Press release
Economizers Market: Global Industry Analysis, Size, Share, CAGR: 9.9%, Trends, and Forecast: 2025
Economizers Market
An economizer is an energy-efficient device used to reduce energy consumption and costs in heating, ventilation, and air conditioning (HVAC) systems. The device works by using the excess heat in the flue gas to preheat the incoming air, which reduces the load on the HVAC system. Economizers are commonly used in industrial and commercial buildings to improve energy efficiency and reduce greenhouse gas emissions. In this report, we will provide an overview of the global economizers market, including market size, key players, and trends.
Market Size:
According to a report by Persistence Market Research, the global economizers market is projected to grow from USD 7.1 billion in 2017 to USD 11.4 billion by 2025, at a CAGR of 9.9% during the forecast period. The increasing adoption of HVAC systems in residential, commercial, and industrial applications is driving the growth of the economizers market.
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Economizers offer numerous benefits, such as waste heat recovery and reduction of carbon emissions. These economizers also help in cooling gases in power plants prior to desulphurization. Thus, economizers help in cost reduction and water conservation. Improved and more efficient economizers are being developed to further improve the efficiency of the process.
Global Economizers Market Dynamics
Increasing government regulations aiming to minimize fuel consumption and to ensure energy conservation have led to the growth of the global economizers market over the recent past. Reportedly, use of economizers enhances the fuel economy by around 5-7%.
They also help in achieving a general reduction in cost and improved operational efficiency. Moreover, the rapid growth in the end use industries, such as construction, power generation, especially in the developing regions with rising urbanization and industrialization, is another major factor driving the growth of the market.
However, economizers are susceptible to corrosion which further results in economizer tube failure. Also, in some cases, condensation of flue gases can lead to the formation of acids, which eventually leads to cracking and corrosion problems in economizers. De-aerator cracking, fuel line erosion and overheating are some of the other major challenges that are encountered in economizers. Thus, economizers necessitate regular maintenance.
Significant research and development efforts are being made to create energy efficient and advanced economizers. Newly developed modulating powered economizers have a variable speed fan which is used for high flue gas temperatures and for condensation applications.
These economizers efficiently serve multiple boilers, omitting the need for installation of an economizer for every single system. Additionally, in the current scenario, sensors and actuators are being used in economizers to improve process efficiency and to detect and remove failures at the earliest. Moreover, manufacturers, these days, are designing customized economizers made from specific materials to cater to specific requirements and respective working conditions.
Global Economizers Market Segmentation
Basis of type of product type
• Fluid/ water side economizer
• Air side economizer
• Traditional economizer
• Modulating powered economizers
Basis of application
• Boilers
• Industrial and commercial Refrigeration systems
• Power generation systems
• Data center processing
• HVAC systems
• Others
Basis of sales channel
• OEM
• Aftermarket
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Global Economizers Market: Regional Outlook
The Asia Pacific region is projected to dominate the global economizers market owing to the growing demand from the new power generation plants, construction sector and due to the rapid industrialization in countries, such as India. North America and Europe, together, represent a significant share in the global economizers market owing to stringent regulations regarding energy conservation, increasing emphasis on use of renewable sources of energy and efforts towards reduction of harmful carbon emissions.
Latin America is projected to witness significant growth during the latter half of the forecast period. This can be attributed to increasing investments in the region aiming towards the growth of various end use industries. Middle East and Africa is projected to grow at a steady rate over the forecast period.
Global Economizers Market Participants
Some of the market participants identified across the value chain in global economizers market are:
Johnson Controls, Honeywell International Inc., Thermax Limited, SAACKE GmbH, Alfa Laval AB, Cleaver-Brooks, SECESPOL Sp. z o.o., Sofame Technologies Inc, Kelvion Holding GmbH, Clyde Bergemann Australia, and Green's Power, among others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and product types.
The report covers exhaust analysis on:
• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain
Regional analysis includes:
• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
Report Highlights:
• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current, and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint
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About us:
The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing - 'The Way Forward'.
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