Briquetting Machine Market Trends
Growth Drivers
- Growing Adoption of IoT -The growing adoption of IoT in briquetting is influencing the advancement of these machines. With the embracement of IoT, various features include remote monitoring, real-time data analysis, and automated process to increase productivity, efficiency, and quality.
- Rising Demand for Power will drive the briquetting machine market expansion -By 2040, the demand for energy is projected to grow by about 20% globally. Hence, the demand for briquetting is on the rise. Moreover, in many underdeveloped nations access to conventional energy is less. So briquetting guides are satisfying this surge in demand.
- Surge in the Production of Food -There is a high need for power in food processing industries for the process of drying and backing. Briquetting machines are used in these processes.
Challenges
- Energy Required in Briquetting Manufacturing is High
- Easy and Cheaper Availability of Non-Renewable Sources – The price of briquetting is usually high. Hence, the preference for alternative non-renewable energy which is available easily and at a cheaper price is more. Fossil fuels are the non-renewable energy source that is both the cheapest and most accessible. Coal, oil, and gas are instances of fossil fuels.
- Briquetting Process Creates Too Much Dust
Briquetting Machine Market: Key Insights
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.3% |
|
Base Year Market Size (2024) |
USD 1.15 billion |
|
Forecast Year Market Size (2037) |
USD 2.87 billion |
|
Regional Scope |
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