Surging Demand for Smarter Forest Management Solutions Will Continue Propelling Forestry Machinery Sales through 2030: Fact.MR
DUBAI--(Korea Newswire) September 30, 2021 -- The sales of forestry machinery are anticipated to surpass US$ 4 billion in 2021 as per the latest insights from Fact.MR. Investment towards various economic development plans is set to boost the forest industry in countries such as China and Japan. Driven by this, the global demand for forestry machinery is projected to rise at a CAGR of 5% over the forecast period 2021 to 2031.
The rising emphasis on forest management is attributable to the focus on multiplying the quantity and enhancing the quality of forest yield. In addition to this, an increasing number of government policies concerning deforestation and afforestation are resulting in the adoption of forestry machinery for thinning methods to improve forest health and promote environmental sustainability.
China’s Initiatives towards Developing Forestlands to Remain at Epicenter of Growth
Several countries have adopted numerous efforts to restore and develop forestlands. For instance, according to the Asia Development Bank report, in 2020, China announced successfully completing the Jiangxi Sustainable Forest Ecosystem Development Project to develop around 37,500 hectares of timber plantation on barren forest land and rehabilitate 11,200 hectares of low-yielding forest land for bamboo plantation. These initiatives are expected to pave the way for the higher implementation of forestry machinery.
However, the outbreak of the novel coronavirus interrupted with the market growth as operations across various industries remained suspended. This also resulted in a steep decline in the sales of forestry equipment. Nonetheless, the expansion of the construction industry and increasing use of timber in commercial construction activities, such as flooring, building doors & cabinets, and wall & roof designing, is expected to drive the demand for forestry machinery in the coming years.
Sales of forestry machinery will improve as manufacturers offer technologies to ensure lesser fuel consumption and greater precision. Besides this, initiatives undertaken by governments through common agriculture policies in rural areas to fund national development and forestry activities will steer growth in the market. Driven by these factors, Fact.MR projects that the global forestry machinery market to exceed US$ 6 billion valuations, globally, by the end of 2031.
“Key players are focusing on developing advanced equipment by integrating innovative technologies such as telematics and Global Positioning System (GPS) for the real-time tracking and monitoring in order to assist operators in extreme terrain conditions,” says a Fact.MR analyst.
Japan to Emerge as a Lucrative Pocket for Sales in East Asia
Favorable government policies with regards to forestry management are facilitating market growth in Japan. For instance, the National Forest Management Law put into force in April 2020, bestow the right upon forestry practitioners to harvest trees at designated areas of the national forests land for a certain period of time.
The introduction of numerous digital assistance solutions to enhance workplace safety also is anticipated to augment the sale of forestry machinery in Japan. A number of players in the country are offering digital solutions for tracking timber loads, inventories and navigate solutions to enhance productivity.
For instance, in June 2019, Komatsu, one of the leading forest machinery manufacturers launched a digital tool named, MaxVision to assist forest machine operators in steep, rough, or soft terrain and visualize the state & condition of the forest.
Also, some of the leading players in Japan are heavily investing to increase their acreage and acquiring more land for their commercial forestry operation. For instance, Sumitomo Corp. one of the largest Sogo Shosha general trading companies in the world announced investing US$ 231 million for acquiring more pine forest in New Zealand, to double its acreage by the end of 2021. Such development will favor the growth of the forestry machinery market in Japan.
Some of the key companies operating in the forestry machinery market are:
· Hitachi Construction Machinery Co. Ltd.
· Deere Construction & Forestry
· Epiroc AB
· Komatsu Ltd.
· Sandvik AB
· LiebherrInternational AG
· Volvo Construction Equipment
Key Questions Answered by the Report
· The market survey highlights projected sales growth in the forestry machinery market over the upcoming decade
· The report offers insight into forestry machinery demand outlook for 2020-2030
· Forestry machinery market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
· Forestry machinery market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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