The European stump cutter/grinder market (henceforth, referred to as the market studied) was valued at USD 49. 2 million in 2019, and it is projected to reach USD 66 million by 2025, registering a CAGR of 5.
New York, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Stump Cutter/Grinder Market - Growth, Trends & Forecast (2020-2025)" - https://www.reportlinker.com/p05986889/?utm_source=GNW
2% during the forecast period. By volume, the sales of stump cutter/grinder were 2,224 units in 2019, and it is projected to reach 2,891 units by 2025, registering a CAGR of 4.6% during the forecast period in the region. By country, in terms of revenue, the United Kingdom is the fastest-growing market with a CAGR of 5.7%. The rising expenditure on forestry by the government and the increased number of players in the wood industry are the major factors that are driving the market growth in the United Kingdom. In terms of sales volume, Germany is the fastest-growing market with a CAGR of 5.1%. The increased demand for stump grinders in Germany can be attributed to the increased municipal and forestry expenditure in the country
Key Market Trends
Increased Production of Forestry Products
According to the Food and Agriculture Organization, the region has 1,017,460.8 thousand hectares of forest land in 2020, which increased from 1,016,798.8 thousand hectares of forest land in 2018. The region has forests and other wooded lands, corresponding to 44.6 % of its land area. The European Union accounts for approximately 5% of the world’s forests. The forested area of the European Union is slowly increasing. Apart from the forests’ ecological value, their role as an essential element in the European landscape, and their importance for some non-economic uses, such as recreation, forests are also an economic resource. Hence, the increased wood production and the increased presence of various small- and medium-sized enterprises who are highly active in the sector further resulted in an increased demand for wood cutting, which further positively impacts the stump cutter/grinder market in the region.
Increased Stump Harvesting for Biofuel
In 2017, the International Energy Agency (IEA) Bioenergy stated that the region’s interest in the stump harvesting has gradually rocketed from early 20’s, owing to the increased usage and support as biofuel across various countries of the region. Stump harvesting in Europe has been under function for more than decades, with many countries being very active in harvesting. In Britain, stumps are removed in some forests for disease control, especially in south-east England. Additionally, they are extracted where restoring plantation forest areas to peat bog for conservation reasons. Recently, small-scale commercial stump harvesting has started in parts of Scotland to provide fuel for biomass power stations.
The stump cutter/grinder market is competitive, with the major players accounting for 70.6% in 2019. Bandit Industries, Morbark, J.P. Carlton Company, Vermeer, and Fecon, are the major players in the European market. The major players in the market are competing to hold a consistent share in the market. Product innovation has been the major business strategies adopted by the aforementioned major players. For instance, Morbark launched the RG165T-R Stump Cutter developed for customers who need to remove large stumps in a short time. Similarly, Vermeer launched the new Vermeer cutting system (VCS) to solve many challenges associated with the traditional stump cutting systems.
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