The global peat market is estimated to garner a large revenue and grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing number of industrial activities around the world, increasing usage of renewable energy sources as a result of environmental concerns, and rising demand for food and agricultural activities globally. According to the World Bank, the industrial output of the world as a share of the total world GDP was calculated to be 24.789% in 2019. The world GDP share for manufacturing was 14.562% for that year. In addition to these, surge in population growth coupled with the increase in demand for electricity is also projected to drive market growth in the upcoming years. Furthermore, over the last few years, peat is extensively being used as an oil absorbent for cleaning oil spills, and for the purpose of biofiltration for air and water, which is another crucial factor expected to result in the expansion of market in the future.
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The market is segmented by material type into fibric, hemic, sapric, and others, out of which, the fibric segment is anticipated to hold the largest share in the global peat market on account of the wide use of this type of peat in various applications across the globe, and the ability of fibric peat to stimulate plant growth and root development effectively. Additionally, on the basis of application, the segment for agriculture is assessed to occupy the largest share over the forecast period, which can be ascribed to the high usage of peat for the production of organic fertilizer and as a garden soil, and as a significant component of garden plant substrates.
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.
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:
Our in-depth analysis of the global peat market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are increasing industrial activities worldwide and growing usage of renewable energy sources.
The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2030.
Pollution caused by burning dry peat is estimated to hamper the market growth.
Latin America will provide more opportunities for market growth owing to the presence of favorable climate conditions that support the growth of tropical peat.
The major players in the market are Elva E.P.T. Ltd., Global Peat Ltd, Stender AG, Oulun Energia Oy, and others.
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.
The market is segmented by material type, application, and by region.
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.
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