Global Precision Forestry Market Size and Share Market Report, 2023

The global precision forestry market is estimated to be around $ 700 million in 2018 and will grow at a CAGR of 15% and reach around 1.40 billion by 2023. Precision forestry refers to the planning and conducting site-specific forest management activities and operations in order to improvise wood product quality and utilization, thereby helping in reducing waste, and increasing profits, to maintain the quality of the environment.

Precision Forestry plays a major role in developing tools to find the best wood in existing forests and trees. It also provides the know how to grow better wood in the first place. With the advent of new technologies being developed, it assists in evaluating forests at a macro-level, enhance the ability to estimate stand volumes, and measure the properties of individual trees and logs. These tools should results into greater profitability as higher value wood can be allocated to higher value markets. However, some factors restraining the growth of the precision forestry market includes the high initial investment coupled with lack of technical knowhow among forestry management.

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Although digital technology has revolutionized industries worldwide, forestry has witnessed a sluggish growth in terms of adoption of new technology. However, digitization has started transforming the landscape of forestry. Studies revealed that productivity increased in the agriculture sector at rates of 5 to 25 percent annually, in sync with the returns on investment of one to two years for digital technology.

Precision forestry market is segmented on the basis of technology that comprises remote sensing, navigation system, real time process control scanner, and geographic information system. Geographic information systems are expected to witness rapid growth during the forecast period. Growth of this technology is supported by the growing trend of adoption of decision support systems as it provides more accurate (realistic) information. GIS, GPS and remote sensing technologies, offer adequate resources to gain precision data with additional accuracy of information used for decision.

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Based on application, precision forestry can be classified on the basis of tree identification, wood material testing, soil testing, field mapping, inventory management, and others. Precision forestry is expected to witness large application in the wood material testing application. Precision forestry tools make future operation more economically viable, hence reduce cost burden and comply with environment demands. Precision forestry is an essential tool that ensures sustainable management of forest and renewable resources. Its ability to improve productivity of forest, long-term planning, global and crop inventory, planning of road network (hauling road, skid trail), sustainable utilization of renewable resources with reduced negative environmental consequences is expected to boost the market growth in near future.

The ecosystem of the precision farming market comprises several technology providers that includes Trimble (US), Deere & Company (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), and Decisive Farming (Canada). Strategies such as new product developments, mergers, partnerships, collaborations, and expansions, are devised by market players to develop an edge over competitors.

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Table of Contents:
1 Study Coverage
2 Executive Summary
3 Market Size by Manufacturers
4 Precision Forestry Production by Region
5 Precision Forestry Consumption by Regions
6 Market Size by Type
7 Market Size by Application
8 Key Industry Players

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This release was published on openPR.