Economizer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Economizer market is expected to grow at a CAGR of over 4% during the forecast period. Major factor driving the market studied is the rapidly growing demand of economizer from power plants. On the flip side,iIncreasingly stringent environmental regulations limiting nitrogen oxide and sulfur dioxide emission from power plant and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.

Key Highlights

• Growing application of economizer in waste heat recovery system in boiler is forecasted to offer various opportunities for the growth of the market over the forecast period.
• Economizer from power plant application is expected to dominate the market studied over the forecast period.
• Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.

Key Market Trends

Growing Demand of Economizer from Power Plants

• Economizers are mechanical devices intended to reduce energy consumption, or to perform useful function such as preheating a fluid.
• Additionally, Economizer is used as heat exchanger in boiler, power plant, heating, refrigeration, ventilating, and air conditioning (HVAC).
• An economizer in thermal plants works as a waste heat store, which further used in preheating the feed water of boilers.
• The considerable increase of the demand of electricity throughout the world has resulted in increased size of power plant. The process of electrical power generation, in a coal fired thermal power plant is one of the most widespread and conventional methods.
• Hence, owing to the above-mentioned factors, the application of economizer from thermal power plant is likely to dominate during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the market for economizer during the forecast period. The rising demand of economizer from thermal power plant and growing application in commercial sector in developing countries like China, Japan and India is expected to drive the demand for economizer in this region.
• The largest producers of economizer are located in Asia-Pacific region. Some of the leading companies in the production of economizer are Honeywell International Inc., Schneider Electric, ALFA LAVAL, Johnson Controls International PLC, and BELIMO AIRCONTROLS (USA), INC among others.
• For instance, According to the Japan Refrigeration and Air Conditioning Industry Association, in 2018, the global demand for air conditioners stood at 110.97 million units.
• According to the report by the International Energy Agency (IEA), Global energy demand from air conditioners is anticipated to triple by 2050
• According to ministry of India, the electricity generation target of conventional sources for the year 2018-19 was fixed at 1265 BU comprising of 1091.500 BU from thermal power plants.
• Owing to the above-mentioned factors, the market for economizer in the Asia-Pacific region is projected to grow significantly during the study period.

Competitive Landscape

The global economizer market is partially consolidated in nature with only few major players dominating the market. Some of the major companies are Honeywell International Inc., Schneider Electric, ALFA LAVAL, Johnson Controls International PLC, and BELIMO AIRCONTROLS (USA), INC among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support