Briquetting Machine Sector: Growth Drivers and Challenges
Growth Drivers
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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
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Energy Required in Briquetting Manufacturing is High
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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.
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Briquetting Process Creates Too Much Dust
Briquetting Machine Market: Key Insights
|
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 |
|
