Market Overview
Peat or turf can be defined as an accumulation of partly decomposed vegetation or matters of organic origin. Peat is widely available in places like bogs, peatlands, moors, mires, or muskegs. The peatland ecosystem is known for efficient handling of carbon as peatland plants arrest the emitted CO2 to maintain a balance. Peat is harvested as an important source of fuel in certain parts of the world, and can be considered a renewable source for energy. The global peat industry by applications is slated to score 14.6% CAGR during the forecast period of 2019 to 2024. Market Research Future (MRFR) claims that the market can surpass the predicted worth by the end of 2024.
Several factors like increasing use in agriculture to increase production and meet growing demand, better contribution of it in energy generation, growing demand for bio-friendly sources, and others can put the peat industry by applications on the track of growth.
Key Players
Several companies are getting ready to make a mark in the global market for peat as they have realized the potential of the industry and how easily it can permeate across industries. MRFR made sure that they include key players in the report to profile them and ensure better understanding of the market flow. These companies are Klasmann-Deilmann GmbH (Germany), Global Peat Ltd (Latvia), Elva E.P.T. Ltd (Estonia), Vapo Group (Finland), Stender AG (Germany), Peat Land Ukraine LLC (Ukraine), Globalcoirs (India), Oulun Energia OY (Finland), Cocogreen (Sri Lanka), Bord na Mona (Ireland), Jiffy Products International B.V. (Norway), T & J Enterprises (India), and Lambert Peat Moss (Canada).
Market Segmentation:
The peat industry by applications, as discussed by MRFR, can be segmented on the basis of type, material type, and application. This segmentation has its focus set on factors that can divulge a lot about the market to facilitate easy understanding of various prospects in the coming years.
By type, the peat industry by applications includes coco peat, sod peat, and others. These segments are expected to provide traction as per their specific need and form the market accordingly.
By material type, the global peat industry by applications can be segmented into sapric, fibric, hemic, and others.
By application, the global peat industry by applications comprises agriculture, fuel & energy, and others. Both the agriculture and fuel & energy segments are expected to make substantial market stance in the coming years.
Access Report @ https://www.marketresearchfuture.com/reports/peat-market-1387
Regional Analysis
North America’s growth is depending much on the increasing consumption of the product in end-user industries like fuel & energy, agriculture, medicine, domestic, and others. The agriculture segment is expected to grow with the fastest CAGR during the forecast period. This is to substantially support the growing demand for food in the coming years. The population is rising, which is generating a huge demand for food. Other industries like horticulture, paper fuel & energy, medicine, domestic, and others will also generate significant market growth. The U.S., Canada, and Mexico have the potential to transform the regional market.
The Asia Pacific market can expect the fastest CAGR as a result of growing collaborations between the leading companies. China, Japan, and India can impact the market notably to fetch in substantial market revenue. Segments like domestic, medicine, agriculture, and others would expand the operational horizon for the market.
Europe’s growth would depend mostly on the power generation companies. The regional liking for eco-friendly resources can be of great importance in taking the global market ahead. Germany, Spain, France, the UK, and others can contribute to the holistic growth of the regional market.
In Latin America, Brazil and Argentina, and in the Middle East & Africa, Qatar, Kuwait, Dubai, and others are expected to grow considerably.
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