Economizer Market

Economizer Market Size-(2023-2028)

The Economizer Market was valued at $ 7,245 million in 2022 and is expected to reach $ 9,984.6 million by the end of 2028, with a CAGR of 5.0% in 2023-2028 The economizers market is expected to grow at a CAGR of over 5% during the forecast period.

Economizers are mechanical devices intended to decrease energy consumption and are also utilized to perform multiple tasks, such as preheating a fluid. Economizers are used to recycle the energy produced in the system or take advantage of differences in ambient temperature to improve efficiency. Two types of economizers stand out, non-condensing economizers and condensing economizers. Non-condensing economizers are mainly used as they increase efficiency from 5% to 7%. Economizers help save fuel and save the process, which is why they are called economizers. These are also used to cool gases in power plants prior to desulfurization. Hence, they also help to reduce costs and conserve water. Economizer used as a heat exchanger in boilers, heating, power plants, refrigeration, ventilation, and air conditioning (HVAC). In recent days, boilers, like those in coal-fired power plants, are still equipped with economizers. To capture residual heat from boiler flue gases and transfer it to the boiler feedwater, economizers are most often used in steam power plants.

A significant increase in energy consumption and demand for electricity in the world has resulted in the larger size of power plants, so the increasing demand for power plants is driving the growth of the economizer market. In addition, the application of economizers in the boiler wastewater recovery system generates demand for economizers in the market. In addition, the growing application of economizers in data centers to supplement or replace cooling devices such as computer room air conditioners (CRAC) or chillers. Therefore, the demands of data centers are driving the growth of economizers. Rapid industrialization and construction activity, with a growing preference for clean and renewable energy sources, are driving the growth of economizers around the world.

The huge increase in the demand for electricity in the world has resulted in an increase in the size of the power plant. The process of generating electricity in a coal-fired power station is one of the most widespread and conventional methods. Therefore, due to the factors mentioned above, the power plant economizer application is likely to dominate during the forecast period.

Economizer Market Drivers:

The main factor determining the market studied is the growing demand for power plant economizers. The global economizers market is primarily driven by such factors as high usage of economizers due to growing construction activity and high demand for renewable energy and growing concern for the environment. Moreover, the increasing use of economizers in data centers is driving the growth of the economizer market. Tightening of government regulations aimed at reducing fuel consumption and ensuring energy conservation has led to the growth of the global economizer market in the recent past. Using economizers would improve fuel consumption by around 7-9%. They also contribute to overall cost reduction and greater operational efficiency. In addition, the rapid growth of end-use industries such as construction and power generation, especially in developing regions with increasing urbanization and industrialization, is another important driver of market growth.

Economizer Market Restraints:

On the other hand, increasingly stringent environmental regulations limiting nitrogen oxide and sulfur dioxide emissions from the power plant and unfavorable conditions related to the COVID-19 outbreak are hampering the market growth.

Opportunities in the Economizer Market:

The growing application of economizers in boiler waste heat recovery systems is expected to offer several market growth opportunities during the forecast period.

Challenges in the Economizer Market:

The increase in CO2 emissions from energy combustion operations challenges the growth of the global economizer market.

ECONOMIZER MARKET REPORT COVERAGE:

Economizer Market Segmentation as per the research report until 2028

Economizer Market - By Type:

• Fluid Economizers

• Air-side Economizers

Based on type, the fluid economizer segment is leading with the highest shares of the market due to its escalating applicability in industrial boilers and HVAC systems.

Economizer Market - By Application:

• Boilers

• Power Plants

• HVAC

• Refrigeration

• Data Centers

By application, the global economizer market is classified into boilers, power plants, HVAC, refrigeration, and data centers. The power plant segment is expected to hold the largest market share and grow at a faster rate, as economizers are used as heat exchangers in power plants to conserve the waste heat generated by the boilers. In addition, the growing demand for electricity in the world has led to the installation of new thermal power plants using fossil fuels.

Economizer Market - By End Use:

• Industrial

• Commercial

On the basis of the end-use industry, the global economizer market is categorized into industrial and commercial. Industrial economizers are expected to retain the largest market share and the highest CAGR over the projected period. In industry, economizers are used as heat exchangers to preheat the fluid, thereby saving energy. In addition, economizers are used as a product of combustion which includes flue gases to recover waste heat.

Economizer Market - By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

Asia-Pacific is expected to hold the largest market share due to the development of new power plants and the advancement of the existing power plant in the region. In addition, growing government initiatives for clean and renewable energy in several countries are driving demand for the economizer market. The largest producers of economizers are in the Asia-Pacific region. The growing demand for power plant economizers and the increasing application in the commercial sector of developing countries like China, Japan and India are expected to drive the demand for economizers in this region. The largest producers of economizers are in the Asia-Pacific region. For example, according to the Japan Refrigeration and Air Conditioning Industry Association, in 2018 the global demand for air conditioners was 110.97 million units. According to the report by the International Energy Agency (IEA), global energy demand for air conditioners is expected to triple by 2060. According to the Indian ministry, the target of producing electricity from conventional sources for the year 2018-2019 was set at 1265 BU. composed of 1,091,500 BU of thermal power plants.

North America and Europe are expected to account for a significant share, in terms of price and scope, of the economizer market throughout the forecast duration. The Asia-Pacific economizers market is expected to spread throughout the forecast period.

Recent Developments 

• It targets reversible chiller applications with a higher temperature approach, making it an excellent choice for medium to low-efficiency applications where the pressure drop across the header needs to be below.

• In January 2019, Kelvion launches two new products to transform waste heat into energy: industrial installations and power plants generate waste heat which is generally released into the air. They can turn waste heat into useful forms of energy, reducing emissions and increasing efficiency. Kelvion 2 Recover Waste Heat solutions provide a convenient way to save energy, improve performance, and combat global warming.

• In October 2017, SWEP presented a new B4 model which enables proper heat exchange in applications with compactness requirements and narrow temperature approaches. It is Easy to install and use, and the product is small but flexible, making it a particularly good choice for saving VRF and heat pump-focused applications.

Impact of Covid-19 on the Economizer Market:

The new COVID-19 epidemic has affected the development of a variety of industrial fields, including the technology sector, the food and beverage industry, health, and other sectors. Instability of production and disruption of the supply chain are some of the factors that declined the growth rate of the economizer market. From the last months of 2020, the market shares are growing at a double rate. By 2021, the economizer market shares to fall into a normal state.

Economizer Market Key Players:

1. ALFA LAVA 

2. Babcock & Wilcox Enterprises

3. Belimo AirControls

4. Cantab

5. Cannon Boiler Works

6. Cleaver-Brooks Company

7. Honeywell international inc

8. JOHNSON CONTROLS

9. BasX Solutions