Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Forestry Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
New Industry Analysis Highlights Growth Trajectory for Forestry Equipment from 2023 to 2028
A comprehensive analysis of the global forestry equipment market has been recently published, shedding light on the significant growth the sector is expected to witness in the upcoming years. Forecasts indicate a surge from USD 10.59 billion to USD 12.98 billion, charting a Compound Annual Growth Rate (CAGR) of 4.15% over the forecast period.
The market's expansion is primarily fueled by the growing awareness surrounding forest management and preservation across several countries and the shift from manual to mechanized and automated operations within forestry activities.
Key Findings from the Market Analysis:
- The forest industry's management role is intensifying, supported significantly by investments from governments to ensure the sustainability of forested areas.
- A substantial USD 33.7 million funding was announced by the US government to bolster forest management and the wood product economy as part of President Biden’s Bipartisan Infrastructure Law.
- Efforts are underway in Latin America to revive the historic Atlantic Forest, with a goal to restore and protect substantial land areas by 2050, evidently propelling the demand for large forestry machines.
- The challenge of high costs and limited awareness about forestry equipment lingers, potentially impeding market growth, especially in developing regions.
- Following the pandemic's downturn, the market is experiencing a swift recovery, with North America exhibiting robust demand, influenced by infrastructure projects and economic activity in the commodity segment.
Market Trends – Spotlight on Chippers and Grinders:
The analysis emphasizes that chippers and grinders are poised to dominate the on-site processing equipment segment due to their critical role in wood pellet production for power plants. These machines are fundamental in transforming trees into uniform wood chips, a necessity for a multitude of wood product applications.
North America at the Forefront of Market Dominance:
North America retains the largest market share, spurred by developments in logging methodology and replacement sales in forestry equipment. The region's burgeoning forest product industry mandates expansive timber extractions, creating ample opportunities for equipment manufacturers to expand their inventories.
The Competitive Landscape:
With a fragmented marketplace, leading entities like Deere & Company and Komatsu Ltd. remain active in strategizing through acquisitions and partnerships to sustain competitive advantages. Recent initiatives include the introduction of innovative machinery designed specifically for challenging terrains and large-scale tree logging.
A selection of companies mentioned in this report includes
- John Deere
- Komatsu Ltd.
- Volvo CE
- Hitachi Construction Machinery Co. Ltd.
- Barko Hydraulics LLC.
- Doosa Infracore North America LLC.
- Kesla Oyj
- Ponsse Oyj
- Rottne Industri AB.
- Eco Log Sweden AB
- Mahindra Group
- AGCO Corporation
- Concern Tractor Plants
- Escorts Group
- Bell Equipment Limited
For more information about this report visit https://www.researchandmarkets.com/r/njl2el
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