Forestry Equipment Market Revenue to Cross $13 Bn by 2027: Global Market Insights Inc.

Global Market Insights Inc. 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. 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 to 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.
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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. For instance, in September 2019, MAKITA launched brushless, cordless and handle chain saws equipped with lithium-ion batteries. The new electric chainsaws with a low carbon footprint will enhance the forestry equipment market demand.
Asia Pacific is witnessing an increasing trend of renting new forestry machines due to their efficiency and minimal maintenance requirements compared to old equipment. In addition, to solve the problem of unskilled personnel handling technologically advanced equipment, several rental companies have started providing training to staff members, accelerating the industry growth.
The players active in the forestry equipment market are Ponsse PLC, Hitachi Construction Machinery, Eco Log Sweden AB, Kesla Oyj, Tigercat International, and Husqvarna AB. Companies are investing in R&D and innovation to enhance the functionality & capability of their forestry equipment models. For instance, in March 2021, Tigercat International introduced updated features in its 875 logger equipment. The features include an updated operator cabin, redesigned grapple configurations, reduced in-cab noise, a rearview camera system, and a large touchscreen display. The modifications will increase the productivity and efficiency of the logger.
Some major findings in the forestry equipment market report include:
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Partial chapters of report table of contents (TOC):
Chapter 3   Industry Insights
3.1    Industry segmentation
3.2    Impact of COVID-19 on forestry equipment industry landscape
3.2.1    Global outlook
3.2.2    Regional impact    North America    Europe    Asia Pacific    Latin America    MEA
3.2.3    Industry value chain    Research & development    Manufacturing    Marketing    Supply
3.2.4    Competitive landscape    Strategy    Distribution network    Business growth
3.3    Industry ecosystem analysis
3.3.1    Component suppliers
3.3.2    Manufacturers
3.3.3    Profit margin analysis
3.3.4    Technology providers
3.3.5    End-use landscape
3.3.6    Distribution channel analysis
3.3.7    Vendor matrix
3.4    Technology & innovation landscape
3.4.1    IoT & AI
3.4.2    Telemactis
3.4.3    Autonomous forestry machinery
3.5    Regulatory landscape
3.5.1    North America
3.5.2    Europe
3.5.3    Asia Pacific
3.5.4    Latin America
3.5.5    MEA
3.6    Industry impact forces
3.6.1    Growth drivers    Deployment of innovative forestry equipment in the U and Europe    Increasing use of wood pellets for industrial and household application globally    Innovation of technically advanced forwarders & harvesters across the globe    Rising government initiatives for vegetation and forest management in Asia Pacific    Proliferation of rental forestry equipment in Latin America and MEA    Growing awareness related to forestry mechanization globally
3.6.2    Industry pitfalls & challenges    Cyclic concerns pertaining to high initial & maintenance cost    Limited consumer awareness in developing countries
3.7    Growth potential analysis
3.8    Porter’s analysis
3.8.1    Supplier power
3.8.2    Buyer power
3.8.3    Threat of new entrants
3.8.4    Threat of substitutes
3.8.5    Internal rivalry
3.9    PESTEL analysis
3.9.1    Political
3.9.2    Economic
3.9.3    Social
3.9.4    Technological
3.9.5    Environmental
3.9.6    Legal
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Source: Global Market Insights Inc.