Europe Peat Market is expected to rise US$2.13 bn by the end of 2024 Peat Market to Grow a Sluggish Pace of 0.6% CAGR

Europe Peat Market to Grow a Sluggish Pace of 0.6% CAGR Owing
Shift in Non-conventional Energy Use
The Europe peat market depicts the presence of a highly consolidated market, says Transparency
Market Research on the basis of a recently published report. Such a consolidated nature majorly
exists owing to the presence of a handful of companies. Neova Ab, Bord na Mona, Oulun Energia,
Klassmann Dielmann, and Vapo Oy, are some of the key players operating in the Europe peat
market. These players accounted for almost 80% of the overall revenue generated in the market in
2015.
In spite of such a consolidation, many of these companies are moving towards cleaner energy
sources. Peat being a low grade coal variety, it is not as efficient as the other types such as
anthracite and bituminous. Due to this, a significant drop in the demand for peat is being noted,
consequently making players broaden their horizons. Several businesses operating in the Europe
peat market are tying up with other organizations to carry out necessary research and development
needed to revamp the industry.
As per market experts, the Europe peat market had accumulated revenue worth US$2.05 bn in
2016, which is further expected to rise only marginally up to US$2.13 bn by the end of 2024. This
sluggish growth is projected to occur at a lowly 0.6% CAGR during the forecast period from 2016
to 2024.
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