The Precision Forestry Market was valued USD 3.9 billion in 2019 and is anticipated to grow to USD 6.1 billion between 2019 and 2024, at a CAGR of 9.0%. The rise in construction activities, the rising demand for lumber from sawmills, the declining cost of forestry mapping technologies, the prevention of illegal logging and deforestation, and increasing government support for the digitalization of forest management are the main drivers for the precision forestry market. Additionally, government programmes in many nations are assisting in the adoption of cutting-edge technologies and equipment by foresters for site-specific management of the forest. Additionally, it is anticipated that in the coming years, the cost of precision forestry technology would reduce, mostly as a result of the falling costs of key hardware components, which is likely to support the market's expansion.

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From 2019 to 2024, the precision forestry market in Asia Pacific is anticipated to develop at the greatest CAGR. The rising mechanisation of forestry activities in nations like Australia, China, India, and Indonesia, as well as government measures to implement digital technologies in forest land, are the main drivers of this market's growth. For instance, the Chinese government has launched a number of programmes to entice private investment in the forestry industry. The Indian government has plans to digitalize forestry by implementing cutting-edge technologies for mapping forests and early forest fire detection. The market's expansion and demand for forestry technologies are being fueled by factors such as the construction industry's rising demand for industrial woods, the need to stop illegal logging, the scarcity and rising cost of skilled labour, the difficulties and complexity faced by forest operators, climate change, and a general increase in automation in the forestry sector.

The market for services in precision forestry is anticipated to expand at the greatest CAGR during the forecast period. During the projected period, the market for precision forestry services is anticipated to develop at the greatest CAGR. The demand for precision forestry services is anticipated to increase over the projected period due to rising interest from forest owners and governments in the automation of the forestry sector and developments in precision forestry technology. The strong growth of the precision forestry market for the services segment is mostly due to rising demand for managed services. Demand for the services industry is also anticipated to increase during the forecast period due to rising demand for CTL harvester after-sales services and integration & deployment services. To expand their market share, the key companies in the precision forestry industry have undertaken acquisitions, joint ventures, product launches, and other advancements. For instance, Ponsse released its Bison forwarder in August 2018, Tigercat cooperated with EkoNivaTechnika-Holding (Russia) in November, Cobra and Fox harvesters were introduced in August 2018, and EcoLog collaborated with Mercado Forestal (Uruguay) in May 2017.

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