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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