A processor implemented method, comprising: receiving, by a plurality of equipment simulators via one or more hardware processors, i) a feed size distribution associated with a feed, and ii) a product specification, wherein the feed size distribution is based on one or more parameters of particles comprised therein; processing, by using the plurality of equipment simulators via the one or more hardware processors, the feed size distribution and the product specification to obtain a plurality of operating spaces and a particle size distribution, wherein operating spaces refers to a combination of two or more operating conditions of the equipment, wherein each operating space amongst the plurality of operating spaces is associated with an equipment simulator amongst the plurality of equipment simulators, and wherein each equipment simulator amongst the plurality of equipment simulators is associated with an equipment; processing, via the one or more hardware processors, the plurality of operating spaces and the particle size distribution based on one or more equipment criteria to obtain a ranked list of equipment associated with the plurality of equipment simulators, wherein the equipment criteria comprising at least one of a pellet size, a pellet size distribution, a pellet shape, and a compliance status of each equipment with a compliance entity, performance of each equipment with one or more Application Programming Interface, APIs, an equipment capacity, an equipment cost, feasibility of coating associated with pellets to be produced by each equipment, a temperature control, mechanical integrity of pellets, mechanical stability of equipment, maintenance and service, delivery time, an equipment manufacturer, a level of cleaning each equipment, a level of operating each equipment, a choice of a binder for the pellets to be produced, an amount of binder required for pelletization, and an atomization or a binder introduction mechanism; and identifying, via the one or more hardware processors, an optimal equipment and one or more associated operating conditions for the identified optimal equipment based on the ranked list of equipment. receiving, by a plurality of equipment simulators via one or more hardware processors, i) a feed size distribution associated with a feed, and ii) a product specification, wherein the feed size distribution is based on one or more parameters of particles comprised therein; processing, by using the plurality of equipment simulators via the one or more hardware processors, the feed size distribution and the product specification to obtain a plurality of operating spaces and a particle size distribution, wherein operating spaces refers to a combination of two or more operating conditions of the equipment, wherein each operating space amongst the plurality of operating spaces is associated with an equipment simulator amongst the plurality of equipment simulators, and wherein each equipment simulator amongst the plurality of equipment simulators is associated with an equipment; processing, via the one or more hardware processors, the plurality of operating spaces and the particle size distribution based on one or more equipment criteria to obtain a ranked list of equipment associated with the plurality of equipment simulators, wherein the equipment criteria comprising at least one of a pellet size, a pellet size distribution, a pellet shape, and a compliance status of each equipment with a compliance entity, performance of each equipment with one or more Application Programming Interface, APIs, an equipment capacity, an equipment cost, feasibility of coating associated with pellets to be produced by each equipment, a temperature control, mechanical integrity of pellets, mechanical stability of equipment, maintenance and service, delivery time, an equipment manufacturer, a level of cleaning each equipment, a level of operating each equipment, a choice of a binder for the pellets to be produced, an amount of binder required for pelletization, and an atomization or a binder introduction mechanism; and identifying, via the one or more hardware processors, an optimal equipment and one or more associated operating conditions for the identified optimal equipment based on the ranked list of equipment.