According to Stratistics MRC, the global Economizer market is accounted for $7.64 billion in 2016 and is expected to reach $12.75 billion by 2023 growing at a CAGR of 7.6%.
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Increasing demand for clean & renewable energy sources, growing demand for economizers in various applications, cost-effective cooling, continues modernization and maintenance of power plants, implementation of HVAC systems with rising construction activities, installation of new thermal power plants in various regions, upsurge in global construction projects and power efficient boilers are the factors driving the global economizer market. However, increasing CO2 emissions may negatively impact the market growth.
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Economizers are mechanical devices intended to reduce energy consumption, or to perform useful function such as preheating a fluid. In power plants, economizers are used as heat exchanger devices to conserve the residual heat generated by boilers. As the demand for electricity is growing rapidly in the emerging economies, it has led to the installation of new power plants. These new power plants require boilers; which, in turn, is anticipated to drive the demand for economizers, globally.
Asia-Pacific is projected to foresee the fastest growth over the coming seven years owing to the surging demand for the energy. Moreover, growing power demands coupled with the growing urban population in China and India, favourable government regulations aimed at harnessing renewable and clean energy, development of new power plants and upgrade of existing power plants are the factors expected to fuel economizer market demand over the forecast period. The markets of China and India are projected to be lucrative due to rising demand from various applications and increased energy consumption.
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Some of the key players in economizer market include Alfa Laval AB, Babcock & Wilcox Enterprises, Inc., Belimo Holding AG, Cain Industries, Cannon Boiler Works, Cleaver-Brooks, Inc., Honeywell International Inc., Johnson Controls International PLC, Kelvion Holding GmbH, MicroMetl Corporation, Saacke GmbH, Schneider Electric Se, Secespol Sp. Z O.O., Shandong Hengtao Group, Sofame Technologies Inc., Stulz Air Technology Systems, Inc. and Thermax Limited.
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Economizer Types Covered:
• Air-side Economizers
• Fluid Economizers
• Data Centers
• Power Plants
Rest of Europe
Rest of Asia Pacific
Rest of South America
Middle East & Africa
Rest of Middle East & Africa
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