Connected Technologies in Forest Machines to Assist Revenue Growth adding New Dimensions to Enhance Productivity: Persistence Market Research
NEW YORK, Aug. 26, 2021 /PRNewswire/ -- As per Persistence Market Research analysis, the global forestry machinery market is projected to be valued at around US$ 8.5 Bn in 2021, expanding at a CAGR of 4.7% over the forecast period of 2021-2031. Consistent consumption of timber and natural wood by end-use sectors such as construction, energy, and agro products is set to drive the sales of forestry machinery over the coming years.
Market players are launching new, innovative products to stay ahead in the competition and increase their sales and profits.
- RABAUD, a major player in the wood-energy industry, complemented its XYLOG wood processor range with a new model that is even more versatile and user-friendly. XYLOG 520 enables to split logs from 20 up to 50 cm long.
- Ponsse launched a completely modernized range of Scorpion harvesters, which meets all the requirements of forestry today. The new PONSSE Scorpion takes harvest productivity and ergonomics to the next level and sets a new standard for the operator's working environment.
- Tigercat INC introduced new features in its existing product - the 875 Logger, which was advanced to E- series.
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The ongoing crisis caused by the COVID-19 pandemic has resulted in disruption of supply chain networks and manufacturing activities. In lieu of the same, sales of forestry machinery is understood to have plummeted during the initial stages of the pandemic. With regional manufacturing sector operations reviving toward threshold rates, the market is expected to recover gradually over the next 3-4 quarters of the next fiscal.
Key Takeaways from Market Study
- Burgeoning construction industry & increasing awareness about connected machines for remote monitoring are anticipated to augment sales of forestry machinery.
- With research & development, new techniques are making market competition tougher. Tier-I manufacturers are focusing on high performance and advanced forestry machinery for customers.
- Used machinery is gaining significant amount of demand in the market, owing to lower price.
- Stringent norms enforced by regional governments and increasing end-user awareness about zero emission-based machinery and off-road equipment are strongly advocating the employment of electric hybrid-operated machinery over conventional fuel-based porotypes.
- Demand for wood products is increasing with population growth and growing disposable income of the population. This factor is especially true across the U.S., China, and Australia, which is likely to boost demand for forestry machinery.
- Indonesia, Russia, and Latin American countries are picking up pace in the forestry machinery industry.
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"Increasing trend of leasing & renting services of forest machinery and design of environment-compliant prototypes by OEMs will be observed as long-term market trends in this space," says a Persistence market Research analyst.
Competitive Landscape
The forestry machinery market is identified to be significantly consolidated. Some of the key players in the market are John Deere, Hitachi Construction Machinery Co., Ltd., Liugong Machinery Co., Ltd., Caterpillar, Kubota Corporation, Komatsu, Kawasaki Heavy Industries, Ltd., Volvo AB, Ponsse, Bell Equipment, Tigercat International Inc., Rottne Industri AB, Eco Log, and Dafo. These players have higher shares in the global market and have long-standing relationships with a number of end users for the supply of forestry machinery.
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Find More Valuable Insights
The research report analyzes demand for forestry machinery. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Persistence market Research's scope, the market has been analyzed on the basis of type, sales, operation, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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