Artificial Turf Market is expected to reach US$ 4,067.36 million by 2028
The scope of our recent study, titled "Artificial Turf Market Forecast to 2028 - COVID-19 Impact and Global Analysis - By Material (Polyethylene, Polypropylene, Polyamide, and Others) and Application (Residential, Commercial, and Sport)," includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The artificial turf market was valued at US$ 2,847.28 million in 2021 and is projected to reach US$ 4,067.36 million by 2028. It is expected to grow at a CAGR of 5.2% from 2021 to 2028.
Market Overview
The satellite communication system offers voice and data communication services to terminal devices within its wireless network coverage. In times of natural or man-made disasters disrupting terrestrial communications, satellite communication networks rely on satellites in space to increase coverage and ensure effective communication for unserved or underserved areas. To achieve global coverage with the current basic satellite communication technology, at least three satellites are required. Satellite communication terminal products, such as voice terminals (satellite phones), data terminals (data-access devices), and other types of terminals, provide communication services to consumers through a satellite communication system.
Market Segmentation
The global artificial turf market is categorized into several materials, including polyethylene, polypropylene, polyamide, and others. In 2020, the polyethylene segment had the highest market share. Based on the application, the market is categorized into residential, commercial, and sport. Polyethylene is the most commonly used plastic type worldwide, known for its water-resistance, lack of pet odors, and a balanced mix of toughness and ductile strength. It is versatile and used for various purposes. For front and backyard use, sports, and pets, polyethylene grass is preferred for its softness, realism, and non-absorbent properties. The global artificial turf market is divided into five primary regions, namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SCAM). In 2020, the Asia Pacific region had the highest revenue share in the global artificial turf market. The demand for artificial turf in sports facilities is rising in this area due to its low water and chemical usage, minimal maintenance, lack of irrigation, and resistance to weather conditions. Furthermore, due to the increasing globalization, the construction industry's growth is favoring the APAC artificial turf market.
Market Dynamics
The presence of both regional and global players makes the artificial turf market highly competitive, and it is predicted to remain profitable in the upcoming years due to increased demand in sports, residential, and commercial settings. Artificial turf is produced from synthetic fibers, and its quality is heavily reliant on the use of high-grade raw materials, proper equipment, and production expertise. The quality of the raw materials used is essential for optimal turf performance.
Impact of COVID-19
The artificial turf market has been significantly impacted by the COVID-19 pandemic, which has caused a decline in sales due to the shutdown of manufacturing facilities, disrupted supply chains, and raw material shortages in the chemicals & materials industry. Nevertheless, the forecast period is expected to witness a positive impact on the industry due to the gradual lifting of lockdown restrictions in various countries. Additionally, the use of e-commerce platforms is expected to increase sales of artificial turf over the next few years.
Key Findings of Study
The demand for uninterrupted connectivity is increasing across various industries worldwide. Satellite communication terminals are widely used in areas such as weather forecasting, media and entertainment, aviation, television, internet, space, and telecommunication. Technological advancements in SATCOM terminals have greatly contributed to satellite communication terminal market growth. The need for communication on-the-move solutions for military vehicles, commercial vehicles, boats, and trains is driving the demand for satellite communication terminals. Developing countries like India, Taiwan, and Brazil are witnessing significant growth in 5G telecommunication networks. Accurate weather forecasting is becoming increasingly important globally to stay alert to cyclones, tsunamis, and tornadoes. With the launch of new airlines and increased investment in the aviation sector, there is a growing need for enhanced operational efficiency and air traffic control. The International Air Transport Association (IATA) forecasts that the number of air passengers will reach 7.2 billion by 2035, almost double the 3.8 billion air passengers in 2016. The growing telecommunication sector, media and broadcasting industry, and aviation sector are expected to drive the need for satellite communication terminals for uninterrupted connectivity.
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