PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164902
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164902
The Economizer Market size was valued at USD 11,008.1 Million in 2021, expanding at a CAGR of 7.1% from 2022 to 2028.
Economizers are mechanical devices that can be used for a variety of tasks, including fluid preheating, and are designed to require less energy. Economizers are used to increase efficiency by reusing energy generated within the system or by making use of temperature changes in the surroundings.
Market Dynamics:
Economizer usage as a heat exchanger in various power plant applications and rising demand for economizers in power plants to cut energy consumption are driving the industry's growth. Additionally, a considerable increase in the amount of energy consumed and the demand for electricity globally has led to an expansion in the size of power plants. As a result, increasing demand from power plants is encouraging the market growth of economizers. Additionally, the use of economizers in boilers' wastewater recovery systems is driving up demand for them on the market.
Additionally, data centers are increasingly using economizers to supplement or take the place of cooling equipment like computer room air conditioners (CRACs) or chillers. As a result, the demand from data centers is fueling the development of economizers. Global economizer expansion is being fueled by rapid industrialization, construction activity, and increased demand for clean, renewable energy sources. Growing research efforts to improve economizers are anticipated to create prosperous chances for the market for economizers. However, the worldwide economizer market's growth is being constrained by the rising CO2 emissions brought on by power plant combustion operations.
COVID-19 Impact:
Due to travel prohibitions, lockdowns, and business closures, the COVID-19 epidemic has impacted a variety of businesses in several nations. Because of the pandemic, all major industries are facing serious disruptions, including technology event cancellations, supply chain malfunctions, and office closures. With the presence of the world's top raw material suppliers, China is the global production hub of the economizer. Due to supply chain issues, manufacturing closures, and the global economic slump, the economizer market is also suffering from the COVID-19 outbreak.
Segment Analysis:
Based on application, the global market is segmented into power plants, boilers, refrigeration, HVAC, and data centers. The power plants are expected to hold the largest market share during the forecast period because economizers are used as heat exchanger devices in power plants to conserve residual heat. In addition, the growing global demand for electricity prompted the construction of new fossil-fuel-based thermal power plants.
Geography:
The Asia Pacific region is expected to dominate the market during the forecast period. The growth in the region is attributed to the economizer demand for thermal power plants increasing, and its use in the commercial sector is expanding in developing nations like China, Japan, and India. In addition, The Asia-Pacific region is home to the largest economizer manufacturers. Among the top producers of economizers are, Johnson Controls International PLC, ALFA LAVAL, Schneider Electric, Honeywell International Inc., and BELIMO AIRCONTROLS (USA), INC.
Recent Development:
In September 2021, by introducing three new items to its array of space capabilities, Honeywell has extended its commitment to the quickly expanding small satellite market segment. Honeywell's Optical Communication Terminal (OCT) and X Band Downlink Transmitteraz, two of the newest innovations, allow for the transmission of high-bandwidth data both to Earth and between satellites. A new range of Commercial Series reaction wheel assemblies that are specifically made for commercial space satellites is also being introduced by Honeywell.
In September 2022, the introduction of EcoStruxure Service Plans, a new service offering, in India was announced by Schneider Electric. With this introduction, the business hopes to offer enhanced packages together with powerful digital services that are specialized to identify and cater to particular consumer needs. With the help of this new service, Schneider Electric will be able to reduce the risk of electrical failure on the connected equipment by up to 75% and optimize its clients' maintenance budgets by up to 40%.
Key features of the study:
This proposed research study on the Economizer market provides market size (US$ Million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Economizer market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Economizer market
The impact of COVID-19 on the Economizer market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Economizer market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Economizer market, we have also included a competitive landscape and key innovator analysis for the Economizer market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Economizer market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Economizer market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL ECONOMIZER MARKET KEY PLAYERS
Honeywell International Inc.
Schneider Electric
Alfa Laval
Johnson Controls
Thermax Limited
Babcock & Wilcox Enterprises Inc
Belimo Holding AG
Stulz Air Technology Systems, Inc
Cain Industries
Saacke GMBH
Cleaver-Brooks
Kelvion Holding GmbH
Sofame Technologies
Cannon Boiler Works
GLOBAL ECONOMIZER MARKET, BY TYPE
Fluid Economizers
Air-side Economizers
GLOBAL ECONOMIZER MARKET, BY APPLICATION
Power Plants
Boilers
HVAC
Refrigeration
Data Centers
GLOBAL ECONOMIZER MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA