Increasing Demand For Responsible Forestry Practices: A Key Driver Transforming the Smart Forestry Market 2024
Smart Forestry Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has The Smart Forestry Market Fared In Recent Years?
The smart forestry market size has grown rapidly in recent years. It will grow from $4.47 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate CAGR of 10.7%. The growth in the historic period can be attributed to increasing environmental awareness, a rising need for efficient forest management, government regulations on deforestation, growing concerns about climate change, and a push for sustainable resource management practices.
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What Will Shape The Smart Forestry Market In The Future?
The smart forestry market size is expected to see rapid growth in the next few years. It will grow to $7.46 billion in 2028 at a compound annual growth rate CAGR of 10.8%. The growth in the forecast period can be attributed to the expansion of IoT networks, rising investment in precision agriculture, heightened focus on climate resilience, increasing funding for green technology initiatives, and growing consumer demand for sustainably sourced forest products. Major trends in the forecast period include the adoption of AI-driven analytics, expansion of IoT-enabled sensors, advancements in drone and satellite imagery, integration of blockchain for supply chain transparency, development in data interoperability through open platforms, and rise of climate-smart forestry technologies.
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What Are The Key Drivers Of The Smart Forestry Market?
The increasing demand for responsible forestry practices is expected to propel the growth of the smart forestry market going forward. Responsible forestry practices are defined as managing and using forest resources so that forest ecosystems maintain their long-term health, productivity, and biodiversity while serving the social, economic, and environmental demands of current and future generations. The demand for responsible forestry practices is rising due to several factors, such as ecological awareness, legislation and regulation, and demand for sustainable products, initiatives, and certifications. Smart forestry enhances responsible forestry practices by utilizing advanced technologies for precise monitoring, sustainable resource management, and reducing environmental impact. For instance, in June 2023, according to GOV.UK, a UK-based official website of the UK government, tree planting rates in England had risen, with woodland creation expanding by 40 percent to 3,128 hectares in 2022–23 compared to the previous year.
Who Are The Movers And Shakers In The Smart Forestry Market?
Major companies operating in the smart forestry market are Deere & Company, Hexagon AB, Trimble Inc., Maxar Technologies Inc., Esri International LLC, Ponsse Oyj, AFRY AB, Planet Labs PBC, Pix4D SA, Komatsu Forest AB, EcoTrust Software Ltda., Silvacom Ltd., GEOSYS, Rottne Industri AB, Tigercat International Inc., TreeMetrics, Skytec LLC, Agremo Ltd., ForestX AB, Landmark Spatial Solutions, CollectiveCrunch Oy, Blue Marble Geographics, GIS Cloud Ltd.
What Initiatives Are Companies Taking To Gain Competitive Edge In The Smart Forestry Market?
Major companies operating in the smart forestry market are focused on developing innovative solutions, such as new digital platforms, to help make the workplace safe, smart, productive, and sustainable. A new digital platform is an online system that enables users to interact, share, and collaborate through integrated services and applications, often enhancing connectivity and functionality across various digital ecosystems. For instance, in June 2024, Komatsu Limited, a Japan-based company that manufactures construction, mining, forestry, and military equipment, launched a new digital platform. The platform integrates real-time data analytics and AI to enhance equipment management and operational efficiency. It enables predictive maintenance, reducing downtime and optimizing machine performance. It also offers remote monitoring, allowing operators to track machine health and productivity from any location.
How Is The Smart Forestry Market Segmented?
The smart forestry market covered in this report is segmented –
1 By Type: Machinery, Software
2 By Technology: Global Positioning System GPS, Geographic Information System GIS, Remote Sensing
3 By Application: Timber Harvesting, Forest Management, Reforestation
4 By End-User: Private Foresters, Government Agencies, Research Institutes
What Are The Key Regional Insights Of The Smart Forestry Market?
North America was the largest region in the smart forestry market in 2023. The regions covered in the smart forestry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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