On the basis of geographical analysis, the global peat market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe is estimated to grab the largest share over the forecast period on the back of the presence of large number of peatlands in various countries of the continent, especially in British Isles and Scandinavia, and increasing usage of peat as a fuel in Scotland, Ireland and Finland, which are also among the major consumers of peat in the world. As per the United Kingdom Office for National Statistics, as of 2019 peatlands occupy 12 percent of the total UK land area, out of which 60 percent of peatland are in Scotland, accounting for 1,947,750 hectares of peat area. Moreover, the market in Latin America is predicted to witness notable growth during the forecast period owing to the presence of favorable climate conditions that support the growth of tropical peat, namely in countries such as Brazil, Peru, Argentina, Colombia and Venezuela.
The global peat market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global peat market includes the following segments:
By Material Type
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major growth drivers for the market are increasing industrial activities worldwide and growing usage of renewable energy sources.
Ans: The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2030.
Ans: Pollution caused by burning dry peat is estimated to hamper the market growth.
Ans: Latin America will provide more opportunities for market growth owing to the presence of favorable climate conditions that support the growth of tropical peat.
Ans: The major players in the market are Elva E.P.T. Ltd., Global Peat Ltd, Stender AG, Oulun Energia Oy, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by material type, application, and by region.
Ans: The fibric segment is anticipated to hold largest market size and is estimated to grow at a noteworthy CAGR over the forecast period and display significant growth opportunities.