Global Market Insights 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. Source: Timberbiz
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 with 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.
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.
Asia Pacific is witnessing an increasing trend of renting new forestry machines due its efficiency and minimal maintenance requirements compared with old equipment. In addition, to solve the problem of unskilled personnel handling technologically advanced equipment, several rental companies have started providing training, accelerating the industry growth.
The players active in the forestry equipment market are Ponsse, Hitachi Construction Machinery, Eco Log Sweden, Kesla Oyj, Tigercat, and Husqvarna.
Companies are investing in R&D and innovation to enhance the functionality & capability of their forestry equipment models.
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.
