Forestry Equipment Market Expected to Reach $10.6B by 2025
Wed June 09, 2021 - National Edition Lucintel
Lucintel's latest market report has stated that the future of the forestry equipment market looks promising, with opportunities in felling, extracting and on-site equipment.
The global forestry equipment market declined in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $10.6 billion by 2025 with a CAGR of 3 percent to 5 percent from 2020 to 2025, according to the report.
The major drivers for this market are economic growth and increasing demand for round wood in both construction and infrastructure activities.
Emerging trends, which have a direct impact on the dynamics of the forestry equipment market, include introduction of TimberMatic navigation and integration of mobile technology in forestry equipment.
On the basis of its comprehensive research, Lucintel forecasts that felling equipment will remain the largest segment and it also is expected to witness the highest growth over the forecast period due to increase use of cut-to-length harvesting methods relative to tree-length and whole-tree systems.
Oil power, gas power and electric power forestry equipment are used in this market. Electric power equipment will remain the largest segment and it is expected to witness the highest growth over the forecast period as it provides significant power for maximum output without increasing emissions.
APAC will remain the largest region and it is expected to witness highest growth over the forecast period due to growth in building and construction activities and increasing demand for woods in home furnishing application.
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