The Economizers Market is expected to grow at a CAGR of 6.5% from 2021-2028. The global economizer market was valued at USD 2.7 billion in 2017 and is anticipated to reach USD 4.6 billion by 2023, with the Asia Pacific region accounting for over 27% share of the total market size in 2017.
Economizers are a device that recovers energy from the atmosphere or exhaust streams of gas-fired combustion equipment. They typically use air, but water economizer units also exist and these are often used for industrial processes such as manufacturing due to their higher efficiency than air unit counterparts. The primary goal of an economizer is to reduce fuel consumption by recovering heat before it escapes into the environment and converting it back to useful work in the form of mechanical shaft power, electrical power generation, or other forms of thermal energy.
On the basis of type, economizers are segmented into Fluid/ Water Side Economizer, Air Side Economizer.
Fluid/Water Side Economizer also called `heat recovery of water-side economizer` is an air conditioning system that exchanges heat between a warm fluid and the cold refrigerant in order to avoid cooling down. The most common application for these systems is air conditioning buildings with hot tubs or swimming pools. This type of technology can be found on pool pumps due to their high-cost efficiency. When designing this system, it`s important to know how much energy will be needed as far as driving the pump because if not enough power is supplied then there won't be any waterfall effect which would result in no heating transfer from the warmer liquid into the cooler but colder gas stream.
Airside economizers are a type of air-to-air heat exchanger used in industrial and commercial buildings to improve the efficiency of heating, ventilation, and air conditioning systems. The most common use for this equipment is with outdoor units designed to provide cooling by recirculating outside or makeup air into an occupied space. Airside economizers can also be used as part of ventilating systems such as exhaust fans in kitchens, bathrooms, laundries, or other spaces where excess humidity may have been created by cooking or boiling water.
On the basis of application, economizers are segmented into construction, power generation, and others.
In construction, economizers use the wasted heat supplied by furnaces to warm incoming air during cold winter days so that heating requirements can be reduced; this is referred to as preheating/prewarming an enclosure with exhaust air (and sometimes using external insulation). This allows them to maintain comfortable workspaces without having to rely solely on inefficient equipment like boilers or electric baseboard heaters.
Economizers are primarily used in power plants to lower the overall cost of electricity production by improving thermal efficiency. A typical economizer application for a coal-fired power plant would use waste heat from flue gas to preheat combustion air and steam before it enters the boiler, resulting in fuel savings through increased boiler efficiency. Since all fossil fuels generate some amount of excess energy that can be recovered, an effective economizer implementation will improve economic performance while also reducing emissions and increasing sustainability.
On the basis of region, the global economizers market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is dominating the economizers market owing to favorable regulations for coal-fired power plants in this region.
North American countries are implementing more strict environmental standards which make it difficult for older coal-fired power plants to comply with these requirements and hence such a plant could be replaced by newer ones that have high-efficiency rates coupled with an economizer installed on them. This has resulted in the higher installation of economizers across various utilities as well as industrial users across North America.
Moreover, aggressive pricing strategies being adopted by local manufacturers have led to increased demand from economies like China and India due to their economic growth over the past few years; thereby boosting the global economic market.
The factors that drive the global economizers market are increasing energy prices, government regulations on emissions, and environmental concerns. The demand for clean air has shifted from a luxury to an essential commodity. And with more stringent emission standards coming into effect in many countries around the world, it is reasonable to expect this trend will continue. Economizers can play a crucial role in meeting these requirements by providing solutions through their ability to save money while reducing harmful carbon dioxide (CO) emissions without impacting process performance or productivity levels.
The increasing awareness of the detrimental effects of climate change and global warming has pushed governments globally to adopt stringent policies with regards to CO emissions, as a result reducing their dependency on fossil fuels. This is also expected to shape regulatory frameworks in various countries that will eventually have an impact on the economizer market worldwide. For example, from 2020 onwards India's National Action Plan for Climate Change (NAPCC) plans to reduce its dependence on coal by moving towards more renewable energy sources such as solar power and wind turbines that will decrease emission levels significantly over time leading up until 2030 when it hopes to be carbon-neutral country. Increasing demand for clean air coupled with stricter government regulations is the factor driving demand for economizers globally.
Latin America is expected to be the fastest-growing region in this market during the forecast period with high GDP growth and rising emission levels. This is mainly due to increased demand for air conditioning systems coupled with stringent government regulations that have been put in place for numerous countries throughout Latin American such as Brazil and Mexico which will lead them towards economizers solutions that reduce emissions from their fossil fuel power plants.
Up Market Research published a new report titled “Economizers Market research report which is segmented by Types (Fluid/ Water Side Economizer, Air Side Economizer), By Applications (Construction, Power Generation, Others), By Players/Companies Johnson Controls, Honeywell International, Thermax, SAACKE, Alfa Laval, Cleaver-Brooks, SECESPOL, Sofame Technologies, Kelvion Holding, Clyde Bergemann Australia, Siemens”. As per the study, the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Economizers Market Research Report|
|By Type||Fluid/ Water Side Economizer, Air Side Economizer|
|By Application||Construction, Power Generation, Others|
|By Companies||Johnson Controls, Honeywell International, Thermax, SAACKE, Alfa Laval, Cleaver-Brooks, SECESPOL, Sofame Technologies, Kelvion Holding, Clyde Bergemann Australia, Siemens|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||249|
|Number of Tables & Figures||175|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Fluid/ Water Side Economizer, Air Side Economizer and By Application Construction, Power Generation, Others.
Some of the companies that are profiled in this report are:
Economizers Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Economizers Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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