1. Market Excerpt
2. Increasing mechanization of forestry operations and technological advancement will drive the market for forestry cranes globally.
The global forestry cranes market was estimated US$ 972.8 Mn in 2020 and is expected to grow at a CAGR of 4.8% throughout the forecast period from 2021 to 2029. The demand for forestry cranes is primarily dependent on growth in demand for forestry products such as wood pellets and timbers used in industrial and construction applications. Continuous developments in crane technology to improve the efficiency of forestry operations is also expected to support the market growth over the forecast period from 2021 to 2029. In addition, rising demand for forest biomass globally also represents a positive outlook for forestry cranes market.
Product characteristics for truck mounted forestry cranes vary with regional considerations. North America and Europe are developed markets and are influenced by the quality of products. Purchasing decision of buyers in these regions is strongly influenced by efficiency of crane system in terms of fuel consumption and output. Minimizing operational cost is a major decision for buyers of this machinery. Rising fuel prices is becoming a major element of operating cost for forestry machinery operators and contractors. Due to stringent labor regulations to improve workers safety and reduce CO2 emissions buyers are increasingly investing is advanced solutions. Thus, fuel efficiency has become important criteria in selection of forestry truck mounted crane. Another important criterion in selection is life of machinery. Buyers in North America and Europe prefer truck mounted cranes that have average life of at least 16 to 18 years and require less maintenance through its life. As initial purchasing cost of truck mounted cranes is very high credit availability also plays a crucial role in purchasing decision. In addition, buyers also give significant priority to service capabilities and availability of replacement parts.
Russia, South America and South East Asia are price sensitive markets compared to North America and Europe. Buying decision of forestry truck mounted cranes is strongly influenced by price of machinery. Product and suppliers are categorized based on price. However, with rising importance of reducing overall operating cost, contractors and individual buyers are shifting their interest towards advanced machineries to improve their operational efficiency and reduce costs.
"Hydraulic and premium efficiency cranes outpacing market growth in developed markets"
Product characteristics for forestry cranes vary with regional considerations. North America and Europe are developed markets and are influenced by the quality of products. Purchasing decision of buyers in these regions is strongly influenced by efficiency of crane system in terms of fuel consumption and output. Minimizing operational cost is a major decision for buyers of this machinery. Rising fuel prices is becoming a major element of operating cost for forestry machinery operators and contractors. Due to stringent labor regulations to improve workers safety and reduce CO2 emissions buyers are increasingly investing is advanced solutions. Thus, fuel efficiency has become important criteria in selection of forestry cranes. Another important criterion in selection is life of machinery. Buyers in North America and Europe prefer forestry cranes that have average life of at least 16 to 18 years and require less maintenance through its life. As initial purchasing cost of truck mounted cranes is very high credit availability also plays a crucial role in purchasing decision. In addition, buyers also give significant priority to service capabilities and availability of replacement parts.
Russia, South America and South East Asia are price sensitive markets compared to North America and Europe. Buying decision of forestry cranes is strongly influenced by price of machinery. Product and suppliers are categorized based on price. However, with rising importance of reducing overall operating cost, contractors and individual buyers are shifting their interest towards advanced machineries to improve their operational efficiency and reduce costs.
Full tree and tree length harvesting are commonly used tree harvesting processes in North America. In this process, tree is handled in its full length throughout harvesting process. So, long truck mounted cranes are mostly preferred in the region for loading and transportation of trees from forest to workshop. Most of the small contractors in North America still prefer powerful, big and solid machines. However, cut to length (CTL) process is rapidly gaining popularity in Canada and urban areas of the U.S due to its benefits such as less environmental impact, less fuel consumption etc. This is increasing the demand for short wood and light weight truck mounted cranes in the region. In addition, light weight truck mounted cranes are increasingly used in tree length forestry process as these machines improve hauliers operation through the length of trailer compared heavy machineries. Cranes with hydraulic technology is mostly preferred by buyers as it offers higher lifting power, efficiency and flow compared with other types of cranes. Buyers in North America select truck mounted forestry cranes depending upon their loading capacity. Following table represents most preferred product specifications for forestry truck mounted cranes in North America.
"Developing advanced timber handling solutions and market collaboration are major strategies of leading players"
Leading forestry crane manufacturers are focusing on market collaboration and developing advance solutions to maintain their shares in the global competitive environment. Major players focus on strategic partnership and Collaboration with organized players and local vendors in emerging forestry market. This has led to several collaborations, mergers and acquisitions among manufacturers. For example, In 2012 Palfinger Epsilon Inc. and Caterpillar signed an agreement to enter North American Forestry Truck Mounted Market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Forestry Cranes market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Boom
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
