Forestry Machinery Market

The forestry machinery market is poised to experience moderate growth at a CAGR of around 5% over the assessment period, 2020-2030. The growing focus of players on designing machinery for higher manufacturing applications, extreme terrain conditions, and demanding operations, will augur well for the forestry machinery market growth.

"The COVID-19 impact will have long-term significance on the forestry machinery market growth. Even after the relaxation of lockdown measure, the demand will remain muted by 2020 end, due to uncertain economic conditions. However, developing nations of APAC will exhibit a positive outlook, together with a move towards the mechanized mode of operations, fostering the forestry machinery demand in the coming years," says the Fact.MR report.

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Forestry Machinery Market - Key Takeaways

There has been a rapid increase in the level of technology used for forest harvesting. Growing adoption of mechanized practices together with swelling trend of integrating GPS systems is suitably proving effective for the forest equipment market. In order to understand the actual market scenario, Fact.MR has recently published a fresh study titled “Forestry Equipment Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018-2028”, which comprehensively details about the major developments expected to impact the global market for forestry equipment until 2028.

As per this new Fact.MR study, more than 12 million units of forestry machinery were traded in 2018; sales are projected to record over 3% Y-o-Y growth in 2019. The assessment opines that upgraded technologies, including unmanned aerial vehicles (UAVs) and LiDAR, are observing pervasive adoption across the forestry machinery sector that is assisting operators in real-time surveillance as well as mapping activities. Furthermore, advances and implementation of technologies in the forestry landscape doesn’t show any signs of reduction, which is eventually motivating forestry equipment market growth. With a long-term outlook of the forestry equipment market, it is anticipated that the concerned sector will record growth at 5% CAGR through 2028.