Press Release

Briquettes Market to Grow with a CAGR of 7.42% through 2028

According to TechSci Research report, “Briquettes Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Briquettes Market stood at USD 774.61 Million in 2022 and is anticipated to grow with a CAGR of 7.42% in the forecast period, 2024-2028. The key drivers of the Global Briquettes Market include a rising awareness of the need for eco-friendly solutions, the increasing demand for renewable energy sources, and the cost-effectiveness of briquettes compared to traditional fuels.

Additionally, government initiatives promoting the use of bio-energy and the development of energy-efficient technologies are also significantly influencing market growth. Industrialization and the need for alternative energy sources in developing countries further fuel the expansion of the briquette market. The availability of raw materials and the feasibility of briquette production present opportunities for market growth.

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The global briquettes market is currently experiencing a significant growth period, driven primarily by increasing environmental concerns and a widespread shift towards sustainable energy solutions. As the world becomes more conscious of the detrimental effects of traditional fossil fuels, briquettes are emerging as a promising, eco-friendly alternative. These briquettes are manufactured from a variety of organic waste materials, such as agricultural residues, wood chips, and sawdust, which are compressed into compact, energy-dense forms. This manufacturing process not only helps in reducing waste but also provides an efficient way to utilize these organic materials, contributing to a circular economy.

One of the key factors contributing to the growth of the briquettes market is the support from government initiatives aimed at promoting the use of biofuels. With a focus on reducing greenhouse gas emissions and achieving energy independence, many countries are implementing policies and providing incentives to encourage the adoption of renewable energy sources like briquettes. These government initiatives not only create a favorable market environment but also drive investments in research and development, leading to further advancements in briquetting technology. Moreover, the rising energy demand from developing economies, coupled with the advancements in briquetting technology, is further propelling the market forward. As these economies strive for rapid industrialization and urbanization, the need for reliable and sustainable energy sources becomes paramount. Briquettes offer a convenient and cost-effective solution to meet this growing energy demand while reducing the carbon footprint.

However, it is important to acknowledge that the briquettes market also faces certain challenges. The availability of alternative renewable energy sources, such as solar and wind power, poses competition for briquettes. Additionally, concerns regarding the potential impact on natural ecosystems, particularly the sourcing of organic waste materials, need to be addressed to ensure sustainable production practices. Encouraging responsible sourcing and implementing stringent environmental regulations can help mitigate these challenges and ensure the long-term viability of the briquettes market. Nevertheless, the potential for growth in the briquettes market remains robust. Industries and household consumers alike are recognizing the cost efficiency and environmental benefits of briquettes. With their higher energy content, lower emissions, and easy availability, briquettes are poised to play a significant role in the transition towards a greener and more sustainable future. By embracing this eco-friendly fuel option, we can contribute to a cleaner planet and a more secure energy future for generations to come.

The Global Briquettes Market is segmented into type, application, regional distribution, and company.

Based on application, Thermal energy is currently dominating the global briquettes market due to its exceptional efficiency and sustainability. Briquettes produced from biomass, such as agricultural waste or wood, are not only a renewable source of energy but also offer a cleaner and greener alternative to traditional fossil fuels like coal, oil, and natural gas. With their high thermal efficiency, significantly lower carbon emissions, and cost-effectiveness, these biomass briquettes have gained immense popularity as a preferred choice for heat production in various industries. This growing demand for sustainable energy solutions is expected to further drive the market growth of biomass briquettes.

Based on region, the Asia Pacific region is currently dominating the global briquettes market, primarily due to its vast population and rapidly developing industrial sectors. This region boasts a high demand for cheap and sustainable fuel sources, as countries continuously look for cleaner and more efficient energy alternatives. Additionally, many nations in the Asia Pacific are rich in agricultural and forestry waste, which are the primary raw materials used in briquette production. This abundance of raw resources, paired with supportive government policies promoting renewable energy, are key factors propelling the prominence of the Asia Pacific in the global briquettes market.

Moreover, the Asia Pacific region's dominance in the briquettes market can also be attributed to its strong emphasis on research and development, with ongoing efforts to improve the efficiency and quality of briquette production. The region's commitment to innovation and technological advancements has resulted in the development of advanced manufacturing processes and techniques, further enhancing the competitiveness of the briquettes industry. Furthermore, the Asia Pacific region's geopolitical stability and favorable investment climate have attracted significant investments from both domestic and international players in the briquettes market. This influx of investment has led to the establishment of state-of-the-art production facilities and distribution networks, ensuring a steady supply of briquettes to meet the growing demand in the region and beyond. The Asia Pacific region's dominance in the global briquettes market is driven by a combination of factors, including its vast population, rapidly developing industrial sectors, abundant availability of raw materials, supportive government policies, emphasis on research and development, and favorable investment climate. With these advantageous conditions, the Asia Pacific region is positioned to maintain its prominent position in the global briquettes market for the foreseeable future.

Major companies operating in Global Briquettes Market are:

  • Biomass Secure Power Inc.
  • Drax Group plc
  • Enviva Inc.
  • Geetha Biotech Ltd.
  • German Pellets GmbH
  • Lignetics Group
  • Om Greentech Industries
  • Pacific BioEnergy Corp.
  • Pfeifer Group
  • Pinnacle Renewable Energy Inc.

 

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“The future of the Global Briquettes Market appears highly promising, with abundant opportunities in both the residential and industrial sectors. As the world continues to prioritize environmental consciousness and the quest for renewable energy sources, briquettes have emerged as a compelling solution. These briquettes, derived from compressed biomass, offer a cleaner and more efficient fuel alternative, thereby gaining significant prominence in the energy landscape. Moreover, with nations across the globe actively working towards reducing their carbon footprint, the demand for this sustainable energy source is expected to witness a substantial surge. The market's growth is further fueled by advancements in briquette manufacturing technology and the supportive initiatives taken by governments to encourage the adoption of such eco-friendly alternatives. With these factors at play, the Global Briquettes Market is poised for a remarkable trajectory towards a greener and more sustainable future.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Briquettes Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Saw Dust Briquettes, Agro Waste Briquettes, Wood Briquettes & Others), By Application (Power Generation, Thermal Energy & Others), By Region and Competition”, has evaluated the future growth potential of Global Briquettes Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Briquettes Market.


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