The Economizer Market was valued at $ 7,245 million in 2020 and is expected to reach $ 9,984.6 million by the end of 2026, with a CAGR of 5.0% in 2021-2026. The economizers market is expected to grow at a CAGR of over 5% during the forecast period.
Economizers are mechanical device 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 the 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 a 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.
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 low.
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 new B4 model which enables proper heat exchange in applications with compactness requirements and narrow temperature approaches.It Easy to install and use, the product is small but flexible, making it a particularly good choice for saving VRF and heat pump focused applications.
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 economizer in data centers is driving the growth of 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.
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 market growth.
Growing application of economizer in boiler waste heat recovery system is expected to offer several market growth opportunities during the forecast period.
The increase in CO2 emissions from energy combustion operations challenges the growth of the global economizer market.
Economizer Market - By Type
Based on type, the fluid economizers 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
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 a heat exchanger 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
On the basis of 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.
The new COVID-19 epidemic has affected the development of a variety of industrial fields, the technology sector, the food and beverage industry, health and other sectors. Instability of production and disruption of supply chain are some of the factors declined the growth rate of the economizer market. From the last months of 2020, the market shares are growing at double rate. By 2021, the economizer market shares to fall into normal state.
Some of the key players are ALFA LAVA , Babcock & Wilcox Enterprises, Belimo AirControls, CanFab, Cannon Boiler Works, Cleaver-Brooks Company, Honeywell international inc, JOHNSON CONTROLS, BasX Solutions.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 Fluid Economizers
5.1.3 Air-side Economizers
5.1.4 Y-o-Y Growth Analysis, By Type
5.1.5 Market Attractiveness Analysis, By Type
5.1.6 Market Share Analysis, By Type
5.2 Application
5.2.1 Introduction
5.2.2 Power Plants
5.2.3 Boilers
5.2.4 HVAC
5.2.5 Refrigeration
5.2.6 Data Centres
5.2.7 Y-o-Y Growth Analysis, By Application
5.2.7 Market Attractiveness Analysis, By Application
5.2.8 Market Share Analysis, By Application
5.3 End-use Industry
5.3.1 Introduction
5.3.2 Industrial
5.3.3 Commercial
5.3.4 Y-o-Y Growth Analysis, By End-use Industry
5.3.5 Market Attractiveness Analysis, By End-use Industry
5.3.6 Market Share Analysis, By End-use Industry
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By End-use Industry
6.1.3.3 By Type
6.1.3.4 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By End-use Industry
6.1.4.3 By Type
6.1.4.4 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By End-use Industry
6.1.5.3 By Type
6.1.5.4 By Application
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Honeywell International Inc
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Thermax Limited
8.3 Cleaver-Brooks
8.4 SAACKE GmbH
8.5 SECESPOL Sp. z o.o
8.6 STULZ Air Technology Systems, Inc.
8.7 Kelvion Holding GmbH
8.8 BELIMO Holding AG
8.9 Cain Industries
8.10 Sofame Technologies Inc
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Global,Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of by type,by application,by region, along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global economizer Market By Region, From 2021-2026 ( USD Billion )
Global economizer Market By Type, From 2021-2026 ( USD Billion )
Global Fluid Economizers Market By Region, From 2021-2026 ( USD Billion )
Global Air-side Economizers Market By Region, From 2021-2026 ( USD Billion )
Global economizer Market By Application , From 2021-2026 ( USD Billion )
Global Power Plants Market By Region, From 2021-2026 ( USD Billion )
Global Boilers Market By Region, From 2021-2026 ( USD Billion )
Global HVAC Market By Region, From 2021-2026 ( USD Billion )
Global Refrigeration Market By Region, From 2021-2026 ( USD Billion )
Global Data Centres Market By Region, From 2021-2026 ( USD Billion )
Global economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Global Industrial Market By Region, From 2021-2026 ( USD Billion )
Global Commercial Market By Region, From 2021-2026 ( USD Billion )
North America economizer Market By Type, From 2021-2026 ( USD Billion )
North America Fluid Economizers Market By Region, From 2021-2026 ( USD Billion )
North America Air-side Economizers Market By Region, From 2021-2026 ( USD Billion )
North America economizer Market By Application , From 2021-2026 ( USD Billion )
North America Power Plants Market By Region, From 2021-2026 ( USD Billion )
North America Boilers Market By Region, From 2021-2026 ( USD Billion )
North America HVAC Market By Region, From 2021-2026 ( USD Billion )
North America Refrigeration Market By Region, From 2021-2026 ( USD Billion )
North America Data Centres Market By Region, From 2021-2026 ( USD Billion )
North America economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
North America Industrial Market By Region, From 2021-2026 ( USD Billion )
North America Commercial Market By Region, From 2021-2026 ( USD Billion )
United States economizer Market By Type, From 2021-2026 ( USD Billion )
United States economizer Market By Application , From 2021-2026 ( USD Billion )
United States economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Canada economizer Market By Type, From 2021-2026 ( USD Billion )
Canada economizer Market By Application , From 2021-2026 ( USD Billion )
Canada economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Europe economizer Market By Type, From 2021-2026 ( USD Billion )
Europe Fluid Economizers Market By Region, From 2021-2026 ( USD Billion )
Europe Air-side Economizers Market By Region, From 2021-2026 ( USD Billion )
Europe economizer Market By Application , From 2021-2026 ( USD Billion )
Europe Power Plants Market By Region, From 2021-2026 ( USD Billion )
Europe Boilers Market By Region, From 2021-2026 ( USD Billion )
Europe HVAC Market By Region, From 2021-2026 ( USD Billion )
Europe Refrigeration Market By Region, From 2021-2026 ( USD Billion )
Europe Data Centres Market By Region, From 2021-2026 ( USD Billion )
Europe economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Europe Industrial Market By Region, From 2021-2026 ( USD Billion )
Europe Commercial Market By Region, From 2021-2026 ( USD Billion )
U.K. economizer Market By Type, From 2021-2026 ( USD Billion )
U.K. economizer Market By Application , From 2021-2026 ( USD Billion )
U.K. economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Germany economizer Market By Type, From 2021-2026 ( USD Billion )
Germany economizer Market By Application , From 2021-2026 ( USD Billion )
Germany economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
France economizer Market By Type, From 2021-2026 ( USD Billion )
France economizer Market By Application , From 2021-2026 ( USD Billion )
France economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Italy economizer Market By Type, From 2021-2026 ( USD Billion )
Italy economizer Market By Application , From 2021-2026 ( USD Billion )
Italy economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Spain economizer Market By Type, From 2021-2026 ( USD Billion )
Spain economizer Market By Application , From 2021-2026 ( USD Billion )
Spain economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Asia Pacific economizer Market By Type, From 2021-2026 ( USD Billion )
Asia Pacific Fluid Economizers Market By Region, From 2021-2026 ( USD Billion )
Asia Pacific Air-side Economizers Market By Region, From 2021-2026 ( USD Billion )
Asia Pacific economizer Market By Application , From 2021-2026 ( USD Billion )
Asia Pacific Power Plants Market By Region, From 2021-2026 ( USD Billion )
Asia Pacific Boilers Market By Region, From 2021-2026 ( USD Billion )
Asia Pacific HVAC Market By Region, From 2021-2026 ( USD Billion )
Asia Pacific Refrigeration Market By Region, From 2021-2026 ( USD Billion )
Asia Pacific Data Centres Market By Region, From 2021-2026 ( USD Billion )
Asia Pacific economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Asia Pacific Industrial Market By Region, From 2021-2026 ( USD Billion )
Asia Pacific Commercial Market By Region, From 2021-2026 ( USD Billion )
Japan economizer Market By Type, From 2021-2026 ( USD Billion )
Japan economizer Market By Application , From 2021-2026 ( USD Billion )
Japan economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
China economizer Market By Type, From 2021-2026 ( USD Billion )
China economizer Market By Application , From 2021-2026 ( USD Billion )
China economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
India economizer Market By Type, From 2021-2026 ( USD Billion )
India economizer Market By Application , From 2021-2026 ( USD Billion )
India economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Australia economizer Market By Type, From 2021-2026 ( USD Billion )
Australia economizer Market By Application , From 2021-2026 ( USD Billion )
Australia economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
South Korea economizer Market By Type, From 2021-2026 ( USD Billion )
South Korea economizer Market By Application , From 2021-2026 ( USD Billion )
South Korea economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Latin America economizer Market By Type, From 2021-2026 ( USD Billion )
Latin America Fluid Economizers Market By Region, From 2021-2026 ( USD Billion )
Latin America Air-side Economizers Market By Region, From 2021-2026 ( USD Billion )
Latin America economizer Market By Application , From 2021-2026 ( USD Billion )
Latin America Power Plants Market By Region, From 2021-2026 ( USD Billion )
Latin America Boilers Market By Region, From 2021-2026 ( USD Billion )
Latin America HVAC Market By Region, From 2021-2026 ( USD Billion )
Latin America Refrigeration Market By Region, From 2021-2026 ( USD Billion )
Latin America Data Centres Market By Region, From 2021-2026 ( USD Billion )
Latin America economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Latin America Industrial Market By Region, From 2021-2026 ( USD Billion )
Latin America Commercial Market By Region, From 2021-2026 ( USD Billion )
Brazil economizer Market By Type, From 2021-2026 ( USD Billion )
Brazil economizer Market By Application , From 2021-2026 ( USD Billion )
Brazil economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Argentina economizer Market By Type, From 2021-2026 ( USD Billion )
Argentina economizer Market By Application , From 2021-2026 ( USD Billion )
Argentina economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Mexico economizer Market By Type, From 2021-2026 ( USD Billion )
Mexico economizer Market By Application , From 2021-2026 ( USD Billion )
Mexico economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Rest of Latin America economizer Market By Type, From 2021-2026 ( USD Billion )
Rest of Latin America economizer Market By Application , From 2021-2026 ( USD Billion )
Rest of Latin America economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Middle East and Africa economizer Market By Type, From 2021-2026 ( USD Billion )
Middle East and Africa Fluid Economizers Market By Region, From 2021-2026 ( USD Billion )
Middle East and Africa Air-side Economizers Market By Region, From 2021-2026 ( USD Billion )
Middle East and Africa economizer Market By Application , From 2021-2026 ( USD Billion )
Middle East and Africa Power Plants Market By Region, From 2021-2026 ( USD Billion )
Middle East and Africa Boilers Market By Region, From 2021-2026 ( USD Billion )
Middle East and Africa HVAC Market By Region, From 2021-2026 ( USD Billion )
Middle East and Africa Refrigeration Market By Region, From 2021-2026 ( USD Billion )
Middle East and Africa Data Centres Market By Region, From 2021-2026 ( USD Billion )
Middle East and Africa economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Middle East and Africa Industrial Market By Region, From 2021-2026 ( USD Billion )
Middle East and Africa Commercial Market By Region, From 2021-2026 ( USD Billion )
Middle East economizer Market By Type, From 2021-2026 ( USD Billion )
Middle East economizer Market By Application , From 2021-2026 ( USD Billion )
Middle East economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
Africa economizer Market By Type, From 2021-2026 ( USD Billion )
Africa economizer Market By Application , From 2021-2026 ( USD Billion )
Africa economizer Market By End-use Industry , From 2021-2026 ( USD Billion )
