Economizer Market
Economizer Market Forecasts to 2028 – Global Analysis By Type (Fluid Economizers, Air-side, Economizers), Application (Refrigeration, Power Plants), End User (Commercial, Industrial) and By Geography
Years Covered |
2020-2028 |
Estimated Year Value (2021) |
US $11.05 BN |
Projected Year Value (2028) |
US $19.81 BN |
CAGR (2021 - 2028) |
8.7% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
Asia Pacific |
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Economizer Market is accounted for $11.05 billion in 2021 and is expected to reach $19.81 billion by 2028 growing at a CAGR of 8.7% during the forecast period. 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. Economizers are heat exchangers that transfer the heat in the flue gas to another medium‚ generally the boiler feed-water‚ although other streams are sometimes used such as make-up water.
In 2021, the producer price index for heat exchangers in South Korea reached 114.58 points. The PPI slightly increased compared to the previous year. Moreover, following the pandemic the demand is expected to have a positive growth rate with increased preference to complete district energy and renewable energy targets along with the need to suffice HVAC demand. For instance, the UK Government has announced its target of sufficing 17% of UK heating needs through district heating networks by 2030.
Market Dynamics:
Driver:
Rising demand for electricity
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 market. Due increase in fuel prices, all power plants are facing pressure for increasing boiler efficiency. So by using an economizer, this pressure can be minimized. In power plants where it is not used, a large quantity of water is required to cool the flue gas before desulphurization which is minimized by using economizers
Restraint:
High Cost
High cost of economizers is a one of the factor restraining the growth of the market. Moreover, economizers require humidification in low temperature, this humidification process further increases cost and time duration of the process which is another factor hampering the growth of the market. Additionally, the high installation and maintenance cost associated with economizers is restraining the growth of this market to some extent.
Opportunity:
Increasing application in data centre
The increasing application of economizers in data centers to complement or replace cooling devices like computer room air conditioners (CRACs) or chillers. Thus demands from data centers are creating opportunities for the market. Economizers can help lower a data center's energy consumption and the associated costs while moving toward a greener computing environment. Economizers are commonly used in data centers to reduce the reliance on cooling devices, such as chillers, compressors, or computer room air conditioners..
Threat:
Stringent Regulation
Stringent environmental regulations along with rising co2 emission are acting as market threat for the growth of the market in the forecast period. Government bodies and professional organizations, provide recommendations and guidelines for deploying economizers effectively.
Power Plants segment is expected to be the largest during the forecast period
The power plants segment is the largest and the fastest-growing application segment of the economizer market, as economizers in power plants are used as heat exchanger devices, which conserve the residual heat generated by boilers. The increasing demand for electricity has led to the installation of new fossil fuel-based thermal power plants in several provinces worldwide, which, in turn, is predicted to drive the demand for economizers, worldwide.
The Industrial segment is expected to have the highest CAGR during the forecast period
The Industrial segment is expected to have the highest CAGR during the forecast period, as in this segment, economizers are used as heat exchangers to preheat fluid, which results in energy conservation. Economizers are also utilized as combustion products, such as flue gases, to recover residual heat. The industrial segment is the largest and the fastest-growing end-use industry segment of the market.
Region with highest share:
The Asia Pacific is projected to hold the highest market share, due to the growing construction sector along with rapid industrialization. Additionally, a rising number of power plant projects and waste heat recovery projects in the region is another factor that is anticipated to propel the growth of the market. In Asia-Pacific, India, China, Indonesia, South Korea, and Japan are some of the major economies that are observing an increase in the investments in the development of new power plants, owing to which, considerable growth is projected to witness in the market. The enhancement of existing power plants and increasing government initiatives for harnessing renewable energy in emerging economies, such as India and China are the prominent factors that propel the growth of the market in this region.
Region with highest CAGR:
North America is projected to have the highest CAGR, due to increasing environmental concerns & awareness about energy efficiency among end-users of cooling systems. Moreover, the rising demand for economizers increases in the existing industries. Economizers have multiple applications which are highly useful for industrial uses such as power plants, HVAC, boilers, refrigeration, and others. These are some of the few factors motivating market growth.
Key players in the market:
Some of the key players profiled in the Economizer Market include Thermax Ltd, Stulz Air Technology Systems, Inc, Secespol SP. z o.o., Schneider Electric SE, Saacke GMBH, Johnson Controls International PLC, Honeywell International Inc, Cleaver-Brooks, Inc, Cleaver-Brook, Cain Industries,, Cain Industries, Belimo Holding AG, Babcock & Wilcox Enterprises Inc, Alfa Laval AB, Kelvion, SWEP.
Key developments:
In October 2017: SWEP launched 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.
In January 2019: Kelvion launched 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.
Types Covered:
• Fluid Economizers
• Air-side Economizers
Applications Covered:
• Refrigeration
• Power Plants
• Heating, Ventilation, and Air Conditioning (HVAC)
• Data Centers
• Boilers
End Users Covered:
• Commercial
• Industrial
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Economizer Market, By Type
5.1 Introduction
5.2 Fluid Economizers
5.3 Air-side Economizers
6 Global Economizer Market, By Application
6.1 Introduction
6.2 Refrigeration
6.3 Power Plants
6.4 Heating, Ventilation, and Air Conditioning (HVAC)
6.5 Data Centers
6.6 Boilers
7 Global Economizer Market, By End User
7.1 Introduction
7.2 Commercial
7.3 Industrial
8 Global Economizer Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Thermax Ltd
10.2 Stulz Air Technology Systems, Inc
10.3 Secespol SP. z o.o.
10.4 Schneider Electric SE
10.5 Saacke GMBH
10.6 Johnson Controls International PLC
10.7 Honeywell International Inc
10.8 Cleaver-Brooks, Inc
10.9 Cleaver-Brook
10.10 Cain Industries,
10.11 Cain Industries
10.12 Belimo Holding AG
10.13 Babcock & Wilcox Enterprises Inc
10.14 Alfa Laval AB
10.15 Kelvion
10.16 SWEP
List of Tables
1 Global Economizer Market Outlook, By Region (2020-2028) (US $MN)
2 Global Economizer Market Outlook, By Type (2020-2028) (US $MN)
3 Global Economizer Market Outlook, By Fluid Economizers (2020-2028) (US $MN)
4 Global Economizer Market Outlook, By Air-side Economizers (2020-2028) (US $MN)
5 Global Economizer Market Outlook, By Application (2020-2028) (US $MN)
6 Global Economizer Market Outlook, By Refrigeration (2020-2028) (US $MN)
7 Global Economizer Market Outlook, By Power Plants (2020-2028) (US $MN)
8 Global Economizer Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) (2020-2028) (US $MN)
9 Global Economizer Market Outlook, By Data Centers (2020-2028) (US $MN)
10 Global Economizer Market Outlook, By Boilers (2020-2028) (US $MN)
11 Global Economizer Market Outlook, By End User (2020-2028) (US $MN)
12 Global Economizer Market Outlook, By Commercial (2020-2028) (US $MN)
13 Global Economizer Market Outlook, By Industrial (2020-2028) (US $MN)
14 North America Economizer Market Outlook, By Country (2020-2028) (US $MN)
15 North America Economizer Market Outlook, By Type (2020-2028) (US $MN)
16 North America Economizer Market Outlook, By Fluid Economizers (2020-2028) (US $MN)
17 North America Economizer Market Outlook, By Air-side Economizers (2020-2028) (US $MN)
18 North America Economizer Market Outlook, By Application (2020-2028) (US $MN)
19 North America Economizer Market Outlook, By Refrigeration (2020-2028) (US $MN)
20 North America Economizer Market Outlook, By Power Plants (2020-2028) (US $MN)
21 North America Economizer Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) (2020-2028) (US $MN)
22 North America Economizer Market Outlook, By Data Centers (2020-2028) (US $MN)
23 North America Economizer Market Outlook, By Boilers (2020-2028) (US $MN)
24 North America Economizer Market Outlook, By End User (2020-2028) (US $MN)
25 North America Economizer Market Outlook, By Commercial (2020-2028) (US $MN)
26 North America Economizer Market Outlook, By Industrial (2020-2028) (US $MN)
27 Europe Economizer Market Outlook, By Country (2020-2028) (US $MN)
28 Europe Economizer Market Outlook, By Type (2020-2028) (US $MN)
29 Europe Economizer Market Outlook, By Fluid Economizers (2020-2028) (US $MN)
30 Europe Economizer Market Outlook, By Air-side Economizers (2020-2028) (US $MN)
31 Europe Economizer Market Outlook, By Application (2020-2028) (US $MN)
32 Europe Economizer Market Outlook, By Refrigeration (2020-2028) (US $MN)
33 Europe Economizer Market Outlook, By Power Plants (2020-2028) (US $MN)
34 Europe Economizer Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) (2020-2028) (US $MN)
35 Europe Economizer Market Outlook, By Data Centers (2020-2028) (US $MN)
36 Europe Economizer Market Outlook, By Boilers (2020-2028) (US $MN)
37 Europe Economizer Market Outlook, By End User (2020-2028) (US $MN)
38 Europe Economizer Market Outlook, By Commercial (2020-2028) (US $MN)
39 Europe Economizer Market Outlook, By Industrial (2020-2028) (US $MN)
40 Asia Pacific Economizer Market Outlook, By Country (2020-2028) (US $MN)
41 Asia Pacific Economizer Market Outlook, By Type (2020-2028) (US $MN)
42 Asia Pacific Economizer Market Outlook, By Fluid Economizers (2020-2028) (US $MN)
43 Asia Pacific Economizer Market Outlook, By Air-side Economizers (2020-2028) (US $MN)
44 Asia Pacific Economizer Market Outlook, By Application (2020-2028) (US $MN)
45 Asia Pacific Economizer Market Outlook, By Refrigeration (2020-2028) (US $MN)
46 Asia Pacific Economizer Market Outlook, By Power Plants (2020-2028) (US $MN)
47 Asia Pacific Economizer Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) (2020-2028) (US $MN)
48 Asia Pacific Economizer Market Outlook, By Data Centers (2020-2028) (US $MN)
49 Asia Pacific Economizer Market Outlook, By Boilers (2020-2028) (US $MN)
50 Asia Pacific Economizer Market Outlook, By End User (2020-2028) (US $MN)
51 Asia Pacific Economizer Market Outlook, By Commercial (2020-2028) (US $MN)
52 Asia Pacific Economizer Market Outlook, By Industrial (2020-2028) (US $MN)
53 South America Economizer Market Outlook, By Country (2020-2028) (US $MN)
54 South America Economizer Market Outlook, By Type (2020-2028) (US $MN)
55 South America Economizer Market Outlook, By Fluid Economizers (2020-2028) (US $MN)
56 South America Economizer Market Outlook, By Air-side Economizers (2020-2028) (US $MN)
57 South America Economizer Market Outlook, By Application (2020-2028) (US $MN)
58 South America Economizer Market Outlook, By Refrigeration (2020-2028) (US $MN)
59 South America Economizer Market Outlook, By Power Plants (2020-2028) (US $MN)
60 South America Economizer Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) (2020-2028) (US $MN)
61 South America Economizer Market Outlook, By Data Centers (2020-2028) (US $MN)
62 South America Economizer Market Outlook, By Boilers (2020-2028) (US $MN)
63 South America Economizer Market Outlook, By End User (2020-2028) (US $MN)
64 South America Economizer Market Outlook, By Commercial (2020-2028) (US $MN)
65 South America Economizer Market Outlook, By Industrial (2020-2028) (US $MN)
66 Middle East & Africa Economizer Market Outlook, By Country (2020-2028) (US $MN)
67 Middle East & Africa Economizer Market Outlook, By Type (2020-2028) (US $MN)
68 Middle East & Africa Economizer Market Outlook, By Fluid Economizers (2020-2028) (US $MN)
69 Middle East & Africa Economizer Market Outlook, By Air-side Economizers (2020-2028) (US $MN)
70 Middle East & Africa Economizer Market Outlook, By Application (2020-2028) (US $MN)
71 Middle East & Africa Economizer Market Outlook, By Refrigeration (2020-2028) (US $MN)
72 Middle East & Africa Economizer Market Outlook, By Power Plants (2020-2028) (US $MN)
73 Middle East & Africa Economizer Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) (2020-2028) (US $MN)
74 Middle East & Africa Economizer Market Outlook, By Data Centers (2020-2028) (US $MN)
75 Middle East & Africa Economizer Market Outlook, By Boilers (2020-2028) (US $MN)
76 Middle East & Africa Economizer Market Outlook, By End User (2020-2028) (US $MN)
77 Middle East & Africa Economizer Market Outlook, By Commercial (2020-2028) (US $MN)
78 Middle East & Africa Economizer Market Outlook, By Industrial (2020-2028) (US $MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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