The forestry machinery market registered a CAGR of over 3.5% during the period 2013 to 2017. Sluggish sales of new equipment, and continued use of aging machinery, have tugged on growth of the forestry machinery industry in recent years. The global forestry machinery market was valued close to US$ 4 Bn in 2018, and is anticipated to grow at a CAGR of 5% through 2028.
Growing demand for wood and wood products, abreast the paradigm shift to mechanized processes for felling forest trees, have significantly upheld the demand for forestry machinery. Additionally, policies apropos of afforestation, in lieu of deforestation, have further led the adoption of forestry machinery for ‘thinning’ process that promotes environment sustainability by improving forest health. Growing food demand worldwide has resulted in aggressive cultivation activities, in turn leading to conversion of forest lands into arable lands. This has further led to adoption of mechanized practices, creating a significant demand for forestry machinery.
Ongoing development plans formulated to boost the forestry industry in key countries, such as China and Indonesia, are further driving demand for relevant solutions, such as forestry machinery, and equipment. Demand for high productivity in harvesting processes has led to robust adoption of mechanization methods and automation technologies, which in turn has driven sales of forwarders, harvesters and loaders. Forestry machinery manufacturers have developed and introduced machines that are capable of cutting nearly 100 logs per hour.
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Growing focus of leading players in the forestry machinery market in new product launches, such as harvester designed for high production applications, demanding operations, and extreme terrain conditions, are expected to augur well for growth of the forestry machinery market in the upcoming years.