The global economizer market was valued at $7.70 billion in 2016 and is projected to reach $11.54 billion by 2022, growing at a compound annual growth rate (CAGR) of 6.7 percent from 2017 to 2022, according to the report, "Economizer Market by Type (Fluid Economizers and Air-side Economizers), Application (Power Plants, Boilers, HVAC, Refrigeration, and Data Centers), End-use Industry (Industrial and Commercial), Region - Global Forecast to 2022", published by MarketsandMarkets™.
Growing demand for clean and cheap energy sources, cost-effective cooling, and power efficient boilers is fueling the growth of the economizer market across the globe.
The industrial segment is projected to lead the economizer market during the forecast period and is estimated to account for the largest share 2017. The growth of the industrial segment of the economizer market can be attributed to the increased use of economizers as heat exchangers to preheat fluid, which results in energy conservation. Economizers use combustion products such as flue gases to recover residual heat from different machines and equipment.
Modernization and maintenance of power plants across the globe are continuously leading to the growth of the economizer market. Increase in the number of power plants and refineries across the globe, especially in the Asia-Pacific region, is also contributing to the growth of the economizer market.
Among types, the fluid economizers segment is projected to lead the economizer market during the forecast period. This segment is also projected to grow at the highest CAGR between 2017 and 2022. The fluid economizers are classified into fluid economizers for chilled water systems and fluid economizers for glycol DX systems. In the fluid economizers for chilled water systems, the outside air helps in cooling the fluid of the computer room air handler (CRAH) units. However, in fluid economizers for glycol DX systems, cold fluid is used to reject the heat of compression.
The Asia-Pacific economizer market is projected to grow at the highest CAGR between 2017 and 2022. The growth can be attributed to the increasing demand for economizers in various applications, such as power plants, boilers, and HVAC. China and India are the key markets for economizers in the Asia-Pacific region. The increased energy consumption in China has fueled the demand for waste heat recovery equipment and economizers in the country, thereby leading to the growth of the Asia-Pacific market.
The major market players covered in the report are Schneider Electric SE (France), Johnson Controls Intl. plc (U.S.), Alfa Laval AB (Sweden), Babcock & Wilcox Enterprises Inc., (U.S.), Honeywell Intl. Inc. (US), Thermax Limited (India), Cleaver-Brooks Inc. (U.S.), SAACKE GmbH (Germany), SECESPOL Sp. z o.o. (Poland), STULZ Air Technology Systems Inc. (U.S.), Kelvion Holding GmbH (Germany), BELIMO Holding AG (Switzerland), Cain Industries (U.S.), Sofame Technologies Inc. (Canada), Cannon Boiler Works (U.S.), Shandong Hengtao Group (China), and MicroMetl Corp. (U.S.).
