Forestry Equipment Market worth over $13 Bn by 2027
Forestry Equipment Market is set to surpass USD 13 billion by 2027, according to a new research report by Global Market Insights Inc.
Global Market Insights Inc. has recently added a new report on the forestry equipment market that estimates the market valuation for forestry equipment will cross US$ 13 billion by 2027. The forestry equipment market is witnessing high growth owing to the rising demand for products made from residues and recycled materials used to manufacture particleboards. Increasing awareness related to the usage of eco-friendly residual forestry products will spur market demand.
The outbreak of the COVID-19 pandemic adversely impacted the global economic conditions. The forestry equipment market growth witnessed a severe impact due to the pandemic. New equipment sales were hampered due to rising financial insecurities among forestry companies. The industry witnessed a high demand for rental equipment compared to new equipment due to the high cost of new machines. With the gradual reopening of key markets and stabilization of economic conditions, the market will witness steady growth.
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The increasing usage of chainsaws for commercial forestry applications is driving the forestry equipment market. In household applications, chainsaws are used for pruning applications and cutting woods into pieces for usage in a furnace. The commercial application of chainsaws involves the cutting of wood logs to required lengths. Vast usage of chainsaws coupled with new product launches is strengthening product demand. For instance, in September 2019, MAKITA launched brushless, cordless and handle chain saws equipped with lithium-ion batteries. The new electric chainsaws with a low carbon footprint will enhance the forestry equipment market demand.
Asia Pacific is witnessing an increasing trend of renting new forestry machines due to their efficiency and minimal maintenance requirements compared to old equipment. In addition, to solve the problem of unskilled personnel handling technologically advanced equipment, several rental companies have started providing training to staff members, accelerating the industry growth.
The players active in the forestry equipment market are Ponsse PLC, Hitachi Construction Machinery, Eco Log Sweden AB, Kesla Oyj, Tigercat International, and Husqvarna AB. Companies are investing in R&D and innovation to enhance the functionality & capability of their forestry equipment models. For instance, in March 2021, Tigercat International introduced updated features in its 875 logger equipment. The features include an updated operator cabin, redesigned grapple configurations, reduced in-cab noise, a rearview camera system, and a large touchscreen display. The modifications will increase the productivity and efficiency of the logger.
Some major findings in the forestry equipment market report include:
- The integration of cloud computing solutions and IoT technology in harvesters, forwarders and skidders is supporting the forestry equipment market.
- The emergence of telematics has aided users to track productivity in real-time. Manufacturers are introducing engines with advanced technology that are highly efficient and economical.
- The enhancement in new engine standards in Europe and the U.S. is strengthening the forestry equipment market. Machines are increasingly used in harvesting Roundwood and Sawn wood for residential applications.
- Growing government investments in the development of robust public infrastructures will create a huge demand for forestry equipment to clear large patches of land.
- Increasing forestry maintenance activities in Latin America are propelling the demand for large forestry machines.
- Rising extraction of timber and non-timber forest products is creating opportunities for the forestry rental industry.
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Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on forestry equipment industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
3.2.3 Industry value chain
126.96.36.199 Research & development
3.2.4 Competitive landscape
188.8.131.52 Distribution network
184.108.40.206 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.3 Profit margin analysis
3.3.4 Technology providers
3.3.5 End-use landscape
3.3.6 Distribution channel analysis
3.3.7 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 IoT & AI
3.4.3 Autonomous forestry machinery
3.5 Regulatory landscape
3.5.1 North America
3.5.3 Asia Pacific
3.5.4 Latin America
3.6 Industry impact forces
3.6.1 Growth drivers
220.127.116.11 Deployment of innovative forestry equipment in the U and Europe
18.104.22.168 Increasing use of wood pellets for industrial and household application globally
22.214.171.124 Innovation of technically advanced forwarders & harvesters across the globe
126.96.36.199 Rising government initiatives for vegetation and forest management in Asia Pacific
188.8.131.52 Proliferation of rental forestry equipment in Latin America and MEA
184.108.40.206 Growing awareness related to forestry mechanization globally
3.6.2 Industry pitfalls & challenges
220.127.116.11 Cyclic concerns pertaining to high initial & maintenance cost
18.104.22.168 Limited consumer awareness in developing countries
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth-consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Original Source: Forestry Equipment Market Revenue to Cross $13 Bn by 2027: Global Market Insights Inc.