New York, Oct. 28, 2020 (GLOBE NEWSWIRE) -- The Global Forestry Equipment Market is forecast to reach USD 13.94 Billion by 2027, according to a new report by Reports and Data. Increasing round wood production is expected to increase the forestry equipment market demand in the years to come. Additionally, rapid technological developments in logging methods, along with forest technology advancements for better forest operations, such as low-impact harvesting and reduction of fire risks, are likely to boost the market demand. Moreover, increasing awareness of forest management and preservation is likely to have a positive impact over the forecast period on request for the forest equipment market.
The significant drivers of market growth include technological advances in equipment, increased mechanization rates in Asia Pacific's emerging economies, and changes in logging methods associated with cut-to-length techniques. Besides, modernization is expected to have a positive impact on market growth in the manufacturing and machinery industries. Rising awareness of environmental sustainability has led to a boost to deforestation-related regulations and policies. This, in turn, is projected to positively impact the forestry equipment demand due to its thinning capability, which is considered environmentally friendly and allowed by law in different countries. In recent years, rapid population growth has resulted in increased demand for food, contributing to forest conversion into arable land for cultivation, anticipated to fuel demand for mechanized forest cutting techniques while propelling business growth for forest equipment.
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It is projected that the emergence of online stores providing forestry equipment, increasing government investment in the construction and infrastructure industry, and the availability of rented forestry machinery will drive market growth. Besides, rising incidences of forest rehabilitation and upgrading in the Asia Pacific are anticipated to impact the growth of the market for forest equipment. Major market players invest in R&D activities to develop modern forestry machinery capable of boosting forestry operations' efficiency without compromising safety and quality. Increasing significant players' emphasis on new product growth, including developing harvesters to improve productivity, deployment in adverse terrain conditions, and boosting performance, is also anticipated to help manufacturers gain a significant share of the market for forest machinery.
However, the parameters that hinder market growth include high investment costs, the need for periodic maintenance to ensure smooth operations, and compliance with numerous regulations that make it difficult for market players to develop the new product. Maintaining competitiveness at international cost is anticipated to curb market growth.
The COVID-19 Impact:
As the COVID-19 crisis is rising, producers are rapidly changing their activities and purchasing strategies in the Forestry Equipment market. A sequence of positive as well as negative shocks will arise over the next few months as producers and their vendors adapt to changing customer demands. Many regions look vulnerable to export-dependent economies, with an unfortunate global situation. The impact of this pandemic will reshape the global forestry equipment markets when certain manufacturers either close down or decrease their production due to a lack of downstream demand. At the same time, some manufacturers have their production suspended by their respective governments as a precautionary measure to combat the spread of the virus. In other nations, while looking at the severity of the outbreak and the national authorities' consequent behavior, customers are centered on becoming more local.
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Further key findings from the report suggest
- Based on type, Extracting Equipment generated a revenue of USD 3.06 billion in 2019. It is projected to rise with a CAGR of 4.6% in the forecast period due to rising public and private investment in highway construction through forest landscape influences wheeled feller buncher use, coupled with increasing requests for vegetation management and land clearing for the development of transport infrastructure.
- The forestry sector is the major contributor to the Forestry Equipment market. The forestry area of the North America region is the major shareholder of the market and held around 48.7% of the market in the year 2019, as it has become indispensable, especially since the advent of mechanized agriculture, along with sophisticated industrial sensing solutions essential for efficient operation.
- North America dominated the market for Forestry Equipment in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The North America region held approximately 32.0% of the market, followed by Europe, which contains around 30.0% market in the year 2019.
- Key participants include Doosan Infracore Co. Ltd., Hitachi Construction Machinery Co., Deere & Company, Caterpillar Inc., Tigercat International Inc., Komatsu Forest, Barko Hydraulics L.L.C., AB Volvo, STHIL Holding AG & Co. KG, and Morbark L.L.C., among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/forestry-equipment-market
For the purpose of this report, Reports and Data has segmented the Global Forestry Equipment Market on the basis of type, distribution channel, application, and region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Extracting Equipment
- Felling Equipment
- On-Site Processing Equipment
- Other Forestry Equipment
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Online
- Offline
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Agriculture
- Forestry
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
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