As per Future Market Insights, the briquetting machine market is anticipated to attain a value pool of US$ 500 million by 2023-end. Global demand for briquetting machines is expected to rise at a CAGR of 7.2% to US$ 1 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 500 million |
| Projected Market Value in 2033 | US$ 1 billion |
| Growth Rate (2023 to 2033) | 7.2% CAGR |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Principal Consultant
The market is expected to be primarily driven by renewable energy sector. With increasing use of biomass energy to reuse the organic and metal residual from agriculture and other industries, the forecast seems optimistic for the market.
Briquetting Machines are used to convert waste (agriculture, metal, paper and others) powder into a regular-shaped block. According to Gemco Energy the biomass briquettes, such as wood briquettes, saw dust briquettes or charcoal briquettes, made by the device, is widely used both in industry and civil scale for heating as a substitute of conventional fossil fuel - coal in particular. Biomass briquettes can be made from wood, sawdust, crop straw, grass, civil waste and animal waste.
The demand for the briquetting machine has also been driven by governmental policies and incentives. As the governments in both developed and developing countries are focusing on increasing the use of renewable energy, and because biomass is one of the most prominent renewable energy types, the market for this machines is expected to expand at a rapid pace during the forecast period.
Additionally, Growing air pollution and environmental protection has grown concerns across the globe. The growing percentage of carbon monoxide, carbon dioxide, and other harmful gases in the environment is the prime reason for global warming, owing to which international as well as federal organization are encouraging use of environmental safe techniques for energy generation.
Therefore, environmental concerns have pushed the need for the device to meet growing demand.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
According to Food and Agriculture Organization of United States, market for briquettes in terms of quality of combustion, do not offer any significant advantages that might persuade consumers to spend money on new machines.
The briquettes made from this machines are neither very convenient nor smoke-free; in contrast to electricity or LPG, both fuels for which consumers have shown themselves ready to switch to respective machines. Furthermore, high initial cost coupled with high maintenance cost are some of the factors which are going to hamper the market.
The Asia Pacific region is expected to be a key player in the briquetting machine market, thanks to rising demand for biomass briquettes coupled with metal briquetting from industrial as well as agriculture sector. Additionally, government attempts in the region to adopt renewable energy sources, in countries like China, India, and Japan are likely to see considerable development in the briquetting machine market.
Furthermore, government controls on waste management and alternative energy sources such as biomass briquettes are becoming more stringent, which is further yielding the market.
European Countries such as NORDICS and EU-5 are working extensively to increase the use of renewable for energy production and also biomass is one of the prominent source of renewable energy in the region. In agriculture, maze is among few crops which has seen significant growth in the recent past.
Maize is utilized for a variety of purposes, including food and animal feed. As a result, the waste that remains can readily be employed as a raw material in the production of briquettes.
Additionally, as fuel prices are expected to rise in the future, briquettes are a low-cost, high-density burner that can generate a lot of heat. Europe is also producing wood biomass briquettes from forestry waste or other trash left over from furniture manufacture, and they are importing the raw materials to make the briquettes, owing to which sales of briquetting machines are increasing in the region.
Some of the leading manufacturers of include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Explore Industrial Automation Insights
View Reports
Briquetting Machine Market
