw, Harvester, Feller Buncher], Extracting Equipment [Forwarder, Skidder], On-Site Processing Equipment [Chipper, Delimber]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The major challenge faced by the market includes industrialization activities that affect the areas around the manufacturing unit, making them barren & infertile. Another factor that hampers market growth is the protection of several regions across the globe due to ecosystem protection.
Rising demand for advanced excavation equipment for fire and forestry management
The rising public & private investments to develop machines for excavation applications will create market opportunities for forestry equipment. Government initiatives to prevent forest fires are also propelling the market growth. Public authorities are planning to manage forest covers at regular intervals to minimize incidences of forest fire and other natural calamities disrupting the natural balance. Skidders are used by operators to drag unwanted logs out of the forest, making it available for residential or commercial use.
Innovations in unmanned forwarders will create new opportunities for market players operating in the forestry equipment market share. The remotely controlled forwarder uses self-assisted technology to load logs directly onto the trailer. Autonomous forwarders operate based on predictive analysis & algorithms for efficient and productive working. Using navigation systems along with algorithms, forwarders transport logs from the harvesting site to the warehouse autonomously.
Market trends include telematic integrated solutions that strengthen the industry growth by enhancing the operations of forestry equipment and eliminate catastrophic failures. For instance, in February 2017, Deere & Company introduced telematics solutions for forestry equipment that track machine’s operation and improves the productivity of the machine by ensuring proper working of the mechanical components. Similarly, Caterpillar provides a level-3 fault recognition system that delivers notifications through emails about the overheating of the machines.
In 2019, Europe dominated the forestry Equipment market with more than 30% share. According to Eurostat, the European Union covers 42% of the total land area. A rise in the demand for roundwood is creating market opportunities for the forestry machine industry. Several countries including Sweden, Finland, Lithuania, Slovenia, Estonia, and Latvia have the maximum forest and woodland cover.
According to the Forest Research Organization, in September 2018, thirteen thousand hectares of timber were harvested in the UK to fulfill the present needs of infrastructure development and furnishing applications. The import & export activities of wood-based products are supporting the demand for heavy forestry machines. In 2018, the UK wood export was worth around USD 2 billion and imported about USD 9 billion, which includes sawn wood, wood-based panels, wood pellets, and paper, providing opportunities to the forestry equipment market growth.
Major players operating in the forestry equipment industry are focusing on new product offerings, partnerships & collaborations, and strengthening public relations to enhance their business performance. Furthermore, market leaders are adopting several business expansion strategies such as tracking consumer behavior, predictive analysis, and tracking equipment demand.
Some of the key players in the forestry equipment market share are Deere & Company, Caterpillar, Komatsu Ltd., AB Volvo, Doosan Infracore Co. Ltd., JCB, Hyundai Heavy Industries Co. Ltd., Bell Equipment, Liebherr Group, and Barko Hydraulics LLC.