The Precision Forestry Market was worth USD 3.9 billion in 2019 and is projected to reach USD 6.1 billion by 2024, at a CAGR of 9.0% from 2019 to 2024. The rapid growth of the Precision Forestry Market can be attributed to the increasing forestry mechanization in emerging countries of Asia Pacific & Africa, rise in construction activities, growing demand for timber from sawmills, decreasing cost of forestry mapping technologies, prevention of illegal logging & deforestation; and increasing government support towards digitalization of forest management.

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Precision Forestry has the potential to transform the forestry industry by making traditional forestry activities more efficient and economical. Also, government initiatives in many countries are helping foresters adopt advanced technologies and tools for site-specific management of the forest. The cost of precision forestry technology is expected to decrease in the next couple of years, mainly because of the declining prices of major hardware components, which is likely to contribute to the market’s growth.

Deere & Company (US) is a world leader in providing advanced innovative products and services for the Precision Forestry Market. The company has a reliable brand name and a well-established distribution network, which makes it a leading market player. Product launches & developments are the key business strategies for their growth. For example, in October 2018, the company updated E-Series knuckleboom loaders. The company introduces new products regularly. In December 2017, the company launched a new smartphone application, TimberOffice Data Transfer App (TODT). This application simplifies data transfer from forestry machines to office. Continuous product development and launches are expected to strengthen the company’s market share in the precision forestry ecosystem in the future. The company also invests heavily in R&D activities to launch innovative products in the Precision Forestry Market. For instance, the company’s average R&D expenditure as a percentage of its total revenue has been more than 5% in the last three years.

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Ponsse (Finland) is engaged in developing and manufacturing innovative forestry harvesting systems. The company aims to become the market leader in forestry machines based on cut-to-length technology. It is involved in developing and launching innovative products as a key business strategy for its growth. For example, in August 2018, Ponsse launched PONSSE Bison Forwarder and PONSSE cobra and fox forwarders, which are environment-friendly and cost-efficient.

Komatsu Forest, a subsidiary of Komatsu Ltd. (Japan), is one of the leading manufacturers of forestry machinery. The company provides innovative forest machines and spare parts for modern forestry. It aims to be an indispensable partner for forest machine owners. The company is adopting strategies such as acquisitions and product launches for its growth. For example, in June 2017, the company launched simulators for harvesters and forwarders with virtual reality technology. In June 2017, the company updated its forwarders with a new technology called SmartFlow, which provides precision and improves the fuel efficiency of machines. The company also aims to expand its offerings through mergers & acquisitions. For example, it acquired Oryx Simulators in April 2018 to expand its operations in Umea, Sweden.

Tigercat (Canada) is one of the major companies operating in the Precision Forestry Market. The company is continuously involved in designing and upgrading products to increase the efficiency and productivity of timber harvesting operations and silviculture management. It implements strategies such as innovative product launches, partnerships, and agreements for growth in the Precision Forestry Market. For instance, Tigercat partnered with EkoNivaTechnika-Holding (Russia) in November 2018 for expanding its customer base in Russia. Similarly, it launched a new telematics system—RemoteLog—in July 2017. The new telematics system can track key machine performance metrics from desktop or tablet to maximize machine productivity and reduce operating costs.

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