Albany, NY -- (SBWIRE) -- 09/21/2017 -- The Europe market for peat features a highly consolidated vendor landscape, with the leading few companies, including Bord na Mona, Klassmann Dielmann, Vapo Oy, and Oulun Energia accounting for over 80% of the overall revenue generated in the market in 2015, observes a recent report by Transparency Market Research. Sluggish demand from key application sectors and strict environmental norms requiring a shift from polluting fossil fuels to cleaner energy resources are compelling companies to diversify their businesses.
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Bord na Mona, for instance, which holds the leading share in the overall revenue of the Europe peat market, has decided to stop harvesting peat from its vast bog land post 2030. The company has also changed its operations in Edenderry Power Plant since 2016, beginning to use an energy mix of 37% biomass and 63% peat for electricity generation with a view of lowering its carbon emissions.
Transparency Market Research estimates that the Europe peat market, which was valued at US$2.05 bn in 2015, will exhibit a nominal albeit a positive CAGR of 0.6% over the period of 2016 and 2024, rising to a valuation of US$2.13 bn by 2024.
Agriculture to Remain Dominant Application Sector for Europe Peat Market in Near Future
In terms of the key applications of peat in a number of industries in Europe, agriculture accounted for the dominant share of nearly 60% in 2015. The segment is expected to remain the key consumer of peat in Europe over the report's forecast period as well owing to the vast range of products available in this segment catering to a vast set of needs. In terms of geography, Finland dominated the Europe peat market in 2015, followed by Ireland and Germany. A significant 3% of Finland's energy demands are met through peat-fired power plants, which is why the demand for peat is expected to remain strong in the country in the near future as well.
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Demand from Thriving Agriculture and Horticulture Sectors Promise Sustainable Returns
The market for peat in Europe is being driven by a number of factors, with chief ones being the thriving agriculture and horticulture sectors, increased demand for electricity in the region and the use of peat as a conventional fuel for fueling power plants, and the healthy growth of several economies in the region. It is estimated that sustainable demand for peat from key end use sectors will allow Europe to remain the leading consumer of peat throughout the world over the forecast period as well.
Peat is also one of the key power generation resources used in the region for heating purposes and continues to witness demand from this segment as well. Over the report's forecast period, the healthy economic growth of countries in the region is expected to lead to higher transport of peat between countries, driving the overall market.
Unevenly Spread Resources and Strict Environmental Norms to Negatively Impact Growth
Despite the presence of several growth opportunities, the Europe peat market is expected to exhibit growth at a nominal pace over the report's forecast period. Key challenges hindering the overall growth prospects of the market include the unevenly spread deposits of peat across the region and environmental concerns related to carbon emissions. To be regarded as a primary form of fuel, especially for powering commercial-sized power plants, uniform availability of the product is one of the prime requisites. Failing in this regard, with only countries such as Finland and Ireland having large deposits and countries such as Poland, Spain, and the U.K. having no notable deposits, peat fails to serve certain application areas to the expected level.
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This review of the Europe peat market is based on a recent market research report published by Transparency Market Research, titled "Peat Market (Material - Sapric, Hemic, and Fibric; End Use - Power Generation, Agriculture, Freshwater Aquaria, and Water Filtration) - Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."