Forestry Equipment Market is likely to witness an impressive CAGR of 5.0% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the 'pause button' for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Forestry Equipment Market
Forestry Equipment Market is likely to witness an impressive CAGR of 5.0% during the forecast period. The major factors, such as growing demand for wood in construction activities accompanied by the increase in usage of timber in applications of commercial construction, such as flooring and wall & roof designing, using forestry machines for wildland fire management and wildlife & sanctuary management for preserving the ecosystem in various countries including the U.S., Canada, China, and Russia, and the high growth registered by the forestry equipment sector attributing to the increasing demand for products which are made from residues and recycled materials such as sawdust used for manufacturing particleboards are expected to fuel the growth of the market during the forecast period.
North America is contributing to a high deployment of forestry equipment attributed to the growing demand for wood products and the increasing population in the region. The deployment of equipment caters to the requirements for residential & commercial manufacturing, and the increase in usage of forest products, such as sawnwood and logwoods, for the development of infrastructure is eventually fueling the usage of forestry machines. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.
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Report Scope & Market Segmentation
Forestry Equipment Market Share: Type
Based on the type, the market is segmented as felling equipment, extracting equipment, on-site processing equipment, and others. The felling equipment accounted for 35% share of the market in the year 2019 in the U.S. Chainsaws are estimated to witness high demand in the industry because of the growing tinder-harvesting activities, globally. Furthermore, the trends of the industry, such as developing cordless & battery-powered chainsaws which are used in the maintenance of horticulture and firewood fragmentation, forestry equipment manufacturers proposing to provide products to accelerate the efficiency and productivity of farms, and the growing awareness programs by the government for forest management are expected to fuel the demand for harvesters and the growth of the forestry equipment market during the forecast period.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research's reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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